Updates for Landlords

As landlords, it is always in your best interest to stay up to date on any changing laws, or best practices to make sure you handle your rental properties properly. We participated in an online training session to get an update on Bill 184 changes, and covid-19 protocols when owning or selling an investment property during this time. Q: Can you increase the rent in 2021 A: No, there has been a hold on all rent increases for the year of 2021. Even if you submitted a rent increase form in October to take effect in January 2021 it is not valid. Q: If selling your investment property that is tenanted, can a tenant refuse a showing if given proper notice? A: The short answer: No, they cannot. However, something to consider is that because we are in unprecedented times with a global pandemic, if the tenant declares that they are at risk/compromised immune system they can make a complaint to either the LTB/Human Rights - so use discretion. During this time it is advised (although not always feasible) to limit the in person showings on rented properties and instead to do virtual tours and offer interior photos unless a serious buyer) Q: As a landlord, can I claim losses beyond property damage? A: Yes. With the new changes, a landlord is now able to claim out of pocket damages such as cleaning of the unit, unpaid utilities, pest control, etc. Q: When selling my rental property, what kind of notice do I need to provide the tenant? A: You need to provide the tenant a N12 form that states the home is being sold to a purchaser who will be moving in to the property, or that you or an immediate family member will be moving in. This form needs to be given to the tenants at minimum 60 days notice from end of the month or end of the term, properly filled out (no mistakes), signed by the landlord (not a representative, ie) real estate agent/property manager), and best practice is to mail it to the tenant (cannot be simply taped to the front door). This N12 needs to then be filed with the Landlord and Tenant Board to obtain an eviction notice. Q: If the proper notice to evict was given to the tenant, do they have to vacate? A: No, even if you properly delivered the N12, or even if the tenant signed an N11 (agreeing to vacate), there is no guarantee that the tenant will move out by the closing date or date specified. Q: Can I create my own lease and clauses? A: You must use the Standard Lease form by the Ministry of Housing or there may be penalties. You may add additional terms at the end of the lease but cannot alter or change any of the preprinted clauses within the Standard Lease. Q: Is the LTB resuming court dates to evict tenants/complete hearings? A: Yes, court dates are being scheduled but there is approximately a 6 month delay in getting a court date. If you have any further questions about owning a rental property, and your rights as a Landlord or Tenant click HERE


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ROYAL LEPAGE CROWN REALTY SERVICES, BROKERAGE

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