Landlords should support tenants who become unemployed as a result from the coronavirus outbreak, the City of Toronto said Tuesday.
Mayor John Tory announced the City is taking action to help Toronto's most vulnerable tenants impacted by the COVID-19 pandemic and, while it has no power to direct landlords, he said that all property owners should find ways to help tenants who need it to stay in their homes during these unprecedented times.
He also urged landlords to communicate with tenants to ensure they are aware of any policies that are in place to help them if they are financially impacted by the COVID-19 outbreak.
For its part, the City of Toronto has pledged help for Toronto Community Housing tenants:
- For rent-geared-to-income households, which make up about 90 per cent of TCHC tenants, the housing corporation will recalculate their rent based on employment income changes owing to job loss or layoff incurred because of COVID-19. Rent will be adjusted or deferred in order to respond to the economic impact of COVID-19.
- For market rent tenants whose income has been reduced as a result of a job loss or layoff because of the COVID-19 response, TCHC will consider various case-specific options to assist them, which may include arranging for payment deferment plans that suit their situation over the next few months.
“People across our City are facing challenges we could not have imagined even a month ago. That is why we are taking every step necessary to support them, including having the TCHC work with our tenants to ensure their rents are manageable and their homes secure. Our example will also be our request of all social housing providers and private landlords. Supporting each other we will get through this together,” said deputy mayor Ana Bailão
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Market update: