Enjoy living in this spacious 1100 sqft Art Deco inspired two-bedroom, two-bathroom Forest Hill Loft with its own private 375 sqft rooftop terrace, and the recreational Beltline Trail and public transit at your doorstep. A genuine open-concept hard loft, it features 13ft ceilings, fluted columns, exposed ductwork, ample mezzanine storage space, and 10ft windows spanning the entire width. Unique features include an electric fireplace, engineered hardwood floors, and custom bookshelves with built-in tv. Rent includes private parking spot, locker, private terrace, and all hydro, heat, A/C and water usage.
This fully renovated semi-detached homes measures in at over 1800 sq.ft and features a host of unique features. Separated into two unique spaces – the main and upper level features 3 spacious bedrooms, 2 bathrooms, heated floors, wide plank hardwood, a fireplace and a chef’s dream kitchen. Highlights of the kitchen include a gas stove, large quartz island and ample storage. There’s also a walk-out to the private and fully fenced backyard. A large two-car garage rounds out the home and is accessible through the laneway.
Below the main living area is a separate, self-contained, one-bedroom apartment. The unit has a four-piece bathroom, a full kitchen with stainless steel appliances, quartz countertops and its own laundry.
The home is available as a whole for $5,500 a month, or for $4,000 for the main and upper levels and $1700 for the basement. Hydro, Cable and Internet extra.
On November 15th, 2018 Doug Ford and the Conservative Government announced plans to scale back rent control in Ontario. The plan will reverse the April 2017 “Rental Fairness Act” originally put in place by Ontario’s then-Liberal government which expanded rent control to all private rental units in Ontario.
Who Will Be Impacted By The Changes to Rent Control?
The new policy will not impact all units in Ontario but rather all newly built units occupied AFTER November 15th, 2018. That means that if you’re planning on renting a unit that was built and occupied PRIOR to November 15th, 2018 – these changes will not impact you at all, and rent control will continue to be in place. Units that are subject to rent control can only increase the monthly rental rate by a predetermined amount set by the government each year. For units without rent control – there is no cap for how much you can increase per year!
How Will The Loosening of Rent Control Impact The Market?
Our first reaction to the change was that this would be HUGE news for the pre-construction market. On the surface, a condo with no rent control seems very appealing to condo investors. But digging (in the video below) a bit deeper, reveals that possibility of the opposite being true…
With these new changes, Tenants will have a choice between living in a rent-controlled unit with relatively minor yearly increases, versus non-controlled rents that can spike to any amount each year. Our assumption is that a tenant will be willing to pay more at the start of the lease in exchange for the stability and peace of mind that a rent-controlled unit will offer them.
In 2017, Toronto saw a big jump in rental prices once the “Rental Fairness Act” came into effect. Since landlords knew they would be limited in how much they could increase the yearly rent, many came to market on the higher end in an effort to hedge against lost rental rates for units with long term tenants. We anticipate a similar impact as there will be an even higher demand for units with rent control.
How Will Changes Impact Landlords and Condo Investors
If you are a landlord of a unit that is built and occupied AFTER November 15th, 2018, you have the option of increasing your rent by any amount, once, per 12 month period.
For landlords of units built and occupied BEFORE November 15th, 2018 the amount you’re allowed to increase per year shall continue to be capped by the yearly amount decided by the government.
When trying to decide if your unit is subject to rent control, it’s important to remember that the date your unit was built and occupied determine if it’s impacted by the changes, and that it has nothing to do with when a lease was signed.
Lastly, remember that governments change… and just as the last one introduced rent control to all units, the same can happen in the next election. Whether you invest in a rent-controlled condo or one with no control, make sure you examine the pros and cons of each carefully!
If you are a landlord in Ontario wanting to move back into your rental property, then this post is for you!
In the past, all you had to do was simply notify the tenant of your intention to move back in, and the tenancy would effectively come to an. (with proper notice of course)
Unfortunately, many (shady) landlords weren’t using this method in the most honest of ways. Instead of moving back-in, some landlords would simply relist at a higher price. Naturally, this displaced many tenants resulting in unnecessary moves and extra costs. The Ontario government quickly got wind of this and moved swiftly to shut the loophole down.
