All Forum Posts by: Account Closed

Welcome @Ryan Teixeira - Pre-cons in Toronto will be interesting to watch because not all condos will be a bad investment and there are some good gems to be found with some good homework and a good real estate agent. Yorkdale is a good investment all around.

As for Southwestern Ontario, Ktichener-Waterloo is always the big centre but Hamilton and Niagara is other areas you can look. Guelph has a very good market as well as its smaller than K-W but has a better quality renters market. I have been doing quite a bit of research on Guelph and can provide you with more help  if need be and have a good agent that is very knowledgeable in the area as well who is helping me.

Walid

Excellent post,

I am looking at downtown Ottawa vs downtown Guelph and it seems the market for both are similar in terms of demographics but Guelph seems to have a higher rent with similar or a bit lower pricing than Ottawa. What are the downsides of a townhouse vs condos (both having HOAs, of course). Freehold townhouses are more expensive. What exactly are you guys looking for when purchasing a property. Do you see positive cash flow as the main item vs zero cash flow and appreciation?

Still monitoring Buffalo, NY as a potential but not enough knowledge and research to jump in....

I have a question regarding finding a property through a wholesaler. 

1- How do you find a Wholesaler ? 

2- What kind of questions do you ask a wholesaler and what are red flags in a deal with a wholesaler. 

I would appreciate answers from all but wonder if there are any Canadian experience that anyone can share.

Here is a partial answer to your question from the Ontario Landlord and Tenant Act:

The answers are actually meant for Tenants but I thought it would be useful. 

Regulation of the rent only applies while you are living in the apartment; This is not considered "Rent Control" by tenant advocates and housing experts though the government is claiming they have "brought back real Rent Controls".

Note, under Section 5, Exemptions from the Act, not all tenants are covered, and additionally under Section 6, Other Exemptions, that tenants such as those who are living in any part of any building, or mobile home park, or land lease community, where that space was never previously occupied for residential purposes before November 1, 1991, arenot covered at all by rent controls.

12 months for as long as you remain in that unit. The landlord must give you at least 90 days' notice in writing of any rent increase, or you do not have to pay the increase, but you still have to pay the rent. Annual Guideline Increase is an amount set each year by the government. The "Annual Guideline Increase" is 2.6% for 2007. For previous years see the:Ontario Rent Increase Guidelines.

The landlord can apply to the Landlord and Tenant Board for an above-guideline rent increase. They can get annual increases of up to 3% above the "Annual Guideline Increase" amount for things such as repairs or renovations or new security measures, and those increases can be carry-forwarded for an additional two years. And by exclusion from Section 126, subsection 11 it appears landlords can also get rent increases with no maximums for increases in municipal property taxes, municipals fees, or increased utility costs.

The landlord can not charge you above the "Annual Guideline Increase" without first getting approval from the Landlord and Tenant Board. Under the law, the landlord must make available to you a copy of their "Application For An Above Guideline Increase" and inform you of the date for the hearing. You can challenge the landlord's application if you have good reasons. See Part VII - Rents, Rent Increases and Decreases particularly sections 116 through 136.

Many landlords will include bills for ineligble items, or even work not yet completed that should not be permitted for an increase, so get advice from your legal representative or legal clinic on what to do. If you do wish to challenge the landlord's application it is usually wise to do it as a group, and the easiest way to do this is to form a building tenants' association.

Agreement Section 121. Be very careful what you agree to! If you do sign such an agreement, you have 5 days to inform the landlord in writing if you have changed your mind. And remember in this situationSection 116 no longer applies.

You may want to sign an agreement for an added service the landlord has offered such as a dishwasher put into your unit and may want to agree to pay more for that, but check the price, you will likely find it is cheaper to buy it yourself.

Some landlords may ask tenants to sign an agreement for an increase in rent to replace faulty refrigerators or stoves. Remember that if your apartment came with these appliances, it is the landlord's responsibility to make sure you have working ones; the landlord does not have to provide you with new appliances, only working ones. So don't offer to pay extra for what is the landlord's responsibility to provide!

It is an old article but totally relevant. Just thought the article seems to home in on Canadian RE investors....

http://www.moneysense.ca/property/are-you-really-cut-out-to-be-a-landlord

@Ana MacMillan yes, I actually was just reading about the Ottawa REI organization and was gonna post about it in the forums, but you beat me to it. I would definitely be interested in attending the meeting. Not sure of the exact dates as it seems to show July 14, which might be harder for me to attend as I am coming back from out of town that day, ll try to attend and we can arrange to meet up there and discuss further ideas. Let me know if you will be attending this month's meeting.

I am also sure that in a future meeting @Simon Lloyd would be interested in attending as well. I can see how the meeting goes and we can update other members.

More later....

@Simon Lloyd

Wow,

That is an amazing transformation, that is truly a nightmare scenario but it would worse if an amateur had bought it and wanted to flip it. It would be a lesson you'd never forget.

Welcome Ana,

You've come to the right place and there are lot of Canadians here on the forums. I am Ottawa and I would be happy to discuss any Joint Ventures that. I got be interested.

Walid

@Dave Vogt Thanks for the great advice and I will definitely be in touch for further questions and possible deals in your area. I will also be taking your advice on shadowing other investors who would be willing to allow me to learn invaluable tips and advise.

@Matthew Graham we should try to arrange an Ottawa and area meet for all interested members; I will be in touch with you to further explore the possibilty of Ottawa area properties.

@Simon Lloyd thanks for the advice on Multiplex properties and its advantages. Will definitely be exploring more at this route.

I am amazed at the quality of the response in this Forum and its great, hope to be able to contribute in the future. My goal at the moment is to setup my first property within the next 3 months.

@Dave Vogt , Thank you for the advise. I will definitely be looking at some professional advise ie real estate agent, I am basically trying to narrow down by search zone. I am looking at a few spots right now but the nation's capital seems like a very stable economy for housing and jobs and thus the market doesn't have as many deals as it seems (low prices and not so high rent). I believe that you are in the Niagara region and it has been an area that I am also looking, so I think we will be in touch.

@Simon Lloyd definitely can plan a Ottawa meet. I would like to see how many other members would like to come to a meeting this way and we can arrange a meet. Much appreciate your advice as well.