Major landlords promise flexibility as COVID-19 eats into tenants’ ability to pay rent

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Major landlords promise flexibility as COVID-19 eats into tenants' ability to pay rent

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A few of Canada’s largest landlords say they’re dedicated to working with tenants who’ve misplaced their job due to the coronavirus pandemic.

The alerts come as efforts to comprise the outbreak have led to large enterprise disruptions and surging unemployment ranges which have made many Canadians nervous about how they may pay subsequent month’s lease.

The unprecedented occasions have led some tenants to name for an all-out lease strike, however main rental firms are urging those that are in a position to pay their lease to take action, whereas providing help to tenants who discover themselves in want.

Mark Kenney, CEO of Canadian Condominium Properties Actual Property Funding Belief, says the corporate is dedicated to working with those that have abruptly misplaced their job, and is “violently in opposition to” evicting anybody who’s in misery.

He says, nevertheless, that he is nervous in regards to the roughly 80 per cent of landlords in Canada who’re small-scale homeowners of items who will not have the identical flexibility.

Numerous different main rental firms together with Northview Condominium REIT, Greenwin Corp., MetCap Dwelling, and Boardwalk REIT have additionally issued notices to tenants, asking them to achieve out if they’re in monetary misery and have dedicated to varied levels of help.

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