As of September 1st, 2017, the rules surrounding how and who can move back in have changed significantly. As per the Landlord Tenant Board: A landlord may apply to terminate a tenancy on the basis the rental unit is needed for use by the landlord, the landlord’s family member, or a person who provides or will provide care services to the landlord or landlord’s family. Notice how they didn’t say cousins or even siblings? It must only be an immediate family member, and the move must be in “good faith”.
You also to compensate the tenant for displacing them. Yes, you read that right – landlords now have to: compensate the tenant in an amount equal to one month’s rent or offer another rental unit acceptable to the tenant.
Examples of Evicting a Tenant as Bad Faith
Some examples the board provides of termination in bad faith include:
advertises the rental unit for rent;
enters into a tenancy agreement in respect of the rental unit with someone other than the former tenant;
advertises the rental unit, or the building that contains the rental unit, for sale;
demolishes the rental unit or the building containing the rental unit; or
takes any step to convert the rental unit, or the building containing the rental unit, to use for a purpose other than residential premises.
These provisions only apply during the period that begins on the date the landlord gave the tenant the notice and ends one year after the former tenant moves out of the unit.
Fines or Remedies
If a landlord is caught breaking the rules, the LTB may order the landlord to pay:
a specified sum to the tenant for all or any portion of any increased rent that the former tenant has incurred or will incur for a one-year period after vacating the rental unit;
reasonable out-of-pocket moving, storage and other like expenses that the former tenant has incurred or will incur;
an order for abatement of rent;
an administrative fine not exceeding the greater of $25,000 and the monetary jurisdiction of the Small Claims Court; or,
any other order that the LTB considers appropriate.
Steps a Landlord Must Take to Move Back Into Their Rental Property
If you and your family truly do need to move back into a rental property – make sure you follow all the correct procedures:
Give proper notice.
Compensate the tenant in an amount equal to one month’s rent or offer another rental unit acceptable to the tenant.
Ensure only you or an allowable family member is moving back in and that the move is being done “in good faith”
With a max fine of up to $25,000, going about it in the wrong way is no slap on the wrist! Full details can be viewed on the Landlord Tenant Board website… and of course, none of this is to be taken as legal advice – just my experience in the wild world of Toronto Real Estate.
Can a Landlord Refuse to Rent to a Person who has a Pet?
Yes! In Ontario, a landlord can refuse to rent to their property a person who has a pet… however, once a lease has started, a Landlord cannot simply evict a tenant for having a pet.
Confused yet? Let me explain:
According to the Landlord and Tenant Board: “A landlord can refuse to rent to a person who has a pet.” They also mention that “A service animal is not considered a pet” and therefore if a tenant with a service animal makes an application to rent, that isn’t grounds for a refusal.
Now here’s where things get tricky…
The board also says: “A tenancy agreement cannot forbid a tenant from having a pet. And once there is a tenancy agreement, a landlord cannot evict the tenant simply for having a pet. This is true even if they agreed that the tenant would not have a pet.”
What this means is that once a lease starts, a landlord cannot evict or prevent a tenant from getting a pet. It also means that any wording in an agreement to lease which prohibits a tenant from having a pet is unenforceable. Even if the tenant hid a pet from you in the application process (ie. lied about having any pets), you still cannot evict them for having one.
HOWEVER… there are certain situations that The Board lists for when a landlord can start the eviction process and they are:
the pet is making too much noise, damaging the unit or causing other tenants to have allergic reactions;
the breed or species is inherently dangerous (e.g. a tenant’s pit bull could be considered “inherently dangerous” even if it hasn’t bitten anyone);
the rules of the condominium corporation does not allow pets like the one tenant has.
The important distinction to make here is that a Landlord cannot evict the tenant just for having a pet, but rather only if a situation similar to the examples above occurs.
Can the Landlord Charge the Tenant a Damage Deposit?
