I hope everyone is enjoying the hot weather and having a great summer.
The downtown Toronto real estate market is seeing lesser inventory for sale which is typical for this time of year. We can expect more stuff to hit the market after Labour Day. Income properties will continue to be in high demand and many will continue to sell for above the asking price.
This Month's Featured Article
Can you Bring a Potential Tenant to a Property Before You Own It?
Sometimes when my clients buy an income property they would like to bring a potential tenant with them to the pre-closing visit. The hope is that suites stay empty for as little as possible after the closing date. Remember that until the day of closing, the property still belongs to the seller. As such, the visits are usually open only to the buyer and their real estate salesperson or broker. If anybody other than the buyer plans to attend the pre-closing visit, you should obtain the seller's permission first. This applies to potential tenants, contractors, and
inspectors as well. There could also be insurance issues if something happens to go wrong during that visit. Lastly, these scheduled visits are often only one hour long so you may be limited on how many prospects can see it. I find it always better to screen tenants at the property after the closing date.