Canada’s real estate operators call for improvements to national rent support program on behalf of businesses
June 28, 2021 14:30 ET
| Source:
REALPAC
REALPAC
Toronto, Ontario, CANADA
Toronto, Canada, June 28, 2021 (GLOBE NEWSWIRE) -- Canada’s commercial real estate industry, represented by REALPAC, BOMA and NAIOP, is calling on the Government of Canada to enhance the Canada Emergency Rent Subsidy (CERS) program. The industry, which combined with residential real estate, is the largest contributor to Canada’s economy by GDP, suggests a series of changes it believes are essential for the Canadian business community’s reopening.
The commercial real estate industry across Canada appreciates the federal government’s efforts to support businesses during these challenging times. Tenants and landlords welcomed moves to improve the Canada Emergency Commercial Rent Assistance (CECRA) program with the subsequent CERS program. However, CERS in its current form is failing in its aim to get benefits out to the maximum number of impacted businesses, despite many property owners and managers actively working with tenants to ensure program benefits are promoted and properly accessed. Despite similar eligibility criteria, the popular Canada Emergency Wage Subsidy (CEWS) program has helped 447,750 businesses, while CERS has helped less than half that number: 192,560 unique applicants with approved claims.