When a tenant walks away from $20k it means that everything is broken. The housing market in general is broken. The supply of affordable (or any type) of rental housing is broken. The laws surrounding leases in this province are broken. And the Landlord and Tenant Board is most definitely broken.

@joeflake5829

Ай бұрын

100%

@tronguyet6473

Ай бұрын

They create more homeless people

@Chris-se3nc

Ай бұрын

100%. There should be a rental sheriff like there is one for owners when they don’t pay the mortgage. Cut and dry. Time to move out? you leave or you are locked out.

@joeflake5829

Ай бұрын

@@Chris-se3nc There is one actually, but takes forever to get to that point

@Carolinapetroska

Ай бұрын

Canada has been broken for many years now and is getting worse with the liberals....

Cash for keys is extortion as far as I'm concerned.

@crhayes

Ай бұрын

How, exactly? The tenant is not coerced. Furthermore, there is a legal channel that would have them evicted anyways (N12) so long as a buyer is patient enough to wait out the process.

After 25 yrs of being an LL in BC I’m selling my rentals to extricate myself from being taxed to death by rent control and an insane LTA. And since no investor will buy my properties (because long term tenants are paying such little rent) they will be sold to end users and tenants will have to find new homes at market rent. (I’m done subsidizing their housing - to the tune of 60k/year) Rent caps are, in effect, a tax free benefit to specific tenants (at the expense of specific LLs AND at the expense of anyone looking for a rental property). It’s a harebrained idea that is causing massive unintended consequences. I’m taking my ball (of equity) and going home (as are many investors). Good luck to anyone looking for a rental home!

@donm2067

Ай бұрын

Good luck selling your ball for what you think it's worth. Prices are on the way down

@mard9802

Ай бұрын

I'm in a similar situation. I have one unit in Toronto and the tenants are leaving to live in a different city. To be clear, they were getting the deal of the century in term of rent and in a few weeks I'll have my unit back. If it wasn't for the broken system (in Ontario) I'd rent it out again. Do I rent again and risk the BS that goes with renting or do I sell? Most likely, I will sell just to never ever deal with potential BS.

Cash for keys ideally should be offered well before the property is put up for sale. Once the property is vacated it will be much more attractive to buyers and easier to sell. If not, the seller should just sell the property as tenanted and proceed with the N12 if the buyer wants to move in.

@kurts3779

Ай бұрын

No cash for keys, just tell the tenant that you are you or a immediate family member is moving in and they have to leave.

How is this not extortion?

@xeslana1426

Ай бұрын

It absolutely is extortion. We just aren't supposed to say it because that's "HoW tHe SyStEm WoRkS" with government and low income rentals leveraging social housing on the backs of investors and homeowners. The real kicker being that homeowners are still "the bad guy" in a discussion of said homeowners *actually being extorted* on the regular. I can't make it make sense. It just be what it be.

@crhayes

Ай бұрын

How is it extortion?

Smart buyer doesnt want to waste 1 year waiting for LT board to live in a house he just bought..

For those who think this is a great idea, remember that there can be long term impact when your name is posted in openroom or when you're sued for the money owed. This madness needs to end. Cash for key is extortion. What is wrong is wrong.

keep asking for insane amounts of money and no one will offer places to rent, then tenants will be really in trouble,,,then the only option will be government housing....that should be enjoyable for sure. Landlords have no rights in Ontario...none.

@AMANDEEPSINGH-sd2ui

Ай бұрын

Tent

Tenants not willing to vacate voluntarily should consider they may end up on “bad tenant” list and have difficulty renting anything in the future.

@tronguyet6473

Ай бұрын

Yes I have trouble finding good tenants most of them peg me to rent them the place I refuse to them all I know they will give me trouble in the future

How is offering them 20K to move a good deal? Get TF out

If a tenanted property is for sale it’s because it’s not cash flowing

@Carolinapetroska

Ай бұрын

Yes and a bad tenant. There are very mean tenants out there especially in Toronto.

