Wednesday, March 28, 2018

Real Estate Insider: March 2018 News Report







Should you teach your old house new tricks? Want the best mortgage rate? Are you misusing your Line of Credit? Read all this and more in our latest edition of the Real Estate Insider!


A properly calculated CAP rate can be a very useful tool, but there are many other factors people should be looking into when buying or selling income properties. Are you aware of them? Find out here. >>

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“Smart Homes” are taking the world by storm, but is the value added really worth the investment in older homes? It depends! Find out more here. >> 

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Are you buying a new home? Here are a few things you should know to make sure you’re protected! >>

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If you own or are thinking of getting a heat pump, routine manual cleaning may not be enough! Deep cleaning and regular filter changes are almost a necessity! Read why here. >>

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Divorce is an unfortunate yet very common part of today’s society. To make sure you are protected through this process, here are 6 myths about divorce that everyone should know. >>

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Are you getting the most out of your line of credit? It can be one of the most useful tools to building wealth and financial freedom, but only if used correctly! Read here to get tips on using your LOC to your advantage. >>

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Real Estate > Stocks. Here’s why. >>

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AirBNB is an easy way to make money if you’ve got an empty property and are willing to put in the work. Here are some tips and tricks everyone should know before venturing into this market. >>

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Everyone is talking about the new standard residential lease form in Ontario, this article should help with explaining everything you must know about this controversial topic. >>

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CALLING ALL DEAL HUNTERS! Here are the three top ways to ensure you are getting the best rate on your next mortgage. >>


Wednesday, March 21, 2018

Attention Landlords and Tenants in Ontario – Ontario Standard Leases Are Coming




Are you a landlord or tenant in Ontario? If you are, or are considering becoming one in the near future, we have a timely post for you today.  Mandatory changes are coming to residential lease agreements in the province, and here is what you need to know.

What is Happening With Residential Leases In Ontario?
Landlords of most private residential units in Ontario must start using the standard lease template for all new leases.

When Is This Starting?
These standard leases must be used in Ontario starting April 30, 2018.

Who Decided This?
The Ontario Liberal Government – through the Ministry of Municipal Affairs/Ministry of Housing.

Where Can I Find a Copy of this Standard Lease?
Visit the Central Forms Repository on the Government of Ontario website to download the form.

What is the Purpose of this Standard Lease?
Three primary reasons are stated:
  1. To help landlords and tenants understand their rights.
  2. Reduce illegal terms in leases and misunderstandings regarding verbal agreements.
  3. Reduce the need for Landlord Tenant Board (LTB) hearings to resolves disputes.

What Else Should I Know About Standard Leases?
In the leases, there are mandatory terms (that must be completed and cannot be altered), there are optional additional terms (which allow for unique terms to be agreed to by landlord/tenant) and general information on rights and responsibilities (Ie. subletting, pets, guests, etc).

What Are Our Thoughts On This Issue?
Whether we like it out not it, this will soon be the law. So we will have to deal with it and adapt. First impression is that it will further swing the pendulum towards tenant rights more so than it already is. But fingers crossed that if it doesn’t work the way it is expected to, or if it causes specific problems related to clauses, etc., the government will listen to feedback from the industry and amend this standard lease to get it right.
What are your thoughts on the Standard Lease? We’d love to hear from your landlord/tenant perspective.