Ontario Landlords, any concerns for not receiving April rents?

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Ontario Landlords, any concerns for not receiving April rents?

Stephanie Beaulac
Investor 路 Ottawa, ON 路 Member since 2018 路 11 posts 路 3 votes

Hi Ontario landlords! I have a few tenants who works in restaurants and bars. Now that those are closed, I'm worried about their capacity to pay rent. I know they can apply for E.I., Landlord and Tenant board is stopping all evictions and the banks may allow you to push your mortgage payment. I'm just not sure what to do with all this information. What are their rights at moment and what are mine? Anyone given thought to this? Would love to chat about it.

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Hai Loc
Specialist 路 Toronto, Ontario 路 Member since 2012 路 2k+ posts 路 891 votes
6y

@Stephanie Beaulac

I don鈥檛 think the government can give them relief this quick. As a landlord we are not just going to let them off the hook but to work with them..

I just expect them to be late and eventually catch up

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  • Hai Loc
    Specialist 路 Toronto, Ontario 路 Member since 2012 路 2k+ posts 路 891 votes
    6y

    @Stephanie Beaulac

    I am running into the same issue. I am expecting them not to pay. They know that we will be applying for mortgage relief.

    0Reply
  • Stephanie Beaulac
    OP
    Investor 路 Ottawa, ON 路 Member since 2018 路 11 posts 路 3 votes
    6y

    @Hai Loc, are you expecting them to just skip a month? How will we get that payment back? 

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  • Hai Loc
    Specialist 路 Toronto, Ontario 路 Member since 2012 路 2k+ posts 路 891 votes
    6y

    @Stephanie Beaulac

    I don鈥檛 think the government can give them relief this quick. As a landlord we are not just going to let them off the hook but to work with them..

    I just expect them to be late and eventually catch up

    3Reply
  • Hai Loc
    Specialist 路 Toronto, Ontario 路 Member since 2012 路 2k+ posts 路 891 votes
    6y
    Originally posted by @Stephanie Beaulac:

    @Hai Loc, are you expecting them to just skip a month? How will we get that payment back? 

     Ford shutdown evictions until further notice.. I have a feeling they will allow everyone to live for free for 6 months

    0Reply
  • Paul Z.
    Member since 2020 路 65 posts 路 13 votes
    6y

    Hi fellow Ontario landlords :)

    Yes I am worried. I am in between tenants and am even considering leaving the house vacant.

    To collect overdue rent, I believe in normal times you would serve them the appropriate form, and then file for eviction after 14 days. But it will be hard in times like this. Eventually they have to catch up though, because the virus will be over.

    By the way, is there a way we as landlords can report late rent payments to credit bureaus?

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  • Theresa HarrisPro Member
    Member since 2019 路 15k+ posts 路 11k+ votes
    6y
    Originally posted by @Hai Loc:
    Originally posted by @Stephanie Beaulac:

    @Hai Loc, are you expecting them to just skip a month? How will we get that payment back? 

     Ford shutdown evictions until further notice.. I have a feeling they will allow everyone to live for free for 6 months

     I'm not in Ontario, but if they do that, then they need to forgive all mortgage payments for that period of time AND property taxes-good luck with them doing that.

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  • Hai Loc
    Specialist 路 Toronto, Ontario 路 Member since 2012 路 2k+ posts 路 891 votes
    6y

    @Paul Zhang

    You in GTA?

    I think it's pointless to hurt their credit during this crisis. It wont even motivate them to pay.

    1Reply
  • Stephanie Beaulac
    OP
    Investor 路 Ottawa, ON 路 Member since 2018 路 11 posts 路 3 votes
    6y

    Thanks all for your thoughts! It鈥檚 unfortunate the Landlord and Tenant board hasn鈥檛 issued a statement of the process we鈥檙e to take if no payment. 

    0Reply
  • Stephanie Beaulac
    OP
    Investor 路 Ottawa, ON 路 Member since 2018 路 11 posts 路 3 votes
    6y

    Another thought, I wonder if you purchase a new property now, will you be able to defer that mortgage too? If so, could be a great time to do a flip. No holding costs for 6 months 馃

    2Reply
  • Paul Z.
    Member since 2020 路 65 posts 路 13 votes
    6y
    Originally posted by @Stephanie Beaulac:

    Another thought, I wonder if you purchase a new property now, will you be able to defer that mortgage too? If so, could be a great time to do a flip. No holding costs for 6 months 馃 

    I like that creative thought! Based on what I've read, the banks will only do it on a case-by-case basis. But I suppose it is possible.

    0Reply
  • Paul Z.
    Member since 2020 路 65 posts 路 13 votes
    6y
    Originally posted by @Hai Loc:

    @Paul Zhang

    You in GTA?

    I think it's pointless to hurt their credit during this crisis. It wont even motivate them to pay.

     Not in GTA.

    Yeah I can see some tenants not care. For others it may help motivate them to keep the rent current just by mentioning this possibility to them. Not sure how to do the credit reporting though...

    0Reply
  • Hai Loc
    Specialist 路 Toronto, Ontario 路 Member since 2012 路 2k+ posts 路 891 votes
    6y
    Originally posted by @Stephanie Beaulac:

    Thanks all for your thoughts! It鈥檚 unfortunate the Landlord and Tenant board hasn鈥檛 issued a statement of the process we鈥檙e to take if no payment. 

     I heard their office is shutdown

    0Reply
  • Hai Loc
    Specialist 路 Toronto, Ontario 路 Member since 2012 路 2k+ posts 路 891 votes
    6y

    @Stephanie Beaulac

    Toronto tenants are already rallying on not to pay rent on April first..

    Ford needs to clean this mess

    0Reply
  • Stephanie Beaulac
    OP
    Investor 路 Ottawa, ON 路 Member since 2018 路 11 posts 路 3 votes
    6y

    I don鈥檛 necessarily blame them for taking advantage of the situation however, landlords need a clear set of directives on how to proceed. Have you looked into your bank鈥檚 mortgage deferral policy? I鈥檓 with Scotiabank and have started to inquire but they don鈥檛 know much

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