Pausing Commercial Evictions Legislation Passes
We posted an earlier provincial announcement at the beginning of June that the Ontario government was looking at proposing changes to the Commercial Tenancies Act that would ban evictions of small businesses that are eligible for federal/provincial commercial rent assistance during the pandemic. This move was prompted as a result of a low uptake of the program by landlords, who argued that the application process is onerous and confusing. The Ontario government has now passed Bill 192, Protecting Small Business Act, 2020 temporarily halting or reversing evictions of commercial tenants and protecting them from being locked out or having their assets seized during COVID-19. The legislation applies to businesses that are eligible for the Canada Emergency Commercial Rent Assistance (CECRA) for evictions from May 1, 2020 (retroactively) until August 31, 2020. The pause on evictions does not apply to those already participating in CECRA, as that program already includes a stipulation of a 3-month eviction moratorium. Of note is that the legislation is reversing evictions as of May 1, whereas originally the province was considering reversing evictions on or after June 3. To refer to the complete provincial government announcement, please click here. Details related to CECRA are available here. In the wake of a recent announcement from the Canada Mortgage and Housing Corporation (CMHC) regarding tightening the rules to qualify for an insured mortgage effective July 1, Genworth Canada has announced that it has no plans to change its underwriting policy related to debt service ratio limits, minimum credit score and down payment requirements.
Genworth is the largest private sector residential mortgage insurer in Canada. The CMHC changes are specific to CMHC, and private insurers are not compelled to follow its lead. To review the complete details of Genworth's announcement, please click here. Province Announces Temporary Ban on Commercial Evictions
COVID-19 The province is proposing changes to the Commercial Tenancies Act that, if passed, would temporarily halt evictions of small-sized businesses that are eligible for federal/provincial rent assistance. Ontario is now joining British Columbia, New Brunswick and Nova Scotia in imposing these commercial bans, though each province’s policy varies in its execution. The Ontario ban will apply to small businesses who are eligible for the Canada Emergency Commercial Rent Assistance (CECRA) program who pay up to $50,000 in monthly gross rent and who have experienced at least a 70 percent decline in revenue because of the pandemic. The new policy would also reverse any evictions that happened on or after June 3 and make it illegal to evict a CECRA-qualifying tenant in Ontario until August 31, 2020. The federal government announced CECRA in late April to help small business tenants cover their rents, but the responsibility to apply was left to landlords, not tenants – and very few landlords have applied for the program, as many mentioned that the application process is onerous and confusing. CECRA for small businesses provides forgivable loans to eligible commercial landlords to help cover 50 per cent of commercial rent for tenants for the months of April, May and June 2020. The tenant will be responsible for covering up to 25 per cent of rent, so that up to 75 per cent of the rent is covered. Please read this provincial government announcement for all the details. What to Do with an Unfinished Basement Although currently dimly lit and a little rough on the eyes, your unfinished basement still has a lot of potential. With just a little love and the help of the following ideas, you can spice it up in no time and get some great use out of the space.
Hidden Fees to Be Aware of When Purchasing a Home
Purchasing a home is arguably one of the biggest financial decisions you will make in your lifetime. As you start your hunt, don't forget there will be other costs associated with your purchase then the price of the home. Here are 5 fees to keep in mind as you begin to budget.
Create the Home Office of Your Dreams!!!
Whether you work full-time at home or occasionally need to conduct business in the evenings or on the weekends, a home office a great way to utilize an extra room. A dedicated workspace in your home can be designed to increase productivity and comfort. Here are 5 ideas to get you started.
TOWNHOUSE VS. CONDO: WHICH SHOULD YOU BUY? Whether it’s your first time buying or you just want to purchase something smaller, townhouses and condos are both great options. Check out the differences between the two to help aid you in your search! Condominiums Condominiums are similar to apartments in that you purchase an individual unit inside of a larger building, but not the property it sits on. This generally includes access to the building’s amenities, such as the clubhouse, pool, and gym. However, condo owners are not responsible for the upkeep and repair of these common areas. Because of the number of shared spaces, living in a condo often allows for meeting new people and building a strong sense of community. There is a fairly similar vetting process for loan approval as for a full-sized home; however, the lender will also look at the health of the condo association. Townhouses Those who purchase a townhome are generally purchasing the complete unit, both inside and out, including the land it sits on. This might also include the driveway, yard, or roof. Traditionally, these units are two- or three-stories tall and may also include common areas like pools and parks. Townhome owners pay a fee to a homeowners association every month and the loan process is the same as buying a full-sized home. Which is the best choice? Both townhomes and condos offer less maintenance than a traditional home and generally offer great shared areas. Your decision ultimately comes down to you and your family’s needs and wants. Things you’ll want to take into consideration include location, lifestyle, family growth, and price. |
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