Toronto Income Property Newsletter: February 2016

This month I am proud to welcome Evan Wright to our Plex team. Evan and I have been friends and business associates for many years. Evan has years of experience in owning and managing apartment buildings in and around the GTA. He has particular expertise in Hamilton and areas where the returns tend to be a little better than downtown Toronto.  If you are considering doing something out of town, please do let us know and we will do our best to help you out. 

How’s the market doing? Well, my last two buying attempts have had over twenty other people at the table.  And in both cases, the property required a complete gut job. I don’t think that it will continue to be that extreme, but it is still very much a Sellers’ market in the core.   

Go Raptors!  As I write this, we have won ten in a row which is quite impressive.  Happy Valentine’s Day to all of you as well.

- P.A.

Good Landlord Habits

There are many things that as a landlord you need to be mindful of in order to have a successful tenant experience.  Here are some pointers that I have observed in my many years of being and doing business with landlords: 

Always keep your premises and all appliances in tip top condition and be sure to make repairs as soon as they are needed. 

Make sure you adequately screen prospective tenants and thoroughly check all of their references.  Never rent to someone without meeting them first in person. 

Make sure that you use up-to-date and proper forms in your interactions with your tenants. Whether it be a formal rental application/lease or form N12 to vacate, you must use the appropriate paperwork.  Every formal communication with your tenant should be in writing. 

Always maintain adequate insurance on your rental property. Ensure that you have tenant legal liability insurance and that your tenants have insurance on their personal contents. 

Respect your tenant’s privacy. A landlord must not enter a tenant's rental unit without first giving a 24-hour written or verbal notice. A landlord can enter after giving notice when showing the unit to a prospective new tenant, making a repair, or inspecting the property. A landlord can also enter the rental suite at any time if it is a legitimate emergency. Treat your tenants with respect and do everything in your power to resolve any disputes as quickly as possible.  I find it best to consider your tenant as a client as in any formal business relationship. 

TREB 2015 Year End Stats

The Toronto Real Estate Board reported 4945 homes sold this past December which was the second highest December sales on record for single family homes. This sales volume represents a 33 percent decline from the sales volume reported for November 2015 but was 12 percent higher than the sales volume reported for December 2014.

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