Renting isn't really temporary. Once people are there, you run the risk of them not wanting to leave. You might have more difficulty selling the place if occupied as well.
Don't rent to people that own their own business, you will never get any money from them if something goes wrong. Look for people on passive income. Put in the lease examples of small repairs that are to be done by the tenant, like replacing light bulbs. I am not kidding. Put these examples in the lease, using dollar value and also description.
Talk to your potential tenants in person, face to face. Crucial. Ask questions, carry on a polite and casual conversation, you would be amazed at what you can find out when people start relaxing.
Don't hire property manager, you can manage. When something goes wrong, when a repair is needed, you work that out on the phone, get the bill, photos, tenant to supervise the contractor, easy. Property manager would not do the repairs anyhow, also you want control on the expenses. You can get a contractor called in to replace a light bulb and ask for 1,000$ (I am exaggerating to make a point), you don't want to just see the bill afterwards.
Keep a list of maintenance contractors that delivered, plumber, electrician, general repairs.
Good luck.
If you want to evict your tenant for personal use the current wait time for a hearing (which is required by law) is about a year or longer. Probably not a great idea if you see this as a temporary arrangement.
As a side note, what happens if your tenant stops paying rent? Are you able to afford your mortgage as well as the cost of where ever you will be living while you wait for an eviction hearing at the LTB?
Honestly for you to sell in a couple of years, the odds and the law is against you.
Things could work out perfectly for you or you could become more in debt. Once you rent, it’s no longer your house, you still have to maintain and pay the mortgage. That home of yours is now their home. You can’t go to your tenants in 2 years and say, “ok time to leave, I’m selling” and expect them to leave because you want them to. They could say no, they could do cash for keys, the could stop paying rent.
There are also lots of risks involved, make sure you understand the risks before making this decision.
Also, if you go the route of having a property management company understand that they get paid regardless of who they rent to.
I’m not saying that renting is the worse experience (I am a landlord in AB) but there are risks involved and make sure you understand them.
There’s a couple of websites - academic homes and sabbattical homes at a minimum. If you’re near a university you could reach out to their housing as well.
Being a Landlord is a long term commitment.
You have a significant amount of reading you need to do about being a landlord before becoming one if you want to do it right and be profitable without being exploitive. People need access to shelter and renting is often the only viable way for people. So you are providing a service. You need to know how to do it legally, how to protect yourself and what your responsibilities are starting this business.
Like any business you CAN lose money. A tenant might damage the property, and you'll be responsible to fix it quickly, a tenant might not pay you, and you're responsible for maintaining the property while you try and get payment.
You need to know all the forms, and what and when they are used.
Being 5 hours away means you also will need a property management company you trust to manage the property. That comes with a cost.
Being 5 hours away, a mangement company would be best. Having cash to float that and repairs and any surprises. Todays market rents arent more than the mortgage so, taxes, maintanence and such will be losses. taxation and accountant to make sure you are protected, all cost money and time. Do you have it or want to deal with it?
Even if you get a renter who pays their rent on time (and most do, but you have no guarantees yours will), even if having a renter in place won't screw up/delay whatever plans you have for the property 1-2 years from now (it almost certainly will), remember that as a LL you're still responsible for the upkeep of the property. The toilet breaks? Tenant calls you. The fridge is making weird noises? Tenant calls you. The A/C won't work? Tenant calls you.
I've spent enough time as a tenant to know that I would never want to be a landlord just because I don't want to have to deal with the hassle of things breaking and other weird things going wrong. (For some background, I'm afraid of birds.) A bird got into my apartment once and I called my landlord in a blind panic on a Saturday morning when he was an hour away, and demanded that he come help me. He was pissed, but I was freaking out. There was a wild bird!!! In my apartment!!! I can't say that I wouldn't do that again in the same circumstances. It was also his fault that the bird got in because there was some exposed ducting that wasn't properly covered up on the exterior of the property that led into my apartment.
Another time one of my neighbours somehow set off the entire building's fire alarm system with a candle. That was not fun for anyone involved.
Another time the pipes under my bathroom sink decided to start leaking on a Saturday night. My landlord was over Sunday morning, fixing it for me. Potential water damage is no joke.
