Many tenants will even fight sale based evictions, which are legal, and game the system as its overloaded so even buyers will lose patience. There have been cases where home buyers end up living in their car when tenants refuse to move out and the LTA courts do fuck all about it. Also there is no ramifications for damage done, rental delinquency is allowed to go on for months and years. So WHO THE FUCK would want to rent?
There is no data to say they are outlier cases, and the courts are still jammed, that is a reality. It just adds another negative to the already marginal business of rental housing.
Its not the court backlogs, though that caused 3,000 people accused of crimes to be let free in the last year.
you need data to prove they are outliers, if not you have no ide how much of this shit is happening. In any case there is little rental housing being built so that means its a shitty business in its current state.
If you have no idea of how much of this shit is happening, then a) you cannot make the claim that it is a big issue and b) it means it isn't happening that often. We'd hear about it if it did and we'd have the data.
I hear from both sides, I know people selling because its hard to get rid of tenants. A friend had to pay $10k to buy out renters to sell their house. Another is selling a house because you can't get rid of bad tenants. On the other side the LTB is greenlighting big rental increases from corporate landlords while keeping a massive cue of mom and pop landlords on hold, with those landlords getting screwed.
This is the first post in this thread that I can agree with, except for the reference to me. I am in the market for a great deal on a couple of condos.
the fact that its happening and the stock of properties lying empty indicates there is a big problem with rental viability in Ontario. Would you spend 500K+ on a property and sign over your rights for a promise to pay 2K a month? Yielding a piddling 12K a year in profit not including interest? A princely 2.4% yield?
Corporations should not be allowed to buy rental stock unless its 1) already a building owned by a corp that is a rental building, or 2. They construct dedicated rental housing. No one should be allowed to own more then 3 single family home in one city and tax disincentives should be passed to this effect.
DoFo will back a Blackstone taking over Ontario, all the need to do is send him the cash.
The feds kept having to bypass DoFo for housing.
He did the same thing last time Trudeau gave him healthcare $$
Why spend money on providing services when you can just spend a few million on ads and squeezer et al will vote you in?
But the idea is that the rental covers the mortgage and other charges, while your equity soars and in a couple of years you unload the unit on another investor for a 6-figure profit. Right?