A landlord cannot collect a damage deposit to pay for damage done to the unit. Also, a landlord cannot use the last month’s rent deposit to cover damages in the unit. The rent deposit can only be used for last month’s rent before the tenancy ends.
If the landlord finds that a tenant has damaged the unit or caused damage to the building, the landlord can give the tenant a notice of termination and/or ask them to pay for the damages. If the tenant doesn’t pay, the landlord can apply to have the LTB determine if there are damages and what should be done about them.
Tenants with Pets Summary
Before a lease starts, a landlord can deny a tenants application simply for having a pet (Service animals excluded since they are not considered pets).
A lease cannot contain any language that prevents a tenant from having or getting a pet.
Once a lease is signed, a landlord cannot evict a tenant just for having a pet.
A landlord cannot charge a tenant with a pet any sort of additional deposit for having a pet.
One of the most important parts of the condo buying process, is reviewing the corporations Status Certificate!
What is A Status Certificate?
A status certificate is a collection of documents, issued by a condominiums property manager that contains info on:
Contact information – lists out the legal name of the Condo Corporation, Property Management, and Board of Directors.
Maintenance fee amount (Expenses) – both at time of issue and if there are any plans to increase in the near future.
Budget – what the building is spending its monthly maintenance fees on.
Reserve Fund – how much they have saved for the repair and replacement of components in a condo (ie. savings for roof repairs, parking garages, upgrades, etc)
Legal Proceedings/Claims – if any lawsuits are levied against the corporation, or if the corp has levied any against others.
Leasing of Units – how many units are currently tenanted in the building
Notices – announcements of maintenance fee increases, any planned repairs, or other factors that may impact maintenance fees
Bylaws and Rules – The bylaws and rules list what you can or can’t do in a building…Some buildings in the city have outright bans on pets or restrictions on certain breeds and weights.
Insurance Requirements – policies the corp has in place, and requirements for new purchasers to have.
How Order a Status Certificate
A seller can request a status certificate by contacting the buildings property manager. The management company will have 10 business days to prepare and can deliver it in either hard copy or in digital via email.
How Much is a Status Certificate
The certificate will cost $100 + HST and can be paid by either the buyer or seller, depending on how a deal is structured.
Why You Must Request a Status Certificate
Sellers – I often suggest ordering one before you even go to market with your property. As a seller, you have a duty and responsibility to disclose any and all details that could impact the sale of your condo. By ordering a status in advance, you’ll be made well aware any potential pitfalls and can disclose these issues to potential purchasers ahead of time to avoid any issues with closing.
Buyers – In a condo, values are closely tied to how well the building is run (second to location of course). If fees skyrocket, you may find that the buildings value will appreciate much slower (or actually depreciate) than a building with lower maintenance fees. A building with known problems can also have an impact on financing and insurance resulting in higher monthly costs – knowing this in advance can allow you to negotiate a better price, or walk away from the deal all together!
Who Reviews the Status Certificate
It is crucial, you take it to a Real Estate Lawyer who has experience in condo dealings. They are trained in knowing what to look for and the right questions to ask. DO NOT take it to general law firm, or rely solely on a realtors review of it!
How Long Do you Have to Review a Status Certificate
Most clauses generally allow 2-3 days for lawyer review. It’s a small window of time, so it’s best have a candid conversation with your lawyer in advance and tell them exactly how you plan on using the property.
A common misstep is with buyers who spends months out of country. If their plan is to rent it on AirBnB while away, it’s best to make sure there aren’t any rules or bylaws preventing you from doing so!
Remember, a Status Certificate is generally valid for only 90 days – so if a seller produces a Status dated older than 90 days, ensure you request a new one.
When Should You Walk Away From Purchasing a Condo
No matter how in love you’ve fallen with your new purchase – there are a number of reasons you may want to walk once the status certificate is reviewed:
If the corporation has a low reserve fund – with no plans of replenishing
Lawsuits that could result in a loss to the building
Indications of an increase to monthly fees or large repairs
Being blacklisted from lenders or insurance companies
Accompanying Documents That Also Come With a Status Certificate
Other important documents that accompany the status include:
