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Timbercreek Asset Management is working with residential tenants on a “case-by-case basis” to offer rent deferrals or repayment plans specifically for those who might not have the financial resources to pay their rent on April 1. Many of Timbercreek’s buildings in Toronto and Ottawa comprise low-income housing units.
“Our focus is to keep people in their home,” said Timbercreek spokesperson Colleen Krempulec in an emailed statement. “The Timbercreek team, alongside several other rental-housing providers are in contact with all levels of government and will continue to work together to identify additional initiatives to further support our residents,” the statement added.
Calgary-based Boardwalk Real Estate Investment Trust, which rents units to more than 60,000 residents mostly in Alberta, told the Post that they would be offering a “mutually beneficial resolution” to tenants who have either had a reduction in hours or been unemployed due to COVID-19, though no detail was provided as to what those resolutions might look like and whether they consist of rent deferment or rent forgiveness altogether.
Some individual landlords too, appear to be offering a form of rent relief to tenants who need it.
Celine Ng, who owns two one-bedroom condo units in downtown Toronto said she has offered a 50 per cent discount to one of her tenants who recently had to take a significant pay cut due to the COVID-19 crisis.
“I can afford to do that, and he’s a great tenant, who has always paid everything on time and kept the place well. So if I can help, I will,” she added.
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