As the COVID-19 pandemic continues, the public is continuing to worry about finances. Both landlords and tenants are panicking given the unknown about April 1, 2020 rent due. CBC wrote an article specifically about landlords, which can be found here. Meanwhile, tenants who are put in a financial pickle are also worrying, as they look to the government for intervention. This CBC article can be read here.
The Ontario Government has issued an order indicating all eviction are to be stayed during the COVID-19 pandemic. In addition to this, the Landlord and Tenant Board is postponing all hearings. Unfortunately for all Ontario landlords and tenants, the majority of the province is shut down, with money becoming increasingly tight for everyone. This has led to tenants choosing to pay for essentials, such as food, over their rent. This is completely understandable given the circums
Canada's prime rate has fallen by 50 percentage points to 2.95%. This is the second time in as many weeks that the Bank of Canada had a rate cut due to COVID-19. In addition to the prime rate falling,Canada's big banks are increasing variable premiums. To read more, click here.
Bank of Montreal, CIBC, TD Canada Trust, National Bank of Canada, RBC, and Scotiabank have all said they will be helping Canadians out during the COVID-19 pandemic. They are all allowing deferral of mortgage payments for six months, while also offering an opportunity for relief on credit products. To read more, click here.