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Tenancy Law

Ontario’s Fair Housing Plan: New rules for buying a property with a tenant

Posted in Appraisal, Bylaws / Regulations, CMHC, Communications, Finance, Housing, Industry Trends, Legislation, Newsworthy, Real Estate Law, Tenancy Law

Ontario’s Fair Housing Plan: New rules for buying a property with a tenant

If you’re interested in buying a property, but it has a tenant, make sure to extend the closing date because the required notice days in Ontario have now doubled in length. In the past, only 30 days written notice was required to terminate a tenancy. Now it’s 60. Another glitch: the date the tenancy ends must coincide with the end of term or rent period. This could result in a full year passing before your client can move in. For example, if the tenant’s lease ends Dec. 1, 2018, your...

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Toronto’s vacancy rate at a 15-year low, experts call for purpose-built rental

Posted in Appraisal, Bylaws / Regulations, CMHC, Communications, Development, Housing, Industry Trends, Newsworthy, Rent Control, Tenancy Law

Toronto’s vacancy rate at a 15-year low, experts call for purpose-built rental

Toronto is seriously lacking in purpose-built rental, according to Scotiabank Senior Economist Adrienne Warren. “For a large cohort of millennials establishing their own households, renting may be the only option if they choose to reside in Canada’s highest-cost urban centres,” writes Warren in a recent note. “In Toronto, the vacancy rate for purpose-built rentals fell to 1.4 per cent last year, the lowest level in 15 years.” The number of Canadian households choosing to rent has risen by...

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Census data sheds light on rental supply

Posted in Bylaws / Regulations, CMHC, Communications, Development, Housing, Industry Trends, Legislation, Newsworthy, Rent Control, Tenancy Law

Census data sheds light on rental supply

This week’s census data revealed Canadians’ changing living habits – and the trickle-down effect that’s affecting the rental market and its existing stock in Toronto. Only 50.2% of Millenials own their own homes, compared with 56% of boomers who owned when they were that age, according to the Census. However, Phil Soper, president and CEO of Royal LePage referred CREW to a summer study the organization commissioned on peak Millenials (aged 25 to 30) that found 87% believed homeownership was a...

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Rolling Out Legal Weed Comes With a High Price Tag for Canada

Posted in Bylaws / Regulations, Communications, Finance, Health & Safety, Housing, Industry Trends, Insurance, Legal, Legislation, Newsworthy, Real Estate Law, Tenancy Law

Rolling Out Legal Weed Comes With a High Price Tag for Canada

Enforcing Canada’s new legalized marijuana comes with a high price tag. The federal government will spend C$546 million ($426 million) over the next five years to implement its new cannabis laws, according to the latest budget forecast. Agencies such as Heath Canada and the Royal Canadian Mounted Police will receive a portion of the funds to license, inspect and enforce the new rules. A “cost recovery scheme” will also be implemented to reduce the overall spending on the initiative, according...

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Is Ontario’s Fair Housing Plan working?

Posted in Appraisal, Bylaws / Regulations, CMHC, Communications, Development, Employment, Finance, Housing, Industry Trends, Legislation, Newsworthy, Real Estate Law, Tax Law, Tenancy Law

Is Ontario’s Fair Housing Plan working?

The Ontario government says recent home-sales data suggests its Fair Housing Plan is improving affordability in the province, but not all market observers are showing the same support for the 16-point policy move first announced this April. “While experts agree that it is too soon to tell, the numbers suggest that the housing market is moving in a more stable direction — making it easier for families and first time buyers to get into the market, while protecting the investment of homeowners,...

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Bidding wars on the rise: Rental Market set for turbulence

Posted in Appraisal, Bylaws / Regulations, CMHC, Communications, Development, Finance, Housing, Industry Trends, Legislation, Newsworthy, Rent Control, Tenancy Law

Bidding wars on the rise: Rental Market set for turbulence

Competition in Toronto’s condo rental market has become so fierce that bidding wars are on the rise. “Competition amongst renters [for condo rentals] is going to remain pretty intense, and there’s not going to be a lot of availability,” said Urbanation’s Vice President, Shaun Hildebrand. “Rentals will have multiple bidders on them and the situation won’t correct itself any time soon. We will need more supply in the marketplace through higher condo completions as we move into 2020, 2021, which...

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Affordability crisis worsens homelessness in Metro Vancouver: Report

Posted in Appraisal, Bylaws / Regulations, CMHC, Communications, Development, Finance, Health & Safety, Housing, Industry Trends, Newsworthy, Rent Control, Tenancy Law

Affordability crisis worsens homelessness in Metro Vancouver: Report

Metro Vancouver’s affordability crisis is driving up the number of homeless people in the region, and it’s getting worse for seniors and First Nations people, according to the latest homeless count. The 2017 count found 992 people — or 45 per cent of the total homeless population — are homeless for the first time. “We know affordable dwellings have declined within Metro Vancouver at an estimated rate of eight per cent per year since 2007,” said Mike Clay, chair of the Metro Vancouver Housing...

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Report: Renovation Investment and the Role of Vacancy Decontrol

Posted in Appraisal, Bylaws / Regulations, CMHC, Communications, Development, Finance, Housing, Industry Trends, Legislation, Newsworthy, Real Estate Law, Rent Control, Tenancy Law

Report: Renovation Investment and the Role of Vacancy Decontrol

FRPO released a second research report undertaken by Urbanation, this time focused on the importance of vacancy decontrol. The report attached is called Renovation Investment and the Role of Vacancy Decontrol. Key findings of the report include three quarters (77%) of purpose built rentals in Ontario received renovation expenditures of $5,000 or more since 2012 with a total investment of $5.2 billion as a result of vacancy decontrol. Vacancy decontrol is a key component on Ontario’s Rental...

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I Don’t Envy The Politician Who Tries To Sort Out Canada’s Housing Mess

Posted in Appraisal, Bylaws / Regulations, CMHC, Communications, Development, Finance, Health & Safety, Housing, Industry Trends, Legislation, Real Estate Law, Senior Housing, Student Housing, Tax Law, Tenancy Law

I Don’t Envy The Politician Who Tries To Sort Out Canada’s Housing Mess

Ensuring adequate shelter. Safeguarding homeowners’ value. Protecting the environment. I do not envy politicians. It seems like every decision our elected officials make, thousands of people immediately attack their keyboard, criticizing everything about it. Even when a politician’s choice is heavily supported, the vocal minority shouts from the rooftop that this politician doesn’t care, doesn’t understand, or is willfully ignorant of the needs of a certain subsection...

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Is a mandatory standard lease template coming to Ontario?

Posted in Bylaws / Regulations, Communications, Housing, Industry Trends, Insurance, Legal, Legislation, Newsworthy, Real Estate Law, Tenancy Law

Is a mandatory standard lease template coming to Ontario?

Ontario’s Ministry of Housing is developing a standard lease template. We value your thoughts and opinions and invite you to help us make it useful, easy to understand and fair for both landlords and tenants. Landlord and tenant rights and responsibilities remain the same – we want your input on what information should (or should not) be included in the template. How to participate Step 1: Read the discussion paper below to understand the proposed sections of the standard lease template. Step...

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