Property Management Company, GTA – COVID-19: What Landlords Must Know During This Time

In the midst of the pandemic, there are several changes that landlord and property owners should be aware of, so as to remain compliant with health guidelines issued by authorities. The government is stringently monitoring the situation and taking retroactive action to curb the spread of the virus. 

We’re here to give you all the pertinent information you need at this time. 

Mareka Properties is a trusted property management company in Etobicoke, specializing in condominiums and commercial properties. We’ve been in this industry for several decades and this novel situation is something that has impacted the industry like not much else we’ve seen. 

Don’t fret! Trust your needs to the leading condo management company in North York. We’re here to help you, as a property owner, overcome these challenges and keep your business running smoothly. 

Here are the cliff notes on what you need to know at this time. 

Collection of Rent

Tenants may either be out of work or experiencing a pay cut, rendering it difficult to pay rent on time. 

Landlords are strongly encouraged to find a way to enable tenants to keep their homes by making fair arrangements, deferring rent payments and the likes. 

The City of Toronto has already established measures to help tenants make their payments during this time;

• Funds for emergency housing
• Low-income households can avail of interest-free loans
• Financial support to pay utilities
• Rent reduction for tenants in properties with reduced taxes

There is always help at hand. We encourage you and your tenant to seek out information relating to local housing authorities. They may be eligible for funding that could make a world of a difference, and save both you and them a lot of unnecessary stress. 

Evictions Temporarily Suspended

Evictions for non-payment of rent are not allowed at this time as stated by Tribunals Ontario. Although, the tenant will be required to catch up with all delayed payments in a timely manner once the situation abates. 

Since this is a fast-developing situation, we encourage you and your tenant to constantly monitor the information being released by your local housing authority.

Health Protocol in Residential Properties 

Landlords and property owners are advised to consistently encourage their tenants to follow health, safety and social distancing guidelines while on the premises – especially so for buildings with a high volume of people. 

Sanitizing dispensers, informational flyers about resources that tenants can use to find more information, sterilizing high-touch surfaces with medically-approved sanitization supplies, are a few of the recommended measures.

If you happen to house vulnerable residents who are at a higher risk of contracting the virus, we urge you to prioritize their needs, exhibit patience, and point them in the direction of useful local bodies that could give them the needed support at this time. 

Utilities and Property Tax Relief

There are several ongoing tax deferral programs in place to help landlords absorb mounting costs. These offer somewhere around a 60-day grace period for late payments. The Toronto Hydro Board, for instance, has waived disconnections for late payments. Do look into the different programs available in your vicinity to help you grapple with the costs – you aren’t left to grapple with this alone. 

How a Property Management Company in Etobicoke Can Help You

Let us shoulder the stress!. We handle the day-to-day management of your property, as well as resolve any issues that are bound to arise during this challenging time. 

If you work with a condo management company like Mareka, we can take a serious weight off of your shoulders, helping to handle the financials and administration as well as maintenance and even conflict resolutions just in case you have a problem tenant or miscommunication with the condo building owner. 

We’re Here to Help Guide You Through the Challenges

Turn to a Trusted Property Management Company in Etobicoke

Mareka has the experience to deal with the novel challenges that are coming your way. Daily logistics, tenant communications, payment deferrals, staying compliant with housing and health regulations – we can help you handle it all. 

Contact Us today to set your property up for success!