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Tell that to some investors in Toronto, I think they missed the memo. :P https://business.financialpost.com/personal-finance/mortgages-real-estate/condo-owners

Tell that to some investors in Toronto, I think they missed the memo. :P https://business.financialpost.com/personal-finance/mortgages-real-estate/condo-owners-make-big-gains-but-nearly-half-in-negative-cash-flow-report https://business.financialpost.com/personal-finance/mortgage...

marketgod 8y ago
The laws here do not favour the owner at all so it's hard. If you own 10+ condos, you can't move into the condo to evict the renter, so you are at their mercy. Toronto is probably the worst market for being a landlord. The good part is people here move frequently because travel times are ridiculous and people are willing to lose money on rent to reduce the headaches. Some tenants in apartment buildings are paying $1200 for a 2 bedroom, when the market rent is $2900. The landlord can't do anything.
- spoonie 8y ago
  Landlords can move in for personal use, but not as a way to evict a tenant. Seems perfectly fair to me, security of tenure is something that benefits the whole community.
  - marketgod 8y ago
    Not really when people feel entitled to live in the downtown area at an extremely low rent. For example, someone new moves in for $2400 for a 2 bedroom whereas a person who has been there 20 years is paying $1300. The new person ends up having to subsidize the tenured renter and the landlord also is not able to maximize their profit. Then a big corporation can come in and buy the property because a landlord cannot maintain it well enough. The big companies have their own renovation teams who they own so it's profit to maintain it whereas the smaller landlords end up having to pay a 3rd party and they lose money. It's a delicate balance. 1.9% yearly increases and up to 4.9% on capital expenditures makes it a challenge.
- jashkenas 8y ago
  Huh? If the landlords are willing to rent it to the tenants for $1200, isn't that literally the market rent?

marketgod 8y ago

The laws here do not favour the owner at all so it's hard. If you own 10+ condos, you can't move into the condo to evict the renter, so you are at their mercy. Toronto is probably the worst market for being a landlord. The good part is people here move frequently because travel times are ridiculous and people are willing to lose money on rent to reduce the headaches. Some tenants in apartment buildings are paying $1200 for a 2 bedroom, when the market rent is $2900. The landlord can't do anything.

spoonie 8y ago
Landlords can move in for personal use, but not as a way to evict a tenant. Seems perfectly fair to me, security of tenure is something that benefits the whole community.
- marketgod 8y ago
  Not really when people feel entitled to live in the downtown area at an extremely low rent. For example, someone new moves in for $2400 for a 2 bedroom whereas a person who has been there 20 years is paying $1300. The new person ends up having to subsidize the tenured renter and the landlord also is not able to maximize their profit. Then a big corporation can come in and buy the property because a landlord cannot maintain it well enough. The big companies have their own renovation teams who they own so it's profit to maintain it whereas the smaller landlords end up having to pay a 3rd party and they lose money. It's a delicate balance. 1.9% yearly increases and up to 4.9% on capital expenditures makes it a challenge.
jashkenas 8y ago
Huh? If the landlords are willing to rent it to the tenants for $1200, isn't that literally the market rent?