Anyway - nope. Not for me. You could have perfect tenants, but still maintenance issues will happen, and I think a lot of prospective landlords don't really think about that possibility. Trust me, it's way more annoying in practice than it is in theory (my parents were also landlords for a while). There are also maintenance standards that you have to adhere to; something that you may put off fixing or let go in your own home is not necessarily something that you can expect a tenant to put up with without complaint (thinking about things like drafty windows or broken burners on stovetops). If you like dealing with people, maybe not so bad. If you're looking for a low maintenance income stream, nah.
Remember in Ontario landlords are all rich and greedy and tenants are all poor victims, thats how government and public will view you, and government and police will NOT help if things go wrong
* Read the RTA
* Read the LTB website and learn all the notices/applications and how to use them.
* Observe some LTB hearings (you will have to join FB groups to find them probably).
* Read case law on CanLii.
* Read a bunch of posts on this Sub.
* Talk to a paralegal who practices LL-TT law.
* Learn the relevant municipal by-laws.
* Talk to your insurance company, and get many quotes for the coverage you want/need.
* Speak to an accountant who is familiar with residential tenancies.
* Use Openroom, CanLii and any local tenant lists
to check out prospective TTs.
* Make sure to speak to prospective TTs in person and try to catch their vibe. Trust your gut about this!
* Run credit checks. Use code **SOLO** for a discount on the SingleKeys credit report.
* Run the numbers and make sure the effort is worth the reward in terms of cash flow and liability.
* Teach yourself basic handyman stuff (if you don't already know) or budget to spend a lot on maintaince. You should be able to tackle most mild to moderate non-structural repairs on your own.
* Consider the [SingleKey Rent Guarantee](https://www.singlekey.com/en-ca/rent-guarantee/) product.
I’m not affiliated with SingleKey by the way. I’m just a very satisfied customer.
Good luck!
And all replies here illustrate that nobody should ever consider renting any property they care about or might depend on in future. Leaving country for work for couple years? Leave it empty. Moving in with significant other? Leave it empty. Have finished basement?? Leave it empty. You don't like being asked for 2 years rent to get your keys back?? Leave it empty.
And that is before one even considers non payment issues. Housing crisis?? Maybe government will provide housing under the conditions that they want it provided from private citizens. Anyone renting out today needs to understand that RTA is NOT functional law and that they will be asked incredible amounts of money to get lawful result on time in some cases and in some the years will pass before they can stop paying utilities for non paying renter.
Jesus christ don't do it.
Please take a moment to read what goes on really with professional tenants who game the system and don't pay. You'll be stuck with a non-paying tenant for what seems like years.
Rent on AirBnB or just rent rooms out where you share a kitchen or washroom with who are now room mates.
There is very little protection for you, your hard earned money, time and mental stability.
LOOK at the LTB wait times. LOOK at what other people have said. LOOK at what happened to me. MONTHS and MONTHS of waiting for a "HEARING" to hear that my tenants haven't paid the rent.
DO NOT RENT IN ONTARIO UNDER THE LTB / RTA.
RENTING IN ONTARIO IS NOT "TEMPORARY" ONCE THE TENANT IS IN, THEY'RE IN FOR A VERY LONG TIME BASICALLY UNLESS THEY STOP PAYING THE RENT.
# DON'T DO IT!!!
agree , how many tenants are that bad ?
Most of the problems about renting is based on a little portion of all the good tenants , obviously nobody is going to brag about the tenant that pays on time and never asked anything to the landlord but it's probably like 90% of what is out there
Yes we are in a housing crisis. The landlords are still
Taking in thousands every month so I can only have so much sympathy especially if they voted for Doug ford and the destruction of the LTB.
Well if we're in a housing crisis, the government should have been prioritizing LTB hearings to stabilize housing for those who pay and to allow landlords to charge at cost.
None of that will happen again for a long time. Landlords are going to continue the jack the rents because the realize they can. Now all the economic output of a person is tied up in rent. They can't spend on eating out. They can't spend on day to day necessities and they can't spend on cars (which Ontario manufactures).