@kurts3779

Ай бұрын

Likely but not always. Property could be cash flowing but owner has other insurmountable burdens that forces him to sell.

Well done negotiating this

@kurts3779

Ай бұрын

I don't think so. The agent was quick to mention lessons that the Landlord and Tenant should learn form this and have failed to mentioned what lesson he learned form this. That Win, Win that he speaks of is NOT a win, win. I like listening to his show, but I lost respect for him here as a negotiator. The outcome could have been had without all the stress he placed on the buyer and seller.

5K rents soon. People are lazy and must work more

Only In Trudeau’s Canada does this crap happen

@davepadmore2982

Ай бұрын

No, you just aren’t very aware…it’s happening in California, Sydney (Australia) and other places with crazy house price bubbles

In Canada you can't kick someone out if they dont pay, in Canada police want you to to leave your car keys at the front door for criminals to steal the car easier, in canada if the home owner harms, kills, or does anything to a armed intruder the home owner will be charged, in canada your taxes will be amongst the highest in the world. Self defense and landlord laws worked really well 25 years ago when canadians were all polite and followed the rules. Today were crime is high and tenants purposely game the system these laws dont work anymore.

@CalCalCal6996

Ай бұрын

Then sell your rental property and allow the market to adjust.

@TWOB1GUNZ

Ай бұрын

​​@@CalCalCal6996dont own one. Im just stating the facts. For anyone with a business or high erner with mobility your better off not living in canada and just moving. If it was still SAFE then it would be worth it but its not safe anymore so your paying for nothing. Ps if i was a investor owning a rental property it doesnt chsnge the facts nobody should be entitled to something they didnt work for. Its like not paying for a rental car and the law allows you to keep it and drive for an extra 18 months.

@nilesandsam

Ай бұрын

​@@TWOB1GUNZyou nailed it with the rental car reference. I know someone who thought having a rental unit would be a nice long term investment for his kids. Due to interest rates and income tax he never broke even but figured even 1/2 towards the mortgage would be ok as someday he would move in or sell and make a small profit for his kids... 5 years later one tenant (who was only renting a single bedroom... the other tenant moved away) hasn't paid rent in 4 months, holding his condo unit hostage refusing access even to the building. He refused legal rent increase, is demanding $50,000 in compensation for "mental health" claiming the landlord locked him out disabling his fob (which is under the control of the property management of the condo not the landlord). Now this landlord, with one rental unit, 2 full-time jobs, cannot rent or sell or access his own property because of one unemployed bum. The tenant is also demanding to set his own rent rate ($400 in Toronto holding hostage a 2 bed 2 bath condo?) and wants a new lease agreement and has somehow obtained a lawyer (he has been month to month for over a year). The landlord is waiting on the LTB for over a year regarding several issues with this tenan and now may have to sell his family home just to afford not to go bankrupt. So the landlord could become a tenant because a tenant is abusing the system. Most "landlords" only own one or 2 units for long-term investment for family, retirement, kids maybe. Many have taken second mortgage against their homes to make downpayment for the mortgage on the property. Many pay the utilities themselves and have constant raising of interest, condo maintenance fees, property tax to contend with not covered by the rent. They all pay income tax on these properties and NO the mortgage isn't a write off so you pay income tax even if there isn't a profit.

@TWOB1GUNZ

Ай бұрын

​@@nilesandsammy parents are in their 70s they wanted some income and asked me if they should rent out their basement. I begged them NOT TO they've never had a tenant in their life fhey didnt listen. Long story short lady and her son paid 3 months then stopped and now it will be about 2 years before they can get them out. What sucks is theres nothing i csn to help them. Laws protect criminals. Aka free rental car! These laws make no sense.

