I hope everyone has been keeping well and safe during these trying times. We are in the second wave of the pandemic, a monumental presidential election looms and many businesses are really struggling or failing outright. The real estate market in Toronto has seemed to weather this storm thus far, but how long can it continue? I will look at a few recent investment property sales and see how things are looking in that market.
Since we changed our clocks this weekend, did you remember to change the batteries in your smoke alarms? Check out my landlord fire safety tips below.
Fire Safety requirements for Landlords
As a landlord you are responsible for the fire safety of your rental property. The basic fire requirements include:
1. Having smoke and carbon monoxide detectors in all the suites and common areas and making sure that they are in good working order and regularly tested1. having smoke and carbon monoxide detectors in all the suites and common areas and making sure that they are in good working order and regularly tested.
2. Make sure that your tenants are aware of all exits, extinguishers, and other fire related items.
3. Where possible, have two means of egress (ways out) of each suite.
It is a good idea to chat with your tenants about fire safety and what to do in the case of an actual emergency. Remember that negating fire safety can put you at legal risk. You can also hire a fire safety consultant to give your property the once-over. You can see where you may be retrofit or fire-code deficient and take steps to correct any problems. All fireplaces, chimney and wood stoves should be cleaned regularly too.
In Toronto, I recommend Paul Schuster to my clients who have any fire-related issues. More information about Paul and his services may be found at thefireguy.ca