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Archive for the ‘Rentals’ Category

Toronto’s Housing Looking Up Again

Monday, August 14th, 2017

The dip in Toronto’s housing market is expected to bounce back soon, says the federal housing agency.

The Canada Mortgage and Housing Corp. (CMHC) says the city’s current decline will be short-lived and real estate prices will pick up again as demand returns. According to the Toronto Real Estate Board, prices in the city fell from an average of $919,589 in April to $793,915 in June; however, the CMHC expects a rise in prices again due to a strong economy and a lack of housing supply.

Toronto’s red-hot real estate market was curbed in the spring when the Ontario government introduced measures designed to cool an overheated market. Included in the measures was a controversial 15 per cent tax on foreign buyers.

The CMHC said similar taxes imposed against foreign buyers in Vancouver worked to calm the market there by reducing the number of foreign buyers. However, the Vancouver market has since picked up again.

“The response we’re seeing in the Toronto market seems almost emotional and a knee-jerk reaction to some of the changes, which suggests that these impacts will be short-lived,” Dana Senagama, CMHC’s principal market analyst for Toronto, told the Canadian Press.

The province’s measures also include more rent controls and legislation that allows municipalities to tax vacant homes.

“If job creation continues in Toronto … and the economy continues to fuel the housing demand, we can expect some of the pressures on house prices in Toronto to resume,” said Bob Dugan, CMHC’s chief economist.

In the CMHC’s recently released housing market assessment, the agency ranked its overall risk rating for the national housing market at strong. The quarterly report is based on information collected from the first quarter of 2017.

Finding a Good Tenant

Wednesday, June 22nd, 2016

It almost goes without saying that landlords want trustworthy tenants, who will be quiet, pay their rent on time and be respectful of their space.

But having that perfect tenant can be an awfully tall order.

Now is probably one of the better times to be a landlord in Toronto because vacancy rates are super low, rents have increased significantly and you have a larger pool of potential tenants from which to choose.

To find that ideal renter, you need to market your room or apartment effectively. According to the Canada Mortgage and Housing Corporation, you should differentiate your property from all others in some way. When compared to other rentals in your area, is yours newer, bigger, more stylish, cheaper, cleaner and safer? Does it have better appliances, amenities and scenery? What is the neighbourhood like? Is it a quiet, family-geared area or a bustling neighbourhood filled with restaurants and galleries?

There’s nothing wrong with advertising your property on Kijiji or Craigslist but be cautious of scammers.  There is a good variety of rental sites, some of which require payment in order to advertise. Viewit.ca is a great website with plenty of photos.

To find the perfect tenant, consider placing a ‘for rent’ sign on your property or try newspapers. You can also post flyers at the local library or grocery store. If you’re interested in renting to students, visit the campus housing office of your local college or university.

You can always hire a realtor to help you. At Freeman Real Estate, we offer a range of leasing services such as pricing, advertising and negotiating. If finding an awesome tenant is too time consuming or bothersome, this is a great way to go.

Be sure to screen your potential tenants. Doing this properly in the beginning can save you the risk of loss in future. You will need to do a credit check. Be sure to ask for a confirmation-of-employment letter in addition to references and first and last months’ rent. Ask your potential renter to fill out a rental application form, which requires information about the applicant’s job, supervisor, income, government identification and next of kin.

While the process of finding your ideal tenant may seem too finicky and tedious, remember that being scrupulous early on may save you headaches down the road.

 

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Toronto Real Estate Board. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.