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Insurance

RENTAL HOUSING HIT BY RISING INSURANCE COSTS

Posted in Finance, Industry Trends, Insurance

RENTAL HOUSING HIT BY RISING INSURANCE COSTS

B.C. landlords large and small are struggling with big hikes in their insurance premiums, which they say will, in turn, put pressure on renters. There are no reports yet of apartment buildings being hit with insurance rate hikes as extreme as the biggest hitting the strata sector — where some B.C. condo buildings have reported 400 per cent hikes in premiums. But landlords are reporting an average increase around 30 per cent this year. Combined with the B.C. NDP government’s move in 2018 to...

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SIX STEPS TO PROTECT YOUR MULTIFAMILY ASSETS FROM PET LIABILITY

Posted in Insurance

SIX STEPS TO PROTECT YOUR MULTIFAMILY ASSETS FROM PET LIABILITY

As I’m sure you know, pets are a big business in the apartment industry. Not only does a pet-friendly community tap a larger rental pool, but residents in pet-friendly buildings stayed an average of 46 months, compared to 18 months in rentals that prohibit pets, according a study by Firepaw, a non-profit that promotes animal welfare. In addition, there’s the ancillary income generated by pet-friendly buildings. Depending on the state, most apartment communities charge a non-refundable one-time...

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SLIP AND FALLS: HOW TO LIMIT YOUR LIABILITY

Posted in Health & Safety, Insurance, Legal, Professional Services

SLIP AND FALLS: HOW TO LIMIT YOUR LIABILITY

In Canada, winter comes with lots of snow and ice, which can lead to injuries from slips and falls. Property managers will often hire snow removal contractors for services during the winter months and depending on the situation, snow removal contractors will be liable if there is a slip and fall. Please read below to learn more. Who is Liable if there is a Slip and Fall? With the increase in personal injury lawsuits in Ontario, multi-residential property owners and managers, including...

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‘I’m just stuck’: Downtown Windsor landlord says tenant board backlog means evicted client can’t be removed

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

‘I’m just stuck’: Downtown Windsor landlord says tenant board backlog means evicted client can’t be removed

Downtown Windsor landlord Marie Vieira successfully argued an eviction case in front of Ontario’s Landlord and Tenant Board (LTB) last November. At the time, she received verbal confirmation that a tenant who caused more than $15,000 worth of water damage to two rental units after forgetting to turn off the tap would be evicted. Due to a backlog within the LTB, however, Vieira says she’s still waiting to receive a sheriff’s notice that will allow her to formally evict her...

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Half of $500K Sudbury social housing writeoffs due to damaged units

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

Half of $500K Sudbury social housing writeoffs due to damaged units

Crisis at Landlord/Tenant Board makes complicated eviction process harder, council told. Evicting tenants who damage their social housing units or don’t pay their rent is a complicated process made much harder by problems at the Landlord/Tenant Board, city council heard this week. Barbara Dubois, the city’s director of housing operations, outlined the process Tuesday for addressing issues with problematic clients of Greater Sudbury Housing Corp. The city has 1,848 housing units,...

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Airbnb’s $30 Billion Listing Must Do More for Cities

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

Airbnb’s $30 Billion Listing Must Do More for Cities

Which would you prefer: cheaper rent or a cheaper holiday rental? I’d wager heavily that most people would answer “rent.” It’s a bigger slice of personal spending. Short-term accommodation accounted for just 1% of U.S. household budgets in 2016, compared to the 16% spent on housing, according to analysis from the Economic Policy Institute, a think tank based in Washington, D.C. The rise of the sharing economy means the prices of both are linked more than ever. Airbnb Inc., which revolutionized...

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Ontario landlords aren’t the problem, the Landlord and Tenant Board is

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

Ontario landlords aren’t the problem, the Landlord and Tenant Board is

Adam Kitchener is a landlord with properties in Ontario. He has provided affordable housing to over 150 families including 60 refugees. He has also repositioned several large struggling multifamily complexes and works for landlords to provide quality housing across Ontario. Despite what you might have seen In the media, most landlords aren’t raising rents in a get-rich quick scheme. In fact, in today’s rental climate, many landlords of small- to medium-sized properties are barely breaking...

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Toronto wins the right to crack down on shady Airbnb-lords

Posted in Bylaws / Regulations, Communications, Condo Conversions, Finance, Health & Safety, Housing, Industry Trends, Insurance, Legislation, Newsworthy

Toronto wins the right to crack down on shady Airbnb-lords

A long fought battle between the City of Toronto and local Airbnb hosts over new regulations governing short term rentals is finally over after nearly two years of delay-fueled frustration. The provincial government’s Local Planning Appeal Tribunal (LPAT) announced today that it had ruled in favour of Toronto, effectively allowing the city to crack down on sketchy ‘Airbnb-lords’ for the first time since approving new bylaws to do so in December of 2017. It’s a major...

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Short-term rental rules eyed

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

Short-term rental rules eyed

Sarnia is considering beefing up regulations for short-term rentals, amid a situation one councillor says is eating into local long-term housing supply and disrupting neighbourhoods. Sarnia is considering beefing up regulations for short-term rentals amid a situation one councillor says is eating into the local long-term housing supply and disrupting neighbourhoods. “A lot of communities have jumped on this issue, and they recognize it as a massive problem,” said Coun. Bill Dennis. Locally, he...

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Canadian landlords increasingly concerned about effect of cannabis use on rental property

Posted in Bylaws / Regulations, Communications, Finance, Fire Safety, Health & Safety, Housing, HVAC / Mechanical, Industry Trends, Insurance, Legislation, Maintenance, Newsworthy, Utility Management

Canadian landlords increasingly concerned about effect of cannabis use on rental property

LANDLORDS ARE INCREASINGLY CONCERNED about the effect of cannabis use on a rental property, according to a poll released October 8. Real estate website Zoocasa surveyed Canadian property owners and renters about how they feel since the legalization of cannabis last October 17. While homeowners and renters seem to be getting more comfortable with cannabis use and home growing, landlords responding to the survey were much more concerned about the growing or smoking of cannabis in their...

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