On April 24, 2020, the Federal Government provided some details about the Canada Emergency Commercial Rent Assistance program (CECRA) for small businesses and commercial landlords which had been announced on April 16, 2020. The CECRA is intended to provide relief for small business tenants and in some respects, landlords. The CECRA will be delivered jointly by the Federal Government with each of the Provinces and Territories. In Ontario, the CECRA will be delivered through the Ontario-Canada Emergency Commercial Rent Assistance Program (OCECRA).
Spencer Group Inc., Realty Brokerage's blog
New data from TD Bank suggests home prices in Toronto may increase by nearly 8% in the remainder of 2020, in light of the current state of both the economy and the real estate market.
As said by TD Bank economist Rishi Sondhi, Canada had its first “real” taste of the impacts of the novel coronavirus in March despite the strong first half of the month leading up to the new stay-at-home measures. The Canadian market took a dramatic hit and home sales plunged 14% month-over-month, while new listings were down 13% during the same time.
(...) With little option, Milnes called York Regional Police and despite being “very nice” to him and his family, he said the officers didn't understand the law.
“They kept saying it’s a Landlord-Tenant Act issue and we can’t remove or evict anyone during COVID-19,” said Milnes. “But the reality is that if you are sharing a kitchen with the person, it’s a trespassing issue and she should be removed.”
Nonetheless, he said the officers did help negotiate a deal.
Despite the current pandemic, in the absence of an express right in the commercial lease agreement, tenants cannot unilaterally withhold rents without running the risk of putting themselves into a default.
In addition to non-payment of rent and other breaches of the lease, an abandonment of the leased premises by a tenant may constitute a fundamental breach of the lease, entitling the landlord to a number of common law remedies and possibly additional remedies available to the landlord under the lease.
In the wake of the COVID-19 pandemic, real estate brokers have prepared suggested clauses for inclusion in real estate agreements of purchase and sale to address certain closing concerns that may be relevant during the course of the pandemic. Lawyers and their clients should be well aware that these suggested clauses may lack precision and may not, in fact, be what the parties to the agreements of purchase and sale actually want or what may be in the best interests of one or more of the parties.
That COVID-19 will have an impact on commercial agreements of every type is at this point self-evident. In past weeks, governments have passed increasingly restrictive measures to limit the spread of the virus. In Saskatchewan, the most recent public health order indefinitely closed businesses ranging from swimming pools and ice rinks to tattoo parlours, bars, and cafes. At this point, it is unknown when things will return to "business as usual."
With the Bank of Canada’s key rate now at 0.25 percent, it’s no surprise that many Canadian homeowners are checking to see if mortgage rates are dropping in response. However, before rushing to refinance your home, give some serious thought to the reasons you are doing so — and the costs compared to the benefits.
For many Canadians, it may be the first time they’ve thought about their mortgage since it was approved, aside from making their monthly payments.
Similar situations in the process of closing a real transaction will be happening in these difficult times more often than usual.
This article presents the real-life example which always begs the question:
"When a buyer fails to close a real estate transaction and the seller is awarded damages, should the seller credit the deposit to the damages award or should the seller be allowed to keep it in addition to the award?
Royal LePage is predicting that Toronto area home prices could still rise this year, despite the COVID-19 crisis.
In its first-quarter report, released Tuesday, the brokerage says that if the pandemic recedes by the end of the second quarter, prices could jump up 1.5 percent year-over-year, to $856,263 by the end of 2020.
However, if the lockdown continues to the end of August, the company expects house and condo prices will contract by 0.5 percent year-over-year to $851,982.
Would-be home buyers waiting for a recession to finally lower real estate prices in Canada may want to brace themselves for disappointment.
Experts are now predicting that the housing market won't actually end up experiencing much of a hit from the pandemic, if at all.