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Toronto Rental Cost (& AirBnB) Issues

You can always renovict them. I have been renovicted TWICE in only three years. It's not like landlords are the victims or that they are not fully taking advantage of the situation.
So let's stop with the 'LTB/rules favour tenants' thing. There are tools for landlords to exploit and they are definitely making use of them.
 
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Avenue said:
You can always renovict them. I have been renovicted TWICE in only three years. It's not like landlords are the victims or that they are not fully taking advantage of the situation.
So let's stop with the 'LTB/rules favour tenants' thing. There are tools for landlords to exploit and they are definitely making use of them.
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Um what? The rules DO favor tenants, yes, there are some landlords that use the loophole, but many don't, what exactly is your point? You are still getting a month's rent. Whereas a landlord gets NOTHING if a tenant decides not to pay for 6 months and tenants know this and with the rules they take advantage. I've had tenants freak out over paying $10 above the max allowance while paying 30% less rent.

Remember we got to this point because some tenants cried about a few rogue landlords. So maybe, just maybe we need a full review of everything instead of pandering to one group in order to get votes while hurting everyone involved..yes, even the people these rules were supposed to help.

As a landlord I have to cap the rent increase at a measily 1.8%.
  • Have to accept cats and dogs
  • No key or damage deposits
  • If my tenant wants to move someone in, there's nothing I can do about it.
  • If you situation changes and you need to move into your property, you have to pay your tenant a month's rent.
  • Tenant decides not to pay? Nope. Can't do anything. Just hope one day they'll get tired and move out.
  • Tenant leaves the place like a dump. Accept it.
  • Mainteance fees, hydro, taxes go up....Can't pass it on to the tenant.
  • And when I go sell my property the government has their hands out to take what little profit you make.
I can go on and on and on.

Your post does not seem well thought out.
 
TheKingEast said:
Um what? The rules DO favor tenants, yes, there are some landlords that use the loophole, but many don't, what exactly is your point? You are still getting a month's rent. Whereas a landlord gets NOTHING if a tenant decides not to pay for 6 months and tenants know this and with the rules they take advantage. I've had tenants freak out over paying $10 above the max allowance while paying 30% less rent.

Remember we got to this point because some tenants cried about a few rogue landlords. So maybe, just maybe we need a full review of everything instead of pandering to one group in order to get votes while hurting everyone involved..yes, even the people these rules were supposed to help.

As a landlord I have to cap the rent increase at a measily 1.8%.
  • Have to accept cats and dogs
  • No key or damage deposits
  • If my tenant wants to move someone in, there's nothing I can do about it.
  • If you situation changes and you need to move into your property, you have to pay your tenant a month's rent.
  • Tenant decides not to pay? Nope. Can't do anything. Just hope one day they'll get tired and move out.
  • Tenant leaves the place like a dump. Accept it.
  • Mainteance fees, hydro, taxes go up....Can't pass it on to the tenant.
  • And when I go sell my property the government has their hands out to take what little profit you make.
I can go on and on and on.

Your post does not seem well thought out.
Click to expand...
Exactly why I would never rent out my property. Well summarized.

Especially the money grab when you sell - I felt that one first hand.
 
doug said:
yes, these are the ones desperately trying to evict a deadbeat tenant who hasn't paid rent in 6 months...and their hands are tied....The LTB sides with the deadbeat.
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What?

All good landlords are stuck with deadbeat tenants?
 
TheKingEast said:
It is very difficult to get rid of them...why? Landlord has no rights. You have to follow a "process" to get the deadbeat evicted. It's complete bull!
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Yeah, I get that.

I don't understand where doug is pulling up that specific crap in response to what I said about good landlords being angels and not beholden to greedy realtors.
It's as if he were insinuating that which I asked above.
 
MTown said:
It's as if he were insinuating that which I asked above.
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No, you're just upset with me and can't seem to let it go.
Your mental health would be a lot better if you just ignore people you don't know, who post things you don't like.
 
doug said:
No, you're just upset with me and can't seem to let it go.
Your mental health would be a lot better if you just ignore people you don't know, who post things you don't like.
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I was trying to understand why you came up with that.
My mental health is fine.

Do you get enough sleep?
 
I'm a Landlord so I can empathize with some of the frustration with tenants being vented here. Ultimately though doing so is just wasting psychological energy because tenants are right to be frustrated by the market dynamic and ultimately some form of rent control is required. When I say rent control I don't mean forcing Landlords to supply housing for free or at a loss, although they may be inclined to still do so under special conditions.

Housing is probably as close to a perfectly supplied market as there is because of the number of and diversity of suppliers. I've come to realize that the primary operating objective of business is not competition it is the establishment of a monopoly or at least a functional oligopoly so that competition can be minimized. The beauty of property is that it sits on land. Land ownership is one of the only monopolies available to (or at least almost available to) the common man. You can monopolize land at a small scale which minimizes the need to compete in the real world with all the rest of the punters out there.

Which brings us to why rent controls are needed even though the supply is near perfect market. The problem is that the bargaining dynamic between Landlord and renter to set the rental price is bias to the Landlord. Why? Because the tenant needs a roof over her head. A Landlord financially entrenched in her property can rent or not rent or ask for the moon or not at her own discretion because as we will get to below, rent money is not the primary purpose of owning property.

