Ontario Introduces Ban on Commercial Evictions, Retroactive to May 1
As we previously identified, the Province of Ontario, has finally enacted new legislation that would put a temporary ban on commercial evictions, given that many small businesses are unable to meet their financial demands in wake of the coronavirus pandemic,
On Wednesday, the newly-introduced legislation would prevent tenants from being locked out of their business or from having their assets seized. The new eviction ban bill will be retroactive to May 1, although the NDP has called for the bill to go as far back as mid-March,
Many provinces across Canada are beginning to ease their restrictions and open their economies back up with the exception of Ontario, which is only entering stage 2 of reopening in certain regions. As of Wednesday, there were 190 new coronavirus cases in addition to 12 deaths in the province of Ontario, with 80% of the new cases originating from Toronto. As a result, Premier Doug Ford will consider further stages of reopening on a case-by-case basis.
Information for this briefing was found via Bloomberg. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
