Posts Tagged ‘tenants’

Landlord Investment Opportunity? Toronto Tenants Choosing to Rent Condos

Friday, January 18th, 2013

January 18th, 2013

OLA Happy Toronto Tenants In Condo

Every landlord wants to find good tenants and avoid bad ones.

Owning properties which attract the good tenants everyone is looking for is one of the keys to being a successful landlord.

After all you want to be able to attract people who can pass your strict tenant screening process.

According to a report at more renters are turning to condos in Toronto as their rental property of choice.

The Toronto Real Estate Board (also known as TREB) shows that the fourth quarter of 2012 saw an impressive number of condo rental transactions. The number of condo rental transactions was up 13% over 2011 at 3,648.

Equally impressive was that the number of condo rentals listed was up 18% over 2011.

Why are condos attracting tenants?

TREB states that condos consisting of one and two bedrooms are most popular with Toronto renters.

These condos are usually much more expensive than normal rents of the same size. So why the popularity?

Elite Condos Rule

Want your condo to be in demand by tenants? Condos in good locations with up-scale amenities and elite finishes will get you attention as many renters are willing to pay for quality and location.

Elite properties can attract great tenants you desire …although you still must be careful. The last thing you want is to have a great property and rent to a bad tenant who you have to eventually evict.

How much are these condos renting for?

A typical 1 bedroom condo rented for $1620/month. This was up four per cent compared to 2011.

A typical 2 bedroom condo rented for around $2090/month. This was in an increase of two per cent compared to 2011.

I keep hearing the Toronto condo market is going to crash in the media

Jason Mercer is a market analyst for the Toronto Real Estate Board. Despite some media reports, Mercer states there aren’t any real indication of a an oversupply of rentals in the Toronto condo market. This is why it’s important to join a real provincial landlord association consisting of landlords to make sure you are up to date on the facts of the marketplace.

Mercers says that while there has been an increase in supply, rents have also gone up. In fact, he says there are so many tenants out there looking to rent, condo owners can still raise prices.

More people are choosing condos as their rental home than ever before.

CMHC (aka Canada Mortgage and Housing Corporation) has stated that 22.6% of all Toronto condos are now rented.  This has provided a huge supply of rental housing for the city.

Income property investors take note: more and more renters want pretty condos, with great amenities, in great locations. The Toronto condo market has changed the rental market in Toronto. To discuss this and other topics join the free Ontario Landlord forum

Superior Court Judge to Nina Willis: PAY YOUR RENT! ………..or you have to come back to court

Wednesday, May 30th, 2012

June 1st, 2012


What’s The Latest on Nina Willis, The “Tenant From Hell” Who Has Cheated Landlords out of Tens of Thousands of Dollars?

Nina Willis made a brief appearance at the Osgoode Hall courts on March 30th, 2012.  Nina Willis is appealing  the Landlord and Tenant Board eviction order she received stating she has ‘failed to pay her rent and has to move out.’

So What Happened?

She received a warning from a Superior Court judge to pay the rent she owes or face upcoming consequences in court.

Great News, So She Paid Everything She Owes and Moved Out?  The Landlords Must Be Relieved This Nightmare is Over

No.  Unfortunately it didn’t happen that way.

Justice Herman Wilton-Siegel granted an adjournment to allow Nina time to get a lawyer and pay her current landlord the $8,000+ she owes him.

Another delay?  You’ve Got To Me Kidding Me!

The Judge Gave Nina Willis a Warning.

Justice Herman Wilton-Siegel gave Nina Willis the adjournment and then said “You have the right to prosecute an appeal but not to withhold your rent.”

The judge then went state:

“The circumstances before the court when it hears this matter will be completely different depending on whether you pay your rent,” he said.

This Is What Happened At The Landlord and Tenant Board Before.  Delay, delay, delay.

Nina Wills continues to live in the rental in Don Mills she hasn’t paid for in months.  More delays.  More threats she will ignore.

And more non-paid rent.

This Is Terrible!

Yes, the system is slow and Tenants from Hell live off it.  Even tenants who aren’t as nasty as this one can easily delay the process.

The only good news is landlords across Canada are seeing how the Ontario system operates.  Whether you are in Alberta, British Columbia, or elsewhere the spotlight on the Ontario system.

What About The Poor Landlord Who Still Has This Tenant Living In His Property?

Despite how some some companies try to market themselves, no one has a magic wand or is above the law.  The Landlord will have to wait it out.

What’s The Message For Landlords From All Of This?

One lesson is to carefully consider if you want to invest in private residential rental properties.

And The Second Lesson?

If you are a landlord in Ontario you face a broken system.  It’s important you take your business seriously and screen your potential tenants carefully.

Discuss this issue with thousands of other landlords at the Ontario Landlord Advice forums


What’s the Story with Landlord and Tenant Insurance?

Tuesday, May 1st, 2012

May 2nd, 2012


Why is Having Proper Insurance Important for me as a Landlord?

Having proper insurance for your rental property is an important aspect of managing your business. Many insurance companies in Ontario that provide homeowners insurance do not provide insurance for rental properties. It is the landlord’s responsibility that they have disclosed to their insurance company the nature of the property and what it is being used for.

What Happens in the Event of an Insurance Claim?

In the event of a claim, having your rental property properly insured will prove to be a faster and easier process of settlement. In the event there is a claim and you do not have insurance or the incorrect policy, this will void any coverage on your property.

What Coverages and Features Do I Need?

Insurance for your building, appliances that you own, rental income and sewer backup are among the most important coverages that you as a landlord should consider when evaluating your insurance. Important features on your policy should also include the ability to add multiple properties on one policy, higher liability limits and monthly payment options.

OLA Membership Benefit

As a member of the Ontario Landlords Association, you qualify for a group home and car insurance rate through Humberview Insurance Brokers in partnership with Unica Insurance. For your rental properties, Humberview Insurance offers multiple insurers depending on the type of rental property you own.

Protect Yourself

As a landlord you should take precautions when renting to tenants. One precaution is to make it mandatory that tenants obtain tenants insurance for the duration of their tenancy. Landlords should also insist that they appear as an additional insured on the policy. This notifies you in case the policy is cancelled.

Wednesday, March 23rd, 2011

The Ontario Landlords Association recommends is the #1 search site for apartments for rent in Toronto; rentals of apartments, condos & homes made easy for cities across Canada. (more…)

Lots of hearings cancelled tomorrow (Wed. Feb. 2, 2011) at LTB

Tuesday, February 1st, 2011
Due to extreme weather conditions LTB hearings scheduled for Wednesday February 2nd, 2011 at the following locations have been cancelled and will be re-scheduled:

Best western Little River Inn
203 Queens Way West,Simcoe, ON,N3Y 2M9

Best Western Alexander Graham Bell Room
19 Holiday Drive Hwy,(403 and Gretzky Pkwy),Brantford, ON, N3T 5W5

Owen Sound:
ServiceOntario, Boardroom – Main Floor,1400 1st Avenue West, Owen Sound, ON,N4K 6Z9

Best Western Inn & Convention Centre, 930 Burnham Street, Cobourg, ON, K9A 2X9

For up to date information regarding hearing cancellations please contact our Call Centre 416-645-8080 or Toll-free 1-888-332-3234