Toronto Income Property Newsletter: September 2012

Bring on the fall and cooler weather. I hope that you all enjoy this last long weekend of the summer and have an awesome Labour Day.

Many of us are anxiously waiting to see what happens next week to the Toronto real estate market when the kids go back to school and most of us return to full-on work mode.  It has been a fairly slow summer (which is not really out of the ordinary) so some folks think that this malaise will carry on into September.  Will this Sellers’ market that we’ve been experiencing for the last several years finally come to and end?  Will duplexes and triplex start to make fiscal sense again?  Or at least a little more sense than they have so far this year?

I promise that I will be on the front lines and will report back to you next month.  All of my active buyers can expect an e-mail from me before then letting you know if it is safe to come out and play again.  I have many of you that have been patiently waiting, so let’s hope that the market helps finally rewards us for being patient and keeping our wits about us.

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I am pleased to announce that our newly redesigned Plex website is now up and running.  Please take a moment to check it out at www.plex.ca. We had not made any significant changes to our website in quite a few years, so it was time to get with the times and upgrade to a more flexible and robust online publishing platform.

We have reformatted our site to be easier to navigate, find the information you need quicker and have an overall more productive browsing experience.  We have worked hard to provide you with all the relevant information you will need whether you are just getting started out in investing in income properties or whether you are a seasoned landlord. There is a wealth of critical information there, much of which you will find useful in your search to buy a top notch income property. There are also many forms, tips and strategies that will help you as a landlord once you have bought your income property.

Remember too to regularly check our “featured properties”.  This is where we display all the income generating properties in Central Toronto that are still on the market.  You can also search any property on the MLS through our site. Take a moment to view our upgraded links section. Also, be sure to check out our monthly newsletter archives.  You can go back and read any of my newsletters from the past few years.

We always welcome your feedback or suggestions for items that you think should be added to our website.  Whist we do get many new clients through our website our main goal is to make it an exceptional resource for our existing clients – a place that you can visit time and time again to get the information that you need.

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The Residential Tenancies Act, 2006 (RTA) was proclaimed and came into effect on January 31, 2007, to create a rental housing system that protects tenants, helps landlords and promotes investment in Ontario’s rental housing market.

This legislation affects approximately 1.31 million renter households in Ontario, representing 29 per cent of Ontario’s households. The Ontario government listened to this group, along with landlords and housing experts, to develop legislation that is fair and balanced.

As a landlord, it is very important that you are clear on what rights you have vs. what rights your tenant has.  Become familiar with the Act and you will likely avoid any missteps down the road.

A link to the complete act can be found here:

http://www.e-laws.gov.on.ca/html/statutes/english/elaws_statutes_06r17_e.htm

If you have a concern with your tenant/landlord or you would like information about residential landlord and tenant issues please contact the Landlord and Tenant Board at (416) 645-8080 (from within the Toronto calling area), or 1-888-332-3234 from outside Toronto or visit their website.

As an alternative, if you believe that your landlord or tenant has committed an offence under the RTA, please contact this ministry’s Investigation and Enforcement Unit (IEU). The IEU can be reached by telephone at 416-585-7214 (from within the Toronto calling area), or toll-free at 1-888-772-9277.

Also, please feel free to contact me directly if you have any other questions about your tenants or your rights as a landlord.

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