Toronto Real Estate: 10 Things I Wish I'd Known Earlier
Jan 30, 2018 14:51
If you are thinking about purchasing Toronto real estate in Canada, then this article is here to help you with that purchase or rental. Whether you are looking for a small sublet apartment/condo or a more defined real estate purchase that includes both commercial and residential properties.
Then the modern, bustling city of Toronto, Canada is a great place to buy or rent. Here in this article, you will find ten things that you may or may not have known about Toronto real estate. Things that if you knew them earlier, it would have helped you in making a better decision about your purchase or rental.
If you are needing a condo or apartment, then there is no better location in Toronto than King West. Exclusively for the on the go person who wants to be in the center of it all, King West offers only the best that life has. There are shops and other amenities for you to enjoy once your day at work is through. Enjoy a relaxing seat at one of the many restaurants in the King West locations or take in some shopping. You may read more about the exclusive King West location in Toronto, Canada by visiting the website https://mirvishandgehry.ca/downtown-location-amenities/.
1. Effective April 21, 2017, the Toronto leasing control company enacted a law that the landlords can only increase rent by a maximum of 2% annually. This allows for rental fees for the renter to be controlled and not be abused by the landlord.
2. If you are the owner of a property in the Toronto area and want to rent to a tenant, if there a valid lease already in place, then you must abide by the conditions of that current lease. You are not allowed to enter into a new lease with higher costs until the valid lease that is already in place expires.
3. The Residential Tenancies Act allows renters to have pets. Even if when you initially enter into a contract and you do not have a pet, then buy a pet later, you cannot be kicked out of your rental by the landlord due to this act.
4. In Toronto, you may receive a refundable deposit for your keys. However, the landlord is not allowed to serve a damage deposit on the tenant and they also cannot use the tenants last month's rent as a damage deposit.
5. Because of the Ontario Human Rights Code, landlords are not allowed to ask for you to make a pre-payment up front. There are some landlords who will try and ask for prepayments for rent of up to one year. This is not allowed in Toronto and is subject to penalties under this code. The landlord is able to not rent to you based on your criteria such as ability to pay, rental history, credit history, etc.
6. The landlord must give the tenant a twenty four notice before entering the rental, unless it is an emergency. Also, the tenant must be the one to provide access to the landlord after the twenty four notice has been given.
7. Once the tenant has given the landlord a notice of terminating the lease, the landlord can only show the property between the hours of 8:00 am - 8:00 pm. And although the notice for termination has been given, the landlord must try to give the tenant notice before entering the property.
8. At the end of a lease, the tenant is still permitted to stay within the property up until twelve months following the end of the lease, at which time, the landlord may increase the rent. The tenant must give the landlord notice of their intent to stay after the end of the lease, at least sixty days following the first of the next month.
9. Condo rentals within the Toronto Canada area are extremely competitive, especially within the King West area. You may be shown several properties by your real estate agent and by the end of the day, they are already rented by other.
10. If you decide to hire a real estate agent in the Toronto area, the best part is that the landlord pays the fee. There are many great Toronto real estate agents just waiting to help you explore the different neighborhoods to see which one is uniquely for you.
As with any purchase, make sure and do your homework. Hopefully, this tips have helped as you decide to rent or purchase in the Toronto, Canada area.
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