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evictions.29 However, neither the federal government nor most pro-
vincial/territorial governments have provided protection from evic-
tion for tenants post-pandemic. This means Canada may see a wave
of mass evictions when public health orders are lifted and landlords
demand back pay for rent arrears.30 When asked whether the fed-
eral government would provide rent relief to tenants, Prime Minister
Justin Trudeau responded, âIf provinces, in whom the relationship
between renters and landlords is their jurisdiction, want to move for-
ward with more help for residential rent, they can of course do that.â31
In contrast to the challenges low-income renters currently face,
COVID-19 is presenting financial actors with further opportunities to
cannibalize the Canadian housing market for profit. By spring 2020, the
Bank of Canada had already brought in BlackRock (the worldâs largest
asset manager) to assist in developing an economic recovery plan, with
direct bearing on Canadaâs housing market.32 Like the financial crisis
of 2008, COVID-19 provides real estate investment trusts (REITS) and
private equity firms the opportunity to capitalize on distressed assets
in the housing market by purchasing cheap debt (foreclosed mort-
gages) from banks and other lenders. Speaking to this opportunity
in the American context, David Schechtman of the Meridian Capital
Group stated: âOur thoughts and prayers are with all of our fellow
Americans and nobody wants to capitalize on anybodyâs misfortune.
But I will tell you, real-estate investorsâwhen you take the emotion
out of itâmany of them have been waiting for this for a decade.â33
29. âCOVID-19: Eviction Bans and Suspensions to Support Rentersâ (25 March 2020),
online: Canadian Housing and Mortgage Corporation <www.cmhc-schl.gc.ca/en/
rental-housing/covid-19-eviction-bans-and-suspensions-to-support-renters>.
30. See e.g. Alastair Sharp, âToronto Renters in for a âBloodbathâ of Evictions after
Pandemic Ends, Advocate Warnsâ, Toronto Star (22 May 2020), online: <www.
thestar.com/news/canada/2020/05/22/toronto-renters-in-for-terrifying-blood-
bath-of-evictions-after-pandemic-ends.html>.
31. See Trudeau quoted in Jennifer Pagliaro, âNearly Half of Canadian Tenants Fear
They Canât Pay Rent on May 1âand Provinces, Feds Canât Agree on Where
Relief Will Come Fromâ, Toronto Star (29 April 2020), online: <www.thestar.com/
news/city_hall/2020/04/28/as-may-1-nears-tenants-and-landlords-worry-about-
lack-of-rent-relief-from-queens-park-ottawa.html>.
32. Kevin Carmichael, âWhy the Bank of Canada Needs BlackRockâs Help While
Fighting the Coronavirus Downturnâ, Financial Post (1 April 2020), online: <busi-
ness.financialpost.com/news/economy/why-the-bank-of-canada-needs-black-
rocks-help-while-fighting-the-coronavirus-downturn>.
33. Konrad Putzier & Peter Grant, âReal-Estate Investors Eye Potential Bonanza in
Distressed Salesâ, WallÂ
StreetÂ
Journal (7 April 2020), online: <www.wsj.com/articles/
real-estate-investors-eye-potential-bonanza-in-distressed-sales-11586260801>.
VULNERABLE
The Law, Policy and Ethics of COVID-19
- Titel
- VULNERABLE
- Untertitel
- The Law, Policy and Ethics of COVID-19
- Autoren
- Vanessa MacDonnell
- Jane Philpott
- Sophie Thériault
- Sridhar Venkatapuram
- Verlag
- Ottawa Press
- Datum
- 2020
- Sprache
- englisch
- Lizenz
- CC BY-NC-ND 4.0
- ISBN
- 9780776636429
- Abmessungen
- 15.2 x 22.8 cm
- Seiten
- 648
- Kategorien
- Coronavirus
- International