🏠RENTING IN TORONTO?🏠
You want to read this....
Photo Credit: @menon.naveen
For those of you who have taken the time to understand your rights as tenants, let this message serve as a reminder. For those of you that are unaware, you need to hear this.
Recently, there have been a few key policy changes that effect each and every one of you. The government has implemented the bill 124 “Rental Fairness ACT”. This bill includes a rental increase cap, not allowing landlords to increase rent more than 1.8% annually. This rule is having cascading effects on the market including landlords attempting to kick tenants out stating “ I will be moving in”. They are doing this in attempt to increase rent and re list the unit in most cases Kicking the tenant out is only legally allowed under a few circumstances, the owner or family member actually moves into the unit and reimburses the tenant the equivalent of one months rent. If the owner decides to do one of the following within a year: enter into a new lease agreement with a new tenant, advertises the unit for lease, sells the unit or makes modifications to the unit, they are breaching the new bill and could face fines up to $25,000 not including reimbursement to the tenant. Do not let your landlord pull the sheet over your eyes and kick you out without knowing your rights. The only time you need to leave is if they actually move into the unit or if they sell the unit and the new owner is going to move in. Still keep an eye on this though because the new owner could try and do the same thing
There are many more things you should know and do not hesitate to reach out to me for clarification
LUXURY HOME SALES DOWN📉
Source : @financialpost
Sales of luxury homes in the Toronto area were hit hardest by the slump in real estate during the past two months, with the number of high-end detached houses sold plummeting even as prices nudged up.
Sales of homes worth more than $3 million fell 58 per cent between Jan. 1 and Feb. 28 with just 76 properties changing hands, compared to 180 transactions during the same period a year ago, according to a report by Re/MAX Integra.
The decline in sales was significantly more severe than in the overall single-detached house segment in which transactions declined 36 per cent. ‘Fear and uncertainty’: Out-of-province homebuyers could rush to sell if B.C. slaps speculation tax
What can $500,000 get you in Toronto’s property market? A one-bedroom condo half the size of a badminton court
Canada is becoming the ‘Switzerland of North America’ for global commercial real estate
Prices in the luxury segment lifted 2.5 per cent to $4,201,873, according to Re/MAX figures.
The Toronto Real Estate Board had predicted a sluggish start to 2018, particularly when compared to peak levels during the opening months of last year, when frenzied activity fuelled double-digit price increases and bidding wars were commonplace. The market cooled following the introduction in April of new measures by the Ontario government, including a foreign buyers’ tax. New mortgage rules that make it tougher to qualify for a loan also took effect in January. “You really have to just throw out 2017 as a benchmark,” said Christopher Alexander, Executive Vice-President and regional director for Re/MAX, who characterized it as an “outlier year.” “We all knew that with the market the way it was last year and all the new rules, the numbers would be way down by comparison,” he noted.
#toronto#realestate#curbappeal#justlisted#dreamhome#milliondollarlisting#investment#homesweethome#openhouse#househunting#cashcow#justsold#luxury#luxuryrealestate#torontohomes#torontocondos#torontolife # realtor #torontorealtor#foresthill#freecma#hustle#home#invest#property#selltoronto#value#photography#cntower#photooftheday#realestateagent#mark