Can REITs survive the downtown downturn? Experts say it’s too soon to know when the REIT market will return to normal if there’s even a normal to return to
Author of the article: Steve Kupferman, Special to Financial Post
Publishing date: Jan 29, 2021 • January 29, 2021 • 7 minute read • A lone pedestrian crosses Yonge Street in downtown Toronto. cCommercial REITs were thrown into uncertainty as the COVID-19 pandemic undermined fundamental assumptions about the way Canadians will work and shop in the future. Photo by Peter J. Thompson/National Post files
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There were plenty of ways to make good money as an investor in 2020, but buying up shares of Canadian commercial real estate investments trusts, or REITs, was generally not one of them.
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Aaron Vincent Elkaim/The Globe and Mail
The Canadian Federation of Independent Business is warning that more than 239,000 businesses could vanish because of COVID-19 as the new wave of restrictions and lockdowns leave a growing number of entrepreneurs considering giving up.
New research from the small-business lobby group based on a survey of 4,129 of its members last week found that nearly 18 per cent were considering bankruptcy or shutting their business down for good. Extended across the country’s 1.1 million businesses – the vast majority of which are small or medium-sized – the federation said that 181,000 firms could be under threat, according to adjusted projections. That’s in addition to the 58,000
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In a bid to assist commercial tenants, there are currently two
moratoria in place on the exercise of eviction and distress rights
against commercial tenants, one which relates to the now defunct
Canada Emergency Commercial Rent Assistance
(
CECRA ) program and the other which is
tied to the Canada Emergency Rent Subsidy
(
CERS ) program. A summary of each is
contained below:
CECRA
Bill
229 )
1 received royal assent on December
8, 2020. Among other things, Bill 229 revives Part IV of the
Commercial Tenancies Act, extending the moratorium on commercial
Filing taxes this year may be more complicated than in years past for Canadian small business owners who received government aid during the pandemic, CTV News Chief Financial Commentator Pattie Lovett-Reid writes in her blog for CTVNews.ca.