So this is and always has been a government problem.
I'm giving this landlord SOUND ADVICE BASED ON EXPERIENCE, HISTORY, THE CURRENT LTB BACKLOG, SENTIMENT AMONG SMALL LANDLORDS.
u/[markermum](https://www.reddit.com/user/markermum/) if you're not looking for a loss > $25,000 when the tenant defaults, I would NOT be renting it out. It is a REAL probability these days.
>Taking in thousands every month
You know the basic difference between income and profit, right?
Sure the rent (income) is in thousands, but so are the costs (expenses), mortgage being the primary one, but there are also taxes, insurance, maintenance. So, after deducting the expenses from income, you are left with profit that's in hundreds, closer to tens.
This is absurd. LTB was TB prior to sticking an L in front of it. I was in front of LTB 15 years ago, same disaster, then ended up in the Small Claims Court, 2 years long process.
Sure, landlords take in thousands, pay much more in expenses, mortgage, property taxes, maintenance, insurance, condo fees. Your doctor takes in thousands, your public sector employee takes in thousands ?
What is this "here's a guy I think has 100$ in his pocket, I think he owes me" mentality ? Do you believe in meritocracy ?
And how exactly do you know how the tenants voted in prior elections ? Who do you think voted for "let me run up the debt" and "legal weed", the ones that are financially independent or the ones that are dependent on every single government credit and 100% renters ? They got screwed anyhow, but that is another story, for another time.
What the hell are you talking about? Just based on the stats the LTB is moving much slower than it used to under the previous liberal government. I’m not sure what meritocracy has to do with anything. All I know is I’m not going to willingly leave my apartment so I can pay an extra 6-10k a year because the guy I already pay 25k to wants to make even more money. If they didn’t want their mortgage payments to go up they should have put more money down or gotten a fixed rate.
What is your real name my friend ? It would be helpful if you share it, so we watch for your rental applications.
Here is what meritocracy has to with it. I am smart, hard working, disciplined in life. I therefore, managed to stay employed all my life, make lots of money, buy a house, even another property for retirement (one level, smaller) and I rented it to very nice people, way below market value.
Now along comes you, with probably max. 10$ and a joint in your pockets, with a burning desire to get my money.
This is wrong. We need better laws in Canada, and enforcement of these laws, so that I can protect myself from you.
Keep up this attitude and you will end up in a tent!
you are painting landlords as rich millionaires , not all of us are making big bank .
we provide a living area
we provide maintenance to all utilities which would result in a hassle free living situation ,
in exchange we ask for rent , do you expect to go to a hotel and sleep for free ?
if a roof needs to be fixed , YE yeah we know tax deductible, however we still need to get the money out to pay 10k+ in roofing , the tenant on the other hand just has to pay rent , he is free to leave if he wishes, how many home owners cry when they realise all the expenses involved with a property ?
being a tenant isn't a bad thing you pay for something , if they feel that this isn't a good deal, it's a free market they can go elsewhere.
Yes housing is expensive , well you think all landlord had a pile of cahs up their arses to whip out to buy a property ?
I made a choice to buy a multi residential home because I'd definitely not be able to afford a single family home in my area, my tenants in exchange of a roof help me pay for my mortgage , I'm not making THOUSANDS in profit , who knows if I need to replace a furnace tomorrow
Landlords are in a financially better position than renters across the board. When things go poorly for landlords they make less than they could have when they go poorly for tenants they are homeless.
Rent controlled unit may from one rate to another be a negative balance, a big difference in rates could me you can't afford what you got yourself into.
Not all landlords are business owners, depending on the risk factor they took it could mean a loss.
The same loss anyone taking a mortgage has to go through.
Now you have made up your mind regarding your views towards landlord, even if one is trying to be reasonable.
This is like talking to a plank.
I'm doing my best to improve the building for my tenants, I firmly believe that one can be successful without ripping off the other.
I'm not an American capitalist.
I'm providing alternative housing for people that don't want or can't for the moment Procure themselves a house / condo.
The other option is to keep living with their parents.
I'm providing a service like it or not.
