Monthly Archives: September 2017

Landlords requiring property for their personal use will be required to pay tenants to vacate

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Investing in Toronto real estate – tenants make it possible

The Toronto real estate market has been an “investors paradise” since 1996. What a run it has been! There are many people who have made a fortune. Even those who bought a home for sole purpose of living there have done well.

The importance of finding quality tenants

Successful real estate investors have had the problem of property management and the selection of quality residential tenants. If you are new to this, here are 10 principles for how to select residential tenants.

Buying and selling property with tenants

Many investors have bought property, found a tenant and then decided to sell. One of the most frequent questions is how to sell a property with tenants in it. Both the buyer and the seller are bound by the terms of an existing lease. There are many things to consider when buying or selling a property that has tenants living in it.

Getting vacant possession (AKA “evicting”) of property

There are many reasons why property owners wish to get “vacant possession” of their property. In some cases it is to sell. In some cases it is to move into the property themselves.

In general it is difficult to evict a tenant in Ontario. The Ontario “Residential Tenancies Act” gives them significant and substantial rights. The “Residential Tenancies Act” does contain a provision that allows a property owner to evict a tenant if the property is required for the owner’s personal use. Sounds good. But, as described in a recent article in the Toronto Star, there is a new provision of the Residential Tenancies Act that requires the landlord to pay the tenant one months rent of the landlord claims the property for his personal use. In other words, the landlord must pay the tenant in order to move into his own property.

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The story of landlord licensing in Toronto – Real licensing or licensing lite?

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Landlord costs are reflected in tenant rents …

If the City of Toronto really wanted to do something for tenants, it would lower the crippling property taxes imposed on apartment buildings that exceed six units. (I cannot understand why this is not a giant political issue.) After all, property taxes are a huge cost to landlords. These costs are passed on to tenants. Once passed on to tenants, tenants will pay higher rents.

Speaking of increasing costs to landlords …

Landlord licensing in primarily a political issue. In fact, landlord licensing has been an issue in Municipal Elections. Notice that this does not (at least yet) apply to small Toronto landlords.

The licensing of Student rentals has been a topic of controversy in both Guelph, Kingston and Waterloo. In general, (if not outright licensing) student rentals have been the subject of heightened bylaw scrutiny.

The following “story” from “Storify” describes how certain Toronto City Councillors brought “landlord licensing” into effect (well sort of).

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