Commercial Real Estate Broker Specializing in Development Land Investment & Industrial Property Investment

We’ve gathered some resources to help Ontario landlords navigate potential issues among tenants and lenders as the global economy reopens.

HOW LANDLORDS CAN RESPOND

Ontario’s workplace safety guidelines designed to protect workers, customers and the public can be found here. The Canada Emergency Commercial Rent Assistance (CECRA) for small businesses provides the following:

• Forgivable loans to qualifying commercial property owners to cover 50 per cent of three monthly rent payments that are payable by eligible small business tenants who are experiencing financial hardship during April, May, and June;
• The loans will be forgiven if the mortgaged property owner agrees to reduce the eligible small business tenants’ rent by at least 75 per cent for the three corresponding months under a rent forgiveness agreement, which will include a term not to evict the tenant while the agreement is in place. The small business tenant would cover the remainder, up to 25 per cent of the rent; and
• Impacted small business tenants are businesses paying less than $50,000 per month in rent and who have temporarily ceased operations or have experienced at least a 70 per cent drop in pre-COVID-19 revenues. This support will also be available to non-profit and charitable organizations.