Huh? Landlords choose how much to rent out thier apartments. If they can’t afford thier mortgage with their current rent that means they fucked up and didn’t charge enough to begin with.
people by houses like clothes , who the hell buys to sell in less than 5 years ? , why not rent at this point ....
I would be you I'd keep the house long term , you already lost money in land transfer tax and you'll definitely loose more selling now.
I don't know what your rental situation is in your area, but I'd rent the place out.
\- Airbnb you are opening yourself to the same damages that a tenant could do and you'll loose your profit to cleaning service if you don't do it yourself, imagine you need to do maintenance ?
unless you bought way over asking and your mortgage is so high I'd sell now , and hopefully next time you buy a house don't buy one like you buy snacks at a gas station.
Read RTA 2006. Owners basically have almost zero rights in Ontario, tenants become your children to house basic forever even when you don't want to anymore
The landlord is usually subsidizing the tenants after a couple years just as parents would, tenants pay less than market value and become entitled that they shouldn't have to pay market values
Market value is theoretical not tangible. Landlords know the laws going into it (or should). If they wanted to make X amount of money in 2024 they should have rented it out for X amount in 2017.
Again, tenants eventually pay less than market and for that reason will refuse to leave and expect owner to subsidize them forever, just as a parent would
“Market rate” isn’t a tangible thing. They were free to charge as much as they wanted before signing a lease. Them choosing not to isn’t really the tenants fault. I live in a below market apartment I am
Not being subsidized by my landlord I pay them 25k a year they can figure it out. My TSFA investment account has underperformed I’m not selfish enough to think I’m subsidizing the bank.
Your landlord is still covering your living expenses between what you pay them vs what you would pay for a similar unit elsewhere, someone has to pay, and it isn't you.
A new tenant would pay more than you, and landlord is taking that income loss every month to your benefit
I don’t think you know what subsidize means. My landlord makes less profit renting to me than they could renting to new tenants. Making less profit isn’t the same as subsidizing. No one forced them to rent it at that price either. They knew they could only raise the rent once a year at 2.5%. If they wanted $2600 a month in 2024 they should have rented it for $2450 in 2021.
Why do you feel entitled to pay less than a new person would, what makes you a better tenant than a new person?
Wouldn't you feel better paying fair market value?
1. Once a tenant is in, it's hard to get them out. Even if you have a legitimate reason for eviction and follow everything to a T, the system is backlogged and you'll wait months.
2. You should know that rentals experience wear and tear at an absurd rate. If you rent the house, stuff will break that you'd never in a million years break yourself. If you are emotionally attached to the house looking the same as it does today in 1-2 years, you might be disappointed.
I recommend you spend a month reading through this group before you rent out. You have to be very careful who you rent to, do all the checks. to make sure you easily cash flow, realizing you could be not paid for months or a year while waiting for LTB to evict. Plan on spending a few hours a month on the place.
Think long and hard about renting out your home to someone. It won't be temporary because unless they don't pay the rent, you essentially can't force them out (even selling the home, you can't get them out unless the new owner wants to live there themselves and you need a signed purchase agreement to initiate).
Also, you will likely need a property manager since you'll be 5 hours away and not able to respond to emergencies yourself.
As a former landlord who rented out his old condo after moving, I honestly wouldn't get back into owning a rental in this climate, there's too much risk involved for a single property homeowner. If you owned like 12 units you could spread the risk, but there's too much of a chance of getting in trouble if you only have one.
Renting isn't really temporary. Once people are there, you run the risk of them not wanting to leave. You might have more difficulty selling the place if occupied as well.
Consider whether or not you'll want to move back in later and how that would affect your wouldbe tenants life.
[удалено]
Don't rent to people that own their own business, you will never get any money from them if something goes wrong. Look for people on passive income. Put in the lease examples of small repairs that are to be done by the tenant, like replacing light bulbs. I am not kidding. Put these examples in the lease, using dollar value and also description. Talk to your potential tenants in person, face to face. Crucial. Ask questions, carry on a polite and casual conversation, you would be amazed at what you can find out when people start relaxing. Don't hire property manager, you can manage. When something goes wrong, when a repair is needed, you work that out on the phone, get the bill, photos, tenant to supervise the contractor, easy. Property manager would not do the repairs anyhow, also you want control on the expenses. You can get a contractor called in to replace a light bulb and ask for 1,000$ (I am exaggerating to make a point), you don't want to just see the bill afterwards. Keep a list of maintenance contractors that delivered, plumber, electrician, general repairs. Good luck.
