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Most rent paid in April despite COVID-19 challenges: CIBC

Last Updated Apr 3, 2020 at 6:49 pm PDT

FILE - Houses are seen in an aerial view in Langley, B.C., on Wednesday May 16, 2018. The Canadian Bankers Association says the country's six largest banks have deferred more than 10 per cent of the mortgages in their portfolios as borrowers affected by COVID-19 seek financial help. THE CANADIAN PRESS/Darryl Dyck
Summary

CIBC says 70 per cent of rent payments came in for April

About 25 per cent of Canadians rent

VANCOUVER (NEWS 1130) — Paying the rent has and will be challenging for some, but CIBC is reporting that 70 per cent of rental dollars have come in thus far for April.

In an email, a spokesperson for the bank said the payment rate for seniors on fixed incomes and those on social assistance didn’t drop much at all, since their income has been least affected.

“That collection rate is better-than-expected by many observers,” Benjamin Tal said.

RELATED: Housing advocate: B.C. not doing enough to help renters get through pandemic

At least 25 per cent of all Canadian households are renters, and B.C. is the only province so far with a formalized policy to assist renters. For those impacted by COVID-19, B.C. has offered financial support, rent freezes, and is stopping evictions during the pandemic. The province also extended the state of emergency Tuesday.

Just last week though, a petition was sent to the prime minister calling for all rent and mortgage rates to be cancelled during the pandemic.

It remains to be seen what that collection rate number will look like in four weeks.

With files from Nikitha Martins and Isabelle Raghem.