B.C will Protect Tenants from Landlord Eviction If Landlord do not Apply for CECRA

B.C will Protect Tenants from Landlord Eviction If Landlord do not Apply for CECRA

  • British Columbia
  • Economy
  • Policy
  • Real Estate
June 3, 2020

COVID-19 pandemic has driven plenty of businesses out of business. Those who is enduring for survival is cutting into the profit they earned accumulated in the past. It is common to see your neighbourhood store replaced by a new tenant amid the pandemic. The biggest costs for businesses owners are rent.

The government of British Columbia decided to protect commercial tenants from nonpayment of rent evictions if the landlord did not apply for federal assistance amid COVID-19. The purpose is to stop landlord using lack of federal support as an excuse to evict tenants.

Landlord’s are making excuses and delays to participate in the program to send pressured tenants away to maximize landlord’s profit. Rents differ depending on the location. In popular location, the rent could be in the higher end five digits. Survival could be impossible for these tenants and the Federal steps in with the Canada Emergency Commercial Rent Assistant Program (CECRA).

The reason landlords are trying to avoid CECRA because the program will help tenants cutting 75% of their total rent for the months of April, May, and June. The federal government will cover 50% of the rent up to $50,000 dollars. The landlord will need to cover another 25% leaving the tenant only have to pay 25% of the total rent. As a result, landlord would prefer looking for new tenant to replace existing one that cannot afford to pay its rent as the economy is reopening.

To be fair, landlord themselves has obligations and faces cost to be covered.  There is not a truly right or wrong in this situation. The government gave top-up pay for frontline workers, but like CECRA it doesn’t cover everyone.

Yoyoe Lu

Founder and managing principal
yoyoe@claridgeadvisors.com

Yoyoe is the founder and managing principal of Claridge. She was ranked one of Vancouver’s top real estate agents. Currently, Yoyoe is our strategic mind leading the team to success. Her affiliation with industry professionals put her ahead of our competitors. Yoyoe is also part of the Rotary Club of West Vancouver, Canadian Homebuilders Association, Urban Land Institute and Urban Development Institute.

Ashley Osborn

Development Site and Investment Specialist
ashley@claridgeadvisors.com

Ashely is our lead land and investment advisor. He has been consistently featured in the annual top 100 real estate deals of British Columbia ranking. With over $15 billion worth of domestic and international real estate investments under his belt, Ashley is one of the top agents in the province. His 20 years of real estate and financial experience make him a master in negotiation and acquisition.

Patricia Wong Chong

Investment and Leasing Specialist
patricia@claridgeadvisors.com

Patricia is our investment and retail leasing advisor. Her experience in brokerage and market research analysis has helped her comprise over $550 million in commercial real estate transactions. Patricia is responsible, detail-oriented, and professional. Her strong work ethic and positive attitude have led her to surpass all her competitors.

Schumann Li

Land Assembly & Residential Specialist
schumann@claridgeadvisors.com

Schumann is a top-producing realtor in the Lower Mainland with more than 30 years’ experience. Over the years, Schumann hasn’t just garnered awards, but the trust of countless customers. Her clients continually refer to her outstanding professionalism, work ethic and poise.

Wendy Kaip

Sales Associate
wendy@claridgeadvisors.com

Whether it’s decoding city policies, strategizing relocation plans, home sellers looking for a trustworthy advisor to unlock their property’s maximum potential- Wendy is here to help every step along the way.

Prior to real estate, Wendy spent over a decade in the mining industry with her attention to detail, keen negotiation skills, extensive network and strong reputation for getting the deal done, bringing endless value to her current real estate clients.

Whether you are thinking about selling to a developer, or have more questions about commercial real estate, Wendy invites you to connect, to see how she can utilize her expertise and team to help create value and maximize your real estate goals.

Simon Chan

Managing Broker
simon@claridgeadvisors.com

Simon is the managing broker of Claridge Real Estate Advisors Inc. His expertise has helped our agents resolve many difficulties. Not only is Simon knowledgeable with real estate legislation, but he is also very detail orientated. With Simon on our team, our agents are confident to conduct businesses and will always get the support they need to ensure they’re not walking on dirty water.

Frank Zhou

Analyst
frank@claridgeadvisors.com

As the analyst of the company, my key job is to help brokers to find marketable clients and locate feasible development sites by collecting and analyzing up-to-date market transaction data and conducting target market and property-level research. Meanwhile, I am also in charge of maintaining the company’s property database to ensure accuracy and comprehensiveness and continuously upgrading the level of knowledge by staying up to date with hot topics, and market trends, and incorporating findings into everyday work. Before joining the company, I worked for CR Group as a real estate investment manager, focusing on capital raising, equity and debt financing, acquisition and renovation. I hold 2 master’s degrees, one in Housing Management and the other in Economics.

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