The Covid-19 pandemic has thrown the world into a period of chaos, and renters in BC are no exception. The unfortunate reality we are all forced to deal with has had a negative effect on virtually every aspect of daily life in BC and the rest of Canada. Unemployment and the financial uncertainty that goes along with it has become a major issue for a number of renters in BC. Many are struggling to keep up with bill payments, including rent, which is why the provincial government is taking measures to provide assistance to those renters in need. Here is what you need to know about the newly announced rental rebate during the Covid-19 emergency.
Newly Announced Rental Rebate During the Covid-19 Emergency
In order to provide some financial relief for renters who are having difficulty keeping up on their payments, BC’s premier John Horgan has announced the province will offer a monthly rebate of up to $500 for the next three months to help tenants make their rent payments. In addition to this rebate, BC is suspending all evictions and freezing all rent increases for the duration of the Covid-19 emergency. This is designed to further aid those people who would otherwise face a situation where they may become homeless due to lack of work. Without measures like these, the impact of the Covid-19 emergency on families and renters would be wholly devastating. According to the premier, the last thing the province wants is for “people to think they may lose their home as a result of this pandemic.”
While relief is available for those that need it, the province is also taking steps to keep landlord and tenant relationships as normal as possible. Those who can pay their rent are still asked to do so. The rent rebate is strictly for those who require extra financial assistance. In terms of evictions, there are currently very few cases where an eviction will still take place. Even evictions that have already been approved by the Residential Tenancy Branch have been put on hold. However, court-ordered evictions are still going through as ordered, but most of these are for extreme circumstances where there are issues like safety concerns that come into play.
The Impact of Covid-19 on the Housing Market
For more information and updates about the impact of Covid-19 on the housing market in the lower mainland, feel free to check out the Tony Z Team’s website or contact Tony-Z. In the meantime, we hope everyone stays healthy and safe at home.