WHAT HOMEOWNERS, RENTERS CAN DO DURING THIS PANDEMIC
In the space of a week our world has changed. All our daily and weekly routines have changed, and it’s no longer possible to say with certainty what the outcome will be after this outbreak of the novel coronavirus COVID-19 is finally contained. The pandemic has touched every aspect of our lives — real estate included.
A lot of people are worried right now. In addition to worrying about catching the virus itself, many people fear they’ll have trouble making rent or mortgage payments. On top of that, those living on or near the waterfront are probably wondering whether this will be another flood year.
If these things are on your mind, here’s what you need to know: DON’T WAIT TO CALL BANK IF YOU ARE STRUGGLING DUE TO PANDEMIC-RELATED INCOME LOSS
The most important thing is to talk to your lender as soon as you know you will have trouble making your mortgage payments. According to Canada Mortgage and Housing Corporation (CMHC), you can work with your lender to come up with options to manage payments if you’re having trouble making mortgage payments because of income loss:
Your options could include:
■ Requesting a temporary deferral of interest payments.
■ Refinancing to take advantage of interest rate cuts.
■ Asking if you can extend the amortization of your mortgage to lower payments.
■ Adding missed payments to the mortgage balance to spread out the cost over a longer period.
■ Negotiating other flexible repayment options
If you are employed full-time, you can also apply to have unemployment benefits fast-tracked due to COVID-19. If you do not qualify for EI benefits, you can apply for a new financial aid program introduced by the government of Quebec specifically for people in this situation.
Keep your eyes peeled for more federal and provincial announcements on financial support programs to mitigate the economic impact of the pandemic — more help is likely to come.
IF YOU’RE RENTING, YOU CAN’T BE EVICTED DURING THE PANDEMIC
On Sunday, the Régie du logement announced it will not allow landlords to evict tenants who are unable to pay rent during the pandemic. For the moment it’s still unclear, however, whether evictions that have already been ordered will go through.
If you are planning to leave your apartment, and your landlord wants to show it, it’s a good idea to insist that anyone touring your apartment take extra precautions: have them wash hands when they enter and exit, and have everyone wear a face mask if possible.
IF YOU LIVE IN A FLOOD ZONE, YOU NEED TO MAKE AN EMERGENCY PLAN
Those living in low-lying areas near the river have more than one disaster to plan for. The Quebec government has announced that due to the need to maintain social distance, if there is another round of flooding this spring, the government will not be able to open emergency shelters as they have in previous years. Residents in high-risk areas are advised to plan now for what they will do if their property is flooded again.
It’s important to note that no one is certain that there will be flooding in the spring, but we can’t rule it out. Hotel rooms will book up fast if people need to evacuate, and with no emergency shelters available, people living in flood zones may need to move in with friends or extended family until the water recedes.