In the long run as a Landlord you don't really profit that much off rent at all. Rent is basically just for keeping the lights on and collecting maybe a government bond or GIC level of return. Tenants think when they hand over their crisp rent monies it's lining your pocket on a sunny getaway beach when the reality is almost nothing of it is retained. Holding the monopoly on the land is the fundamental purpose of owning property. Leveraging money for the right to hold that monopoly is the fundamental objective of Land lording and the source of wealth generation an order of magnitude greater than collecting rent. That's spectacularly true when prices of property are rising by double digits but it is equally true when property reverts to it's historic norm of 3% per year or so price appreciation. It's a patient man's game and you still need to keep those lights on which your tenants are paying for so they deserve your consideration and appreciation no matter how annoying they can be.

The experience of many of the people on this forum are renting condos from small Landlords. The problem with this is that rents are going to be inflated and high stakes for two reasons 1) The Landlord is probably newer, less financially secure, and needs the rent income as the primary purpose of holding the property 2) condos are a fractional ownership of land and therefore not a very robust monopoly versus owning a piece of land outright
 
TrickyRicky said:
The experience of many of the people on this forum are renting condos from small Landlords. The problem with this is that rents are going to be inflated and high stakes for two reasons 1) The Landlord is probably newer, less financially secure, and needs the rent income as the primary purpose of holding the property 2) condos are a fractional ownership of land and therefore not a very robust monopoly versus owning a piece of land outright
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The obvious problem in today's rental housing market, is that unlike decades ago, it is now dominated by non-professional landlords. And I wouldn't rent from a non-professional landlord for the same reason I wouldn't see a non-professional dentist.

As for the LTB….remember...it's simply a tribunal set up to keep the actual court system as unclogged as possible. Remember, you can still take your tenant/ex-tenant to court when the LTB doesn't satisfy you.

There is a solution to the Toronto rental market. It's called: HAMILTON!!
 
So, I finally got my main power outlet in the living room repaired so it would actually provide power. Only 7 weeks after putting in the work order. Not bad for 1700/month.

Never mind the fact that I can't take a hot shower most days because the hot water situation is a joke. It's gonna be great getting home from work in January after being outside all day.

Only 1700/mth, what's not to like?

See, the outlet I could have repaired myself. The plumbing voodoo (all new plumbing in this building, less than five years ago)? Not so much.

But, hey, parking's only 90 a month and I got a spot by the exit, so I should count my blessings and be happy with a cold shower after being out in minus 15 degree weather all day.

The market is broken. There is no way that a lack of hot water is worth 1700/mth (500 sq ft, 1 bed). It's only being paid out of necessity because it's still better than being homeless.
 
^You might put a dent in the rent problem by moving to Halifax and Revelstoke but your power and water problems I can assure you will follow you where ever you go ;) . The laws of Thermodynamics are unfortunately laws and keeping things in a state of good repair is a Herculean and thankless task at any price point.

I'm personally working on a couple of guiding principles 1) Think of the building not the tenant 2) Respect all complaints

The first principle: Think of the building not the tenant is counter intuitive. By making decisions and repairs for the good of the building not the tenant you actually benefit the tenants more. I don't fix up units to attract and retain star tenants, I fix up units for the good of the building and don't really care if the tenants are worthy of the standard of care or even if the tenants decide to stay or leave. After all, as I mentioned it's ultimately the land that is the source of wealth generation.

The second principle: Respect all complaints is probably the hardest if you have any experience renting something to someone. It's one of the hardest things I'm trying to teach myself at the moment. The customer is most certainly not always right but the complaint should be respected none-the-less.
 
TrickyRicky said:
^You might put a dent in the rent problem by moving to Halifax and Revelstoke but your power and water problems I can assure you will follow you where ever you go ;) . The laws of Thermodynamics are unfortunately laws and keeping things in a state of good repair is a Herculean and thankless task at any price point.
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Perhaps you might know what the problem in my building is then. I mean, yeah, I'm making a massive assumption here, but I may as well ask.
The manager told me that the plumbers told her it has something to do with cross pressure...then she trailed off with "I didn't really understand what they were talking about."
Well I don't understand what she was talking about.
Also, apparently, it only affects the lower floors of the building.
So, I can turn off my cold water to my unit completely and it still runs at most maybe 15 degrees. Sometimes I have to run the water for as long as 15-20 minutes to get it to warm and even longer to get it to hot.

This is well beyond my sphere of expertise, but I'm assuming it may have something to do with the hot water tanks (unless it's possible that they have tank-less water heating in a 300 unit building).

I'm personally working on a couple of guiding principles 1) Think of the building not the tenant 2) Respect all complaints

The first principle: Think of the building not the tenant is counter intuitive. By making decisions and repairs for the good of the building not the tenant you actually benefit the tenants more. I don't fix up units to attract and retain star tenants, I fix up units for the good of the building and don't really care if the tenants are worthy of the standard of care or even if the tenants decide to stay or leave. After all, as I mentioned it's ultimately the land that is the source of wealth generation.
Click to expand...

This makes perfect sense.

The second principle: Respect all complaints is probably the hardest if you have any experience renting something to someone. It's one of the hardest things I'm trying to teach myself at the moment. The customer is most certainly not always right but the complaint should be respected none-the-less.
Click to expand...

Haha....no, the customer is usually wrong, in my experience.

By respecting the complaint, I assume you mean you address it with the tenant as opposed to always giving the tenant what they want. Is that a correct assumption?
 
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