@nilesandsam

Ай бұрын

I am so sorry to hear this. Absolutely criminal and these people should be charged with theft, possession of stollen property (they have stolen it if they are not paying), and at the very least trespassing. Like what happened to Trespassing laws? I spoke to my friend I mentioned there, he says the "tenant" has lawyered up. How is this guy able to hire a lawyer but can't pay his rent. Absolutely crazy. They say that the landlord usually wins with the LTB in the end but the end is sooooo far away and what have they won other than getting the freeloaders off their property? Nothing :( Like your parents there have clearly lost time, money, have stress, probably legal expenses, and at 70 I am sure their health has been impacted... it is disgraceful and makes me so angry that "landlords" are all painted with a brush into some 1980's TV stereotype that rarely exists. I hope for the best for your parents @@TWOB1GUNZ ❤

Greed ! Nothing else in Canada, just greed....

And the tennant moved out after the sale closed and 12 months went by for a LTB meeting and eviction process. 😅

I am waiting for a N13 sooner or later lets see if they can get me out with a 20K offer

@Rick-ko9bx

Ай бұрын

I would come with a few buddies with questionable pasts and inform you you're moving out. I would however tell you .Not gonna live here 13x if you really wanted it.

stupid to offer anything because it back fired on you.

@crhayes

Ай бұрын

How is it stupid? How did it backfire? The tenant said no and they went the N12 route, which they would have done anyways if they hadn’t offered an N11 to the tenant…

@kurts3779

Ай бұрын

agreed

You refer often to "making both parties" happy but there are actually three parties involved, one of whom is about to lose their home. You didn't mention how much rent was being paid, but if the tenant is paying below market rent, $20,000 would go up in smoke in less than a year if there is a big difference between their current rent and what they will have to pay to find housing, if they can find housing at all. So turning down $20,000 would not have surprised you if you were a renter yourself.

@crhayes

Ай бұрын

It is surprising because there is a legal avenue to serve an N12 and evict the tenant for buyers own use. A purchase agreement was in hand and presented to the tenant. Clearly they did not respect this legal process enough to realize the 20k was a good deal.

@marcod324

Ай бұрын

Property rights do not exist in Canada. I only wish the same rules applied when banks foreclose on an owners home.

Squatters.

I was in a similar situation as a tenant. Spring 2021, got an N12 and was promised 1 months' rent comp. However, I'd be staging the unit, vacating the unit everytime there was a viewing, fully cooperative, for viewings spanning 9 month period. How much does the real estate agent get for the sale? 1 month's rent? But I did about 50x the work the real estate agent did, and I have moving costs, and my rent went up. 50,000 is actually reasonable imo. Or at least half of the realtor's commission.

@priuss6109

Ай бұрын

100%

@rabyhaeri8944

Ай бұрын

Unfair

@ad03dh

Ай бұрын

Ha good point

You don’t watch US news eh ?

Why would you walk from 20k?? Because you can get 50k. That’s why you walk. Landlords have had this all coming to them for years. When a property turns from a rental to an owner occupier then that is a great day every day. When a landlord uses loopholes to try and evict tenants then people will push back.

@GreenBeanGreenBean

Ай бұрын

it's funny because the owner can move into the unit and the tenant gets nothing.............it is the tenant being greedy not the landlord. The reason rents are so high is because there are not enough landlords willing to put their $$ on the line dealing with you.... so supply is low... which leads to sub 1% vacancies.

@jeffotoole4509

Ай бұрын

@@GreenBeanGreenBean safe space. I sent you there yesterday. Some one needs to take your phone away from you.

@GreenBeanGreenBean

Ай бұрын

@@jeffotoole4509 Cry more plz it's funny because your thousands of posts have amounted to a big fat nothing... nobody cares what you think.

@GreenBeanGreenBean

Ай бұрын

@@jeffotoole4509 cry more plz

@jeffotoole4509

Ай бұрын

@@GreenBeanGreenBean who let you out anyhow? Please forward me their information. I would like to have a word with them. We can’t have clearly un hinged roaming the streets.

Smart tenant!

Thats chump change. Barely enough to cover the difference in the price in rent for a year in most areas.

@HaydonAshurstFamily

Ай бұрын

So the tenant will actually have to pay fair market rent instead of having his housing subsidized massively by his landlord. What an injustice 🙄

Housing is an investment now so consider the tenants ask as the cost of investment 🤷 Prices only go up right? So the owner will make up the 50k in 1 to 2 years 😂 The tenants now have to find a rental in a market thats hot like lava with a vacancy rate of 1% or less in GTA.

