Toronto Income Property Report – June 2020
Things are starting to slowly open up again and we are all trying to get back to some sense of normalcy after the last couple of months. Throughout the outbreak real estate was considered an essential service so houses continued to be bought and sold. As more folks come out of isolation, we expect there to be more listings on the market. That does not mean that prices are expected to drop as we will still have a very strong demand for properties in the Central core. Thus far, anything in a good location that is not outrageously priced will sell very quickly – often still with multiple offers.
I hope you all enjoy the transition to warmer weather and please do remember to socially distance and where a mask if necessary when you are out. It is looking like face masks and gloves will be necessary in our business to show properties going forward (especially tenanted ones), so there will definitely be some adjusting for everyone. Remember that we are all in this together and we stand a much better chance of making it through to the other side if we are all patient and co-operative with each other.
For more details on where the market is heading and how it may benefit you, please reach out to me at paul@plex.ca.
Changes Coming to The Residential Tenancies Act
New Legislature looks to protect tenants from unfair evictions.
The Ontario government is introducing a new bill which intends to deter landlords from bad faith evictions and so called “renovictions” that ask tenants to leave so that the landlord can do work to the suite to get higher rents. The province has put a moratorium on evictions since the outbreak but are concerned that many tenants who are now in arrears may not be able to eventually get caught up. In the past, landlords would evict a tenant if their suite was way below market value to try and capture more income. This new legislation would also double the current fines for such actions. If a landlord renovates a suite, they must offer it back to the original tenant at the same rent and must cover the costs for the tenant’s displacement and inconvenience. There is also a provision that landlords must let the government know if they have evicted a tenant in the past for their own use. There are some critics of this new bill that feel it has made it easier for landlords to evict tenants, even though the new fines for renovating and evicting prior tenants has been raised.
There is no such protection for commercial tenants in Ontario.
Recent Toronto Income Property Sales
Here are some ales of duplexes and triplexes over the past couple of months.
This is a new feature that I am starting this month. Every so often I will look over the past month or two and highlight some sales of rental properties that caught my eye. Over the past two months the number of trades has been down due to the pandemic, but here are a few noteworthy sales.
Rental properties in Toronto continue to be in high demand. If you would like to receive more detailed information on Toronto Income Property sales, please reach out to paul@plex.ca
