A new CIBC poll says Canadians who own a rental property earn about $2,189/month – 50 per cent more than their monthly costs – and those who rent out space in their home offset their housing costs by 70 per cent.
The standard form lease tries to be all things to all people and ends up being suitable for no one. Because it tries to be generic enough to fit all tenancy situations, it ends up fitting no tenancy situations.
Unfortunately, due diligence is perhaps best approached with the belief that the vendor is trying to hide something from you. Because of this, it's wise to go in knowing your answer to the following questions.
The legal marijuana business is booming and landlords are taking notice because these businesses have a solid cash flow and are able to pay a premium in rent. Make sure the following critical steps are taken to avoid risk.
If organized real estate could get the ball rolling on this through their PAC, it would help everyone in the end. It would be an incentive for landlords to keep their units in good shape. Help increase property values.
This clause is brutal to read and causes confusion. The common solution: ignore it and hope for the best! The problem: if you don’t deal with the confusion you are guaranteed mismanaged expectations, conflict and exploitation.
REM (Real Estate Magazine) is Canada’s premier monthly magazine for real estate professionals. REALTORS®, real estate agents, sales representatives, brokers, owners, administrators, and other real estate industry stakeholders read REM every month for news, analysis, and commentary on Canadian real estate.
REM is independently owned and operated, and is not affiliated with any real estate association or board.