69% 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 strictestlandlord 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