@blurtam188

Ай бұрын

That's their problem

Everyone is getting greedy. Tenants do deserve protections.

@blurtam188

Ай бұрын

So do home owners

So if the tenant stays beyond lease agreement and does not move out, that is trespassing and also demanding money for keys or they won't move out is called extortion, a criminal offence in which case the police would be involved. In the end the tenant wished they left with a months compensation. Then there name would be posted on the bad tenant registry and no landlord will rent to them.

@blurtam188

Ай бұрын

Nope - they can squat until the LTB formally issues them out (which can take up to a year), then you have to get a sheriff to get them out. All that time they can live rent free and damage your property with zero consequences.

@tronguyet6473

Ай бұрын

That why I have trouble finding good tenants

@vichysaho2135

Ай бұрын

If there’s no good paying jobs then you’ll get the brunt of the low earners living pay cheques to paycheques, unfortunately there’s not enough hours in a week to earn a living and then some.

"How did the tenant come up with $50,000?" The same way sellers come up with $2M for cr@ppy homes.

Yea 20k is definitely not enough in this market. I would say 50k minimum these days.

@HaydonAshurstFamily

Ай бұрын

Tenet got 3k (not 50)

@tronguyet6473

Ай бұрын

Nobody will rent the house for you anymore

@kurts3779

Ай бұрын

Well, the market only got him 3k

20k not nearly enough for Toronto. I wouldnt let my landlord buy me out for less than 100k

@blurtam188

Ай бұрын

Easier to move in a "relative" for a year then re-rent the place. Then you get 1 month of the rent you're currently and face the reality that your greed has left you paying full market rate on a new place with nothing. That's what "a friend of mine did". It worked out perfectly for them.

@tdl2920

Ай бұрын

That's dumb. Not that I condone it, but it's actually cheaper to pay the penalty for a bad faith eviction, so nobody with a functioning brain is paying anything over 30-40k. And now with timelines at Tribunals Ontario improving, the extortion amounts are quickly receding.

@Ty00Ty555

Ай бұрын

Tenant like you is the reason most of the good landlord pulling suite or house from renting out. Less house for renting will only drive the price up.

@edwardchow4677

Ай бұрын

You definitely going places in life. Deadbeat clown

@HaydonAshurstFamily

Ай бұрын

I’m selling one of my rentals (detached home converted to triplex). I’m selling it to buy another one for me and my family to live in. If I can’t sell it I’m going to move into it. If I do sell it it will be sold to an end user. Either way tenants will need to leave and will get one month compensation as per tenancy act. Like me, your LL has options

$20K is peanuts if you must pack up your life and find somewhere else to live.... all in order to facilitate WINNINGS(profit taking)... from a BET(speculative investment)... at the CASINO(in Real Estate).... by the GAMBLER(so-called 'investor") I mean let's call it what it is right ????????????????????????????? Why shouldn't the DEALER(Tenant) get a nice GRATUITY ??????????????????????????????????

50 k is fair as 1 year rent in Toronto will eat that up.

@blurtam188

Ай бұрын

Why should you be paying someone's rent for a year?? LOL

@tttinft

Ай бұрын

This comment is a joke..

@markz1013

Ай бұрын

@@blurtam188 If you have a long term tenant that has been renting for a very long time and they have paid their rent always on time, chances are they are paying well below market value. So if they have to uproot their family and probably now pay double, maybe more. I think that has to be considered, and the fact that they could just decide to just refuse to leave and wait it out for a year. I know the system is broken for both tenants and landlords but at the end of the day everyone is looking out for themselves and their families.

@kurts3779

Ай бұрын

Okay Tenant

@markz1013

Ай бұрын

@@kurts3779 Yes and I'm fine with it as my investments are much more cash flow positive than real estate. Good luck with the next decade of a flat or declining market.