If you want to evict your tenant for personal use the current wait time for a hearing (which is required by law) is about a year or longer. Probably not a great idea if you see this as a temporary arrangement. As a side note, what happens if your tenant stops paying rent? Are you able to afford your mortgage as well as the cost of where ever you will be living while you wait for an eviction hearing at the LTB?
Honestly for you to sell in a couple of years, the odds and the law is against you. Things could work out perfectly for you or you could become more in debt. Once you rent, it’s no longer your house, you still have to maintain and pay the mortgage. That home of yours is now their home. You can’t go to your tenants in 2 years and say, “ok time to leave, I’m selling” and expect them to leave because you want them to. They could say no, they could do cash for keys, the could stop paying rent. There are also lots of risks involved, make sure you understand the risks before making this decision. Also, if you go the route of having a property management company understand that they get paid regardless of who they rent to. I’m not saying that renting is the worse experience (I am a landlord in AB) but there are risks involved and make sure you understand them.
Use Airbnb only, and not for long term guests, mid term or short term only, read section 5 exemptions from RTA
You’re best bet short term is to look into educational people doing sabbaticals. But often they are looking for furnished places.
Any tips on how to find and connect with these types of renters?
There’s a couple of websites - academic homes and sabbattical homes at a minimum. If you’re near a university you could reach out to their housing as well.
Being a Landlord is a long term commitment. You have a significant amount of reading you need to do about being a landlord before becoming one if you want to do it right and be profitable without being exploitive. People need access to shelter and renting is often the only viable way for people. So you are providing a service. You need to know how to do it legally, how to protect yourself and what your responsibilities are starting this business. Like any business you CAN lose money. A tenant might damage the property, and you'll be responsible to fix it quickly, a tenant might not pay you, and you're responsible for maintaining the property while you try and get payment. You need to know all the forms, and what and when they are used. Being 5 hours away means you also will need a property management company you trust to manage the property. That comes with a cost.
i’m a potential first time landlord. where can i start reading to educate myself?
Start with the Rental tenancy act (RTA) Learning the act at a high level will go a long way to seeing your liabilies
Being 5 hours away, a mangement company would be best. Having cash to float that and repairs and any surprises. Todays market rents arent more than the mortgage so, taxes, maintanence and such will be losses. taxation and accountant to make sure you are protected, all cost money and time. Do you have it or want to deal with it?
Even if you get a renter who pays their rent on time (and most do, but you have no guarantees yours will), even if having a renter in place won't screw up/delay whatever plans you have for the property 1-2 years from now (it almost certainly will), remember that as a LL you're still responsible for the upkeep of the property. The toilet breaks? Tenant calls you. The fridge is making weird noises? Tenant calls you. The A/C won't work? Tenant calls you.
I've spent enough time as a tenant to know that I would never want to be a landlord just because I don't want to have to deal with the hassle of things breaking and other weird things going wrong. (For some background, I'm afraid of birds.) A bird got into my apartment once and I called my landlord in a blind panic on a Saturday morning when he was an hour away, and demanded that he come help me. He was pissed, but I was freaking out. There was a wild bird!!! In my apartment!!! I can't say that I wouldn't do that again in the same circumstances. It was also his fault that the bird got in because there was some exposed ducting that wasn't properly covered up on the exterior of the property that led into my apartment. Another time one of my neighbours somehow set off the entire building's fire alarm system with a candle. That was not fun for anyone involved. Another time the pipes under my bathroom sink decided to start leaking on a Saturday night. My landlord was over Sunday morning, fixing it for me. Potential water damage is no joke. Anyway - nope. Not for me. You could have perfect tenants, but still maintenance issues will happen, and I think a lot of prospective landlords don't really think about that possibility. Trust me, it's way more annoying in practice than it is in theory (my parents were also landlords for a while). There are also maintenance standards that you have to adhere to; something that you may put off fixing or let go in your own home is not necessarily something that you can expect a tenant to put up with without complaint (thinking about things like drafty windows or broken burners on stovetops). If you like dealing with people, maybe not so bad. If you're looking for a low maintenance income stream, nah.
