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Rental Property Investing

Rental-Mortgages69% of Canadians think owning a rental property is a “savvy investment” according to the Star.  Based on all the interest we’re seeing in new rental mortgages, we’re not surprised.

But it’s not all peaches and cream, especially in Ontario.

Real Estate lawyer Joe Hoffer says Ontario’s Residential Tenancies Act entails the strictest landlord regulations”probably in North America.”  The Act, which governs Ontario’s 1.35 million rental units, affords tenants several pages of rights.

As a result, the Star has these suggestions for any aspiring landlords:

  • Know your tenant’s rights, and know what you can’t do as a landlord
  • Ensure vendors provide full disclosure of compliance with building and fire codes
  • Check with the Landlord and Tenant Board to ensure there’s no disputes on the property you’re buying
  • Use a lawyer that’s done several multi-unit property closings and can advise on rental pitfalls

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Some additional resources for prospective landlords…

  • FRPO: Resource https://canadianmortgagetrends.com/wp-content/uploads/2007/12/Rental-Mortgages.jpg for property owners/managers with “free” legal advice for members
  • Rent Check: For checking tenants’ credit reports
  • Landlord’s Self-Help Centre: A non-profit serving Ontario landlords