Experts have indicated Canada will need to build millions more homes in the next 10 years to meet our growing needs. To the casual observer the problem is easy to solve: just build more homes. For those in the real estate development field, the problem is much more complicated than this.
The British Columbia government has announced support for the province’s landlords and renters during the coronavirus crisis.
It is introducing a new rental supplement to pay up to $500 a month towards rent payments, building on provincial and federal support already announced.
The payment will be made directly to landlords for any British Columbians who are facing financial hardship.
“With lost jobs and lost wages due to COVID-19, many tenants are worried they can’t make the rent. It’s a challenging time for landlords too,” said Premier John Horgan. “Nobody should lose their home as a result of COVID-19. Our plan will give much-needed financial relief to renters and landlords. It will also provide more security for renters, who will be able to stay in their homes without fear of eviction or increasing rents during this emergency.”
The supplement will support those in low and moderate incomes who are not eligible for existing rental assistance programs.
The Province is implementing a number of additional measures to keep people housed and protect their health. The full list of immediate measures includes:
“People are feeling a lot of fear and anxiety and they need to be able to depend on the comfort and stability of home right now. Our government is taking steps to help take some of the pressure off renters and landlords and protect people’s health,” said Selina Robinson, Minister of Municipal Affairs and Housing. “We’re helping renters pay rent and giving them the peace of mind that they have a stable home in these unprecedented times, and ensuring that landlords can count on some rental income right now to keep them afloat too.”
While there has been a deceleration in new home sales, we must keep the pedal to the metal and continue to train skilled trades workers for the future.
Many jurisdictions in the U.S. have been thinking outside the box to boost the housing supply. Here in Ontario, we’d be wise to follow suit.
This free summit will feature top experts in Canadian real estate who will share their knowledge on a broad range of topics. It will be presented on Sat. Jun. 18th from 12pm-3pm.
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