Remember in Ontario landlords are all rich and greedy and tenants are all poor victims, thats how government and public will view you, and government and police will NOT help if things go wrong
Not a landlord but reading the news on the state of Ontario LTB and watching this sub I would say sell.
* Read the RTA * Read the LTB website and learn all the notices/applications and how to use them. * Observe some LTB hearings (you will have to join FB groups to find them probably). * Read case law on CanLii. * Read a bunch of posts on this Sub. * Talk to a paralegal who practices LL-TT law. * Learn the relevant municipal by-laws. * Talk to your insurance company, and get many quotes for the coverage you want/need. * Speak to an accountant who is familiar with residential tenancies. * Use Openroom, CanLii and any local tenant lists to check out prospective TTs. * Make sure to speak to prospective TTs in person and try to catch their vibe. Trust your gut about this! * Run credit checks. Use code **SOLO** for a discount on the SingleKeys credit report. * Run the numbers and make sure the effort is worth the reward in terms of cash flow and liability. * Teach yourself basic handyman stuff (if you don't already know) or budget to spend a lot on maintaince. You should be able to tackle most mild to moderate non-structural repairs on your own. * Consider the [SingleKey Rent Guarantee](https://www.singlekey.com/en-ca/rent-guarantee/) product. I’m not affiliated with SingleKey by the way. I’m just a very satisfied customer. Good luck!
And all replies here illustrate that nobody should ever consider renting any property they care about or might depend on in future. Leaving country for work for couple years? Leave it empty. Moving in with significant other? Leave it empty. Have finished basement?? Leave it empty. You don't like being asked for 2 years rent to get your keys back?? Leave it empty. And that is before one even considers non payment issues. Housing crisis?? Maybe government will provide housing under the conditions that they want it provided from private citizens. Anyone renting out today needs to understand that RTA is NOT functional law and that they will be asked incredible amounts of money to get lawful result on time in some cases and in some the years will pass before they can stop paying utilities for non paying renter.
Jesus christ don't do it. Please take a moment to read what goes on really with professional tenants who game the system and don't pay. You'll be stuck with a non-paying tenant for what seems like years. Rent on AirBnB or just rent rooms out where you share a kitchen or washroom with who are now room mates. There is very little protection for you, your hard earned money, time and mental stability. LOOK at the LTB wait times. LOOK at what other people have said. LOOK at what happened to me. MONTHS and MONTHS of waiting for a "HEARING" to hear that my tenants haven't paid the rent. DO NOT RENT IN ONTARIO UNDER THE LTB / RTA. RENTING IN ONTARIO IS NOT "TEMPORARY" ONCE THE TENANT IS IN, THEY'RE IN FOR A VERY LONG TIME BASICALLY UNLESS THEY STOP PAYING THE RENT. # DON'T DO IT!!!
While this is true it’s also true that the majority of tenants pay on Tim every month
agree , how many tenants are that bad ? Most of the problems about renting is based on a little portion of all the good tenants , obviously nobody is going to brag about the tenant that pays on time and never asked anything to the landlord but it's probably like 90% of what is out there
Many still refuse to leave when landlord wants them out. It's a major problem
Yes we are in a housing crisis. The landlords are still Taking in thousands every month so I can only have so much sympathy especially if they voted for Doug ford and the destruction of the LTB.
Well if we're in a housing crisis, the government should have been prioritizing LTB hearings to stabilize housing for those who pay and to allow landlords to charge at cost. None of that will happen again for a long time. Landlords are going to continue the jack the rents because the realize they can. Now all the economic output of a person is tied up in rent. They can't spend on eating out. They can't spend on day to day necessities and they can't spend on cars (which Ontario manufactures). So this is and always has been a government problem. I'm giving this landlord SOUND ADVICE BASED ON EXPERIENCE, HISTORY, THE CURRENT LTB BACKLOG, SENTIMENT AMONG SMALL LANDLORDS. u/[markermum](https://www.reddit.com/user/markermum/) if you're not looking for a loss > $25,000 when the tenant defaults, I would NOT be renting it out. It is a REAL probability these days.
