News   Apr 26, 2024
News Roundup for April 26, 2024
 123     0 
News   Apr 26, 2024
How It's Going
 344     0 
News   Apr 25, 2024
GTA 2024 BILD Award Finalists Announced — and You Can Vote!
 525     0 

Baby, we got a bubble!?

Migos said:
Stronger than Ontario? I don't know anything about tenant rights in Germany but it's hard to believe a system more slanted in favour of the tenant than Ontario.
Click to expand...

Yes, and frankly, I don't agree with the rest of your statement at all. The situation is especially bad for new condo renters.
 
nrb said:
Yes, and frankly, I don't agree with the rest of your statement at all. The situation is especially bad for new condo renters.
Click to expand...

In what ways is Germany different than Ontario? What is different about new condo renters than other classes of renters?
 
Migos said:
In what ways is Germany different than Ontario? What is different about new condo renters than other classes of renters?
Click to expand...

Rent controls in germany are very strong. Rent control for buildings in Ontario built after 1991 doesn't exist. Additionally, if you are renting a condo, it is very easy for a landlord to evict you whenever they want by saying they are going to move into the unit (which is basically unverifiable after the fact). It makes for a very insecure situation. I would never rent a condo for these reasons.
 
nrb said:
Rent controls in germany are very strong. Rent control for buildings in Ontario built after 1991 doesn't exist. Additionally, if you are renting a condo, it is very easy for a landlord to evict you whenever they want by saying they are going to move into the unit (which is basically unverifiable after the fact). It makes for a very insecure situation. I would never rent a condo for these reasons.
Click to expand...

A landlord doesn't have it too good in Ontario. Pretty crappy, really.
 
TheKingEast said:
A landlord doesn't have it too good in Ontario. Pretty crappy, really.
Click to expand...

An example is the infamous Nina Willis: http://www.thestar.com/news/crime/2...t_nina_willis_battling_with_new_landlord.html

When Willis first meets a landlord she seems like an ideal tenant, according to former landlords. She is friendly and outgoing and rents homes in need of minor repairs, often with the promise she and her family will fix the place up.

Once inside she often stops paying, or pays late. When she is taken to the tenant board she complains about the state of the house — which according to renting rules can result in an abatement of rent — and makes allegations of discrimination and harassment.

If ordered out, she appeals, and takes her case to a division of the Ontario Superior Court of Justice, which results in a stay of the eviction. A date for her current appeal has not been set.
Click to expand...

Essentially you can tie landlords up for months/years in hearings with the LTB. Meanwhile, your house is being destroyed by this tenant and you aren't getting any money to pay your mortgage.

Maybe we're not Germany, but we're not far off.
 
BMO said:
No offense, but that looks like a terrible layout for that price.
Click to expand...

Two way entrance to bathroom. Great size bedroom. Proper foyer. Corner unit. I think the TV is distracting you. You can move it towards the couch.

You forgot you're paying for location and an outstanding well managed building. Unobstructed Views.
 
Last edited:
RZ12 said:
Two way entrance to bathroom. Great size bedroom. Proper foyer. Corner unit. I think the TV is distracting you. You can move it towards the couch.

You forgot you're paying for location and an outstanding well managed building
Click to expand...

Estimated $681/sqft for that unit....I disagree 100% with you.
 
Being a landlord should be difficult by nature. You are providing someone housing and that is a huge responsibility. Too many amateur landlords out there with the mistaken idea that it's not a real job and doesn't require actual work, or risk. You can't expect to collect thousand dollar cheques from people in return for their most basic need and not have their rights be heavily protected.
 
nrb said:
One example of a tenant trying to game the system really doesn't prove anything.
Click to expand...

It shows that there's risk involved in becoming a landlord - you never know when you're going to get stiffed. If an individual investor is barely cash flow positive in the best case scenario, they are exposed to big losses if the rent cheques stop coming, or the have to make repairs due to tenant neglect or willful destruction. In today's market (high sale prices vs. low/declining rents) investors are not properly compensated for the risk they take, IMHO. I personally would not be a landlord given the risk.
 
Last edited:
DarnDirtyApe said:
It shows that there's risk involved in becoming a landlord - you never know when you're going to get stiffed. If an individual investor is barely cash flow positive in the best case scenario, they are exposed to big losses if the rent cheques stop coming, or the have to make repairs due to tenant neglect or willful destruction. In today's market (high sale prices vs. low/declining rents) investors are not properly compensated for the risk they take, IMHO.
Click to expand...

Well, according to this article only 1.5% of all tenants were delinquents in 2011: http://www.thestar.com/business/real_estate/2011/03/04/is_it_too_hard_to_evict_lousy_tenants.html

That's really a very low delinquency rate. Most people will do whatever they can to pay their rent and stay in their home. Citing one example of a criminal who is defrauding landlords is simple propaganda.
 
You must log in or register to post here.

Back
Top