In my opinion, we have only just begun to see the ill effects of the pandemic on the world economy. But take comfort, if you can. Most of us are in the same boat....economically speaking. If it sinks, we are all going to drown. You're a landlord. Is their a moratorium on evictions there as there is here? What concerns me is what happens once these moratoriums are lifted. If folks couldn't pay their rent on a regular monthly basis, what makes anyone think they will be able to pay back rent to catch up if the economy gets better?
That's about the only thing preventing me from lapsing into a depression that would literally not exist if not for COVID measures being taken both in Canada, and globally.
Yes, I've had some personal issues lately - the mother of my two oldest children got a job out-of-town last year, and now I only see my kids in person once a month, and the Facetime stuff and phone calls just aren't cutting it. That's an issue. My kids were my life, and they are still - but I miss them terribly. I imagine you can relate with the tragic loss of your wife - and of course I understand that my kids are still alive, but seeing them once a month just isn't enough. The Ontario government is encouraging people not to leave their cities/towns, and that just makes it that much more aggravating, knowing I could be pulled over, and have to explain to a police officer that I'm driving to visit my children, and then be given a fine that literally got implemented the day before - because the COVID restrictions change ALL THE TIME, and the impact its had on me is just made me sick of going out, not knowing what new rule I'll be violating this time, or what right I have that employees at businesses or even the police don't seem to grasp that citizens have, and to deal with potentially being arrested for simply existing. The fact that ordinary citizens doing nothing wrong except for being out in public are being arrested should concern people, but most people - even those who are concerned - are just going along with this. And I can't push back against this stuff alone.
The fact that the gym has been a big part of my life for years, and yet the sauna and hot tub is shut down, and the Ontario Ministry of Health keeps flipflopping on standards to put in place is putting extreme pressure on gym owners who would have more consistent laws to follow if they lived in Haiti - I'm worried that we may see serious damage to the gym industry, and possibly a raft of bankruptcies to follow. Only with the inconsistent anti-COVID measures in place, and the long-time gym shutdown earlier this year, has it really sunk in how much my mental health is attached to my physical health, and it's not exactly pleasant to gather my steam, set to train for a 2021 strength contest, only to potentially find out on any given day that the gym will be closed again for months.
I find it hard to stay in the mindset of putting forth my best effort to achieve a goal, when the means by which I'm using to achieve that goal can be shut down at a moment's notice.
It's as you said - if the global economy sustains a terrible loss, we will all be impacted by this, and that depressing fact does offer some sort of weird peace of mind.
In your case, this is how I see it: you're bound to live to over 90 at your current health status and activity level, in addition to being close to family, living in a safe area, etc. While you are technically in an "at-risk" age demographic from COVID, I would be willing to bet money that you would beat it if you got it. So here you are - perfectly fine and healthy, and now have to consider the possibility that *maybe* you are one of the people in your age group who would suffer badly under COVID. As I said, I don't personally think you are [quite the contrary], but it's just an annoying thing to have to contemplate, in addition to a potential global economic crash. My grandmother is 10 years older than you, but I can tell you that she hasn't seen her grandchildren or even her children for almost a year now because of COVID.
At her age, what is there, other than family? I can't even see my own grandmother because of this, although that saddens me more from her side.
Oh...and as usual I am a giant gasbag in this post, but to your questions regarding rental income:
As of earlier this year, Premier Doug Ford announced that there will be no rent increases allowed for landlords. As if it isn't bad enough that rent increases in Ontario are already so tightly controlled that they barely match rates of inflation, Ford has set the 2021 rate in Ontario at 0% [freeze]. From there, if current deficit spending in Canada continues, it's only a matter of time before there are moratoriums in place on evictions. It's already illegal to evict tenants in the winter in Ontario [due to inclement weather], and I can't rule out the possibility that potential permanent moratoriums on evictions will be put in place.
In my case, I have next to no debt on my properties, but what about landlords who do? Will Doug Ford allow them to not pay he banks, or get extensions? I doubt it. And even for landlords who own their properties outright, they still have property taxes, and utilities to pay - they will still have to pay those bills even if they are not receiving rental income from tenants.
And that's what concerns me - this is a nightmare scenario that I would potentially be able to do nothing about. Like you said - if things get that bad, we're all in this together, and that offers some reassurance...but this is just a very bleak future right now, and I see no signs of it getting better.
All in all, things are ok for me, Prime. But I just can't get myself out of the mental rut of worrying about this - and it's not like there is no basis to my worries.
You seem more accepting and less pessimistic about this than me. Good for you. I hope that talking to people like you that I can eventually adopt your attitude.