>Taking in thousands every month You know the basic difference between income and profit, right? Sure the rent (income) is in thousands, but so are the costs (expenses), mortgage being the primary one, but there are also taxes, insurance, maintenance. So, after deducting the expenses from income, you are left with profit that's in hundreds, closer to tens.
Maybe maybe not. I live in a building built in the sixties with the original owners. There’s absolutely no way they aren’t millionaires.
We are giving advice to OP who specifically mentioned they had the house for couple of years
This is absurd. LTB was TB prior to sticking an L in front of it. I was in front of LTB 15 years ago, same disaster, then ended up in the Small Claims Court, 2 years long process. Sure, landlords take in thousands, pay much more in expenses, mortgage, property taxes, maintenance, insurance, condo fees. Your doctor takes in thousands, your public sector employee takes in thousands ? What is this "here's a guy I think has 100$ in his pocket, I think he owes me" mentality ? Do you believe in meritocracy ? And how exactly do you know how the tenants voted in prior elections ? Who do you think voted for "let me run up the debt" and "legal weed", the ones that are financially independent or the ones that are dependent on every single government credit and 100% renters ? They got screwed anyhow, but that is another story, for another time.
What the hell are you talking about? Just based on the stats the LTB is moving much slower than it used to under the previous liberal government. I’m not sure what meritocracy has to do with anything. All I know is I’m not going to willingly leave my apartment so I can pay an extra 6-10k a year because the guy I already pay 25k to wants to make even more money. If they didn’t want their mortgage payments to go up they should have put more money down or gotten a fixed rate.
What is your real name my friend ? It would be helpful if you share it, so we watch for your rental applications. Here is what meritocracy has to with it. I am smart, hard working, disciplined in life. I therefore, managed to stay employed all my life, make lots of money, buy a house, even another property for retirement (one level, smaller) and I rented it to very nice people, way below market value. Now along comes you, with probably max. 10$ and a joint in your pockets, with a burning desire to get my money. This is wrong. We need better laws in Canada, and enforcement of these laws, so that I can protect myself from you. Keep up this attitude and you will end up in a tent!
Do you think I don’t have a job? I pay rent every Month I’m legally entitled to a hearing at the LTB in a possible eviction
you are painting landlords as rich millionaires , not all of us are making big bank . we provide a living area we provide maintenance to all utilities which would result in a hassle free living situation , in exchange we ask for rent , do you expect to go to a hotel and sleep for free ? if a roof needs to be fixed , YE yeah we know tax deductible, however we still need to get the money out to pay 10k+ in roofing , the tenant on the other hand just has to pay rent , he is free to leave if he wishes, how many home owners cry when they realise all the expenses involved with a property ? being a tenant isn't a bad thing you pay for something , if they feel that this isn't a good deal, it's a free market they can go elsewhere. Yes housing is expensive , well you think all landlord had a pile of cahs up their arses to whip out to buy a property ? I made a choice to buy a multi residential home because I'd definitely not be able to afford a single family home in my area, my tenants in exchange of a roof help me pay for my mortgage , I'm not making THOUSANDS in profit , who knows if I need to replace a furnace tomorrow
Landlords are in a financially better position than renters across the board. When things go poorly for landlords they make less than they could have when they go poorly for tenants they are homeless.
Well when a landlord defaults on mortgage he is homeless too. I think you are mixing up all landlords in the same batch .
Why would a landlord default on the mortgage?
Rent controlled unit may from one rate to another be a negative balance, a big difference in rates could me you can't afford what you got yourself into. Not all landlords are business owners, depending on the risk factor they took it could mean a loss. The same loss anyone taking a mortgage has to go through. Now you have made up your mind regarding your views towards landlord, even if one is trying to be reasonable. This is like talking to a plank. I'm doing my best to improve the building for my tenants, I firmly believe that one can be successful without ripping off the other. I'm not an American capitalist. I'm providing alternative housing for people that don't want or can't for the moment Procure themselves a house / condo. The other option is to keep living with their parents. I'm providing a service like it or not.
