Toronto Condo Landlords: Don’t Do This
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Here is an article from CBC and the headline is “As ‘personal use’ evictions appear to spike in Toronto, tenants suspicious of landlord cash grabs.” The headline here for me is, landlords and condo investors, don’t do this. Stay away from this type of strategy. Basically the government’s made it much harder to increase rents. If units are under market value in the rents, what some landlords may be tempted to do, and this article is insinuating with some anecdotal evidence that basically landlords are kicking out tenants saying that their family is moving into the unit. That’s basically the only way that you can get a tenant out of a unit right now in Ontario is essentially to have yourself or someone in your immediate family move into the unit. The tenants are saying their landlords are kicking them out based under this. Then at the last second they’re turning around and renting out these units on the open market for much more than what they were renting it out to the tenant.
Obviously this is not allowed. Obviously this is illegal. Obviously you should not do this as landlord investors. Tempting as it may be in some situations, if your unit is dramatically under market value maybe costing you thousands of dollars a year in lost cashflow but this is just the reality of the market right now. Do not do this and obviously stick to the rules. It’s going to serve you well in the long run to do so. That is this little article here. Hopefully everybody watching, listening and all the clients and fans of True Condos are not going to fall into this category. But there may be some shady landlords out there who are doing this in the small minority. It’d be interesting to watch how this unfolds and of course rent control, it’s all another symptom of rent control.