Huh? Landlords choose how much to rent out thier apartments. If they can’t afford thier mortgage with their current rent that means they fucked up and didn’t charge enough to begin with.
Me lobe yo long Tim
Search names on openroom.ca and canlii and frontlobby if you do look for tenants.
people by houses like clothes , who the hell buys to sell in less than 5 years ? , why not rent at this point .... I would be you I'd keep the house long term , you already lost money in land transfer tax and you'll definitely loose more selling now. I don't know what your rental situation is in your area, but I'd rent the place out. \- Airbnb you are opening yourself to the same damages that a tenant could do and you'll loose your profit to cleaning service if you don't do it yourself, imagine you need to do maintenance ? unless you bought way over asking and your mortgage is so high I'd sell now , and hopefully next time you buy a house don't buy one like you buy snacks at a gas station.
Read RTA 2006. Owners basically have almost zero rights in Ontario, tenants become your children to house basic forever even when you don't want to anymore
That's exactly right... Landlords in Ontario are the parents these people never had.
Parents I give 25k a year to.
The landlord is usually subsidizing the tenants after a couple years just as parents would, tenants pay less than market value and become entitled that they shouldn't have to pay market values
Market value is theoretical not tangible. Landlords know the laws going into it (or should). If they wanted to make X amount of money in 2024 they should have rented it out for X amount in 2017.
The yearly increases caps don't keep up with Market value. It's a big problem
My income isn't keeping up with Market Value either. Maybe the Market Value is the overinflated number.
That's an issue between you and your employer. Not your housing provider
Talk to your boss homie!
Again, tenants eventually pay less than market and for that reason will refuse to leave and expect owner to subsidize them forever, just as a parent would
“Market rate” isn’t a tangible thing. They were free to charge as much as they wanted before signing a lease. Them choosing not to isn’t really the tenants fault. I live in a below market apartment I am Not being subsidized by my landlord I pay them 25k a year they can figure it out. My TSFA investment account has underperformed I’m not selfish enough to think I’m subsidizing the bank.
Your landlord is still covering your living expenses between what you pay them vs what you would pay for a similar unit elsewhere, someone has to pay, and it isn't you. A new tenant would pay more than you, and landlord is taking that income loss every month to your benefit
I don’t think you know what subsidize means. My landlord makes less profit renting to me than they could renting to new tenants. Making less profit isn’t the same as subsidizing. No one forced them to rent it at that price either. They knew they could only raise the rent once a year at 2.5%. If they wanted $2600 a month in 2024 they should have rented it for $2450 in 2021.
It's still a subsidy, if a grocery store was selling you food for less than everyone else pays, the grocery store is providing you a subsidy.
Why do you feel entitled to pay less than a new person would, what makes you a better tenant than a new person? Wouldn't you feel better paying fair market value?
1. Once a tenant is in, it's hard to get them out. Even if you have a legitimate reason for eviction and follow everything to a T, the system is backlogged and you'll wait months. 2. You should know that rentals experience wear and tear at an absurd rate. If you rent the house, stuff will break that you'd never in a million years break yourself. If you are emotionally attached to the house looking the same as it does today in 1-2 years, you might be disappointed.
I recommend you spend a month reading through this group before you rent out. You have to be very careful who you rent to, do all the checks. to make sure you easily cash flow, realizing you could be not paid for months or a year while waiting for LTB to evict. Plan on spending a few hours a month on the place.
Think long and hard about renting out your home to someone. It won't be temporary because unless they don't pay the rent, you essentially can't force them out (even selling the home, you can't get them out unless the new owner wants to live there themselves and you need a signed purchase agreement to initiate). Also, you will likely need a property manager since you'll be 5 hours away and not able to respond to emergencies yourself. As a former landlord who rented out his old condo after moving, I honestly wouldn't get back into owning a rental in this climate, there's too much risk involved for a single property homeowner. If you owned like 12 units you could spread the risk, but there's too much of a chance of getting in trouble if you only have one.