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The Truth About Landlords Reporting Tenants To Credit Bureaus To Impact Their Score

August 13th, 2021 · Landlord legal, Landlord Marketing, landlords reporting credit bureaus truth canada, landlords tenants report equifax, landlords tenants report experian, landlords tenants report transunion, ontario landlord forum, report our tenants to credit bureaus

What Is The Truth About Landlords Reporting Tenants To Credit Bureaus?

Does It Really Have A Big Impact? No!

Are Some People Just Trying To Sell It To You For Money? Yes!

Even Some Credit Bureaus Say It’s Just “Marketing” To Attract Landlords To Pay For Memberships.

It Should Be “Free” As It’s Not Really Impactful On A Tenants Credit Score!

Toronto Landlords know buying a rental property and becoming a landlord can become a great opportunity. You buy a great property and rent it out and not only do you get rent to pay off your mortgage, your property may also appreciate.

Many New Landlords Aren’t Aware Of the Challenges in Ontario

Being a landlord seems very simple. However, many new landlords quickly realize how complicated the rules are in Ontario.

Many Ontario landlords are unaware of rules such as:

1. Tenants can go month by month when the lease ends, even if they agreed it would end

2. All tenants get free legal help if they have an issue with their landlord

3. Tenants don’t have to pay a security deposit in Ontario.

Due To The Tenant-Friendly Policies Many Landlords Are Looking For Easy Solutions.

And why not?

The Ontario Residential Act is the set of laws for landlords and Ontario tenants. The laws in Ontario are very tenant-friendly and treat tenants like ‘victims’ and landlords as bullies with great power and lots of money.

It can even take over six months just to get a Hearing date at the Ontario Landlord and Tenant Board.

What About Reporting Your Bad Tenants To The Credit Bureaus?

This is just personal opinions and not directed at any individuals or specific companies. It’s our opinions based on the research we’ve done on this segment of the industry.

In the United States groups such as Mr. Landlord have been reporting renters to Landlord Credit Bureaus for years. They allow landlords to report to landlord credit bureaus such as Transunion, Experian and Equifax. We spoke to them and other experienced landlords and found the following:

According to these landlord groups and the Bureaus reporting to landlord credit bureaus is only a very small part of running a successful rental property business because the impact of reporting is minimal, tiny, not a “game-changer”.

Some USA landlord groups don’t even charge you to report because they know it’s not effective.

They offer if for free to landlords with no membership fees!

But they do offer collection services to help you get rent owed for a percentage of what is owed to you (if they ever collect, which is not often. Tenants can just declare bankruptcy and you won’t collect a cent).

The Truth About Landlords Reporting Tenants To Credit Bureaus

To help Toronto landlords we were in touch with credit bureaus and experts such as Transunion and Experian about how landlord credit bureau reporting really works.

Here is what we found

1. How Much Does Reporting To Landlord Credit Bureaus Really Impact Tenant Credit Scores (To Go UP or DOWN )?

It’s really minimal.

I Was Tricked! Reporting Renters To Credit Bureaus Doesn’t Have Any Dramatic Impact!

Some companies want you to think the landlord can report and make a huge change in their Tenants score (both good and bad) to control them but that is false and anyone saying this is a just marketing or isn’t aware of how it works.

How much impact the credit score is dependent on many factors such as the consumer’s existing credit profile (or lack thereof.)

We learned Credit bureau studies all vary in the average amounts of increase in score b/c each study has a different input set

Some companies are trying to market and make you think your can “help” your tenants or “nail” your tenants but this is just marketing…it’s not true.

2. So How Impactful Is Landlords Reporting Tenants To Credit Bureaus in Reality? The reality is that in most cases it’s not dramatic at all!

Landlord reporting won’t make a tenants score go up or down in any dramatic way because it’s just a minor part of the ‘bigger picture.’ If any company says “dramatic” it’s just marketing to get your money.

3. Do Tenants Need To Consent To Be Reported? Yes, You Should!

Most credit bureaus said to be fair and avoid potential issues landlords will have something in their agreements/leases they will inform tenants they can report to the bureaus.

Fair and legitimate companies will ensure landlords get their tenants approval for reporting and be open and transparent on this

4. What Is The Time Frame For Landlords To Report Tenants Who Don’t Pay?

Does reporting payment or non-payment of rent on the 2nd day of the month impact a tenants’ credit score?

No.

This is not true according to the credit bureaus we spoke to.

Landlords will need to report until the tenants rent is 30 plus days due so you can’t just “nail” your Tenant on Day #2 as some people who make money from memberships advertise.

According the the Credit Bureaus we contacted the real system (hidden from landlords) is reporting 90+ days of non payment days to make just a blip of change.

Just Pay Your Membership Fee And Control Your Tenants Lives Forever! Trust Me Just Me, And Don’t Ask Too Many Questions. No Details Coming, Pay Me!!

There is no “You Didn’t Pay Rent So I Can Crush Your Credit Score” or “You Paid I Can Raise Your Credit Score”.

It’s just marketing.

5. How About Marketing Tenant Reporting Will Help Tenants Build Credit?

This is a major marketing tool for some companies to get landlords to pay for the service.

6. Does A Landlord Reporting Rent Is Paid Really Raise A Tenants Credit Score?

Will The Score Go Up By Hundreds Of Points To Really Help Tenants?

No.

This is why if you ask the reporting companies to tell you “how much will reporting help the score” they cannot tell you.

Go ahead and ask them for specifics!

Landlord Reporting For Good Or Bad Has No Dramatic Impact on Tenants! Some Companies Just Want To Make You Think It’s A Great Solution, Tricking Both Landlords and Tenants.

In reality it takes at least a few months for rent payments to even show up on a credit report!

And the only “dramatic” result is if a Tenant doesn’t pay you for 2 years!

Landlord Credit Bureau Reporting – How Much Does Reporting Change Their Score Each Month?

The bureaus told us it’s basically nothing. Many companies advertise to get memberships.

Bureaus told us:

Reporting can marginally influence scores.

According to the Bureaus these companies cannot guarantee or say for what the real impact will be about harming or helping build credit.

If you doubt this ask a “reporting” company claiming this for details.

They cannot guarantee it and often refuse to let landlords and tenants know how they really operate and claim this is private and none of your business (proprietary)

This is why large American landlord groups advise landlords to:

(1) Do A Credit Check

(2) Demand To See 6 -12 Months of Proof of Rent Paid To Last Landlord

They know that credit reporting sounds good but isn’t very effective at all. If you put in the wrong tenants credit reporting is not going to save you. It’s all marketing.

Don’t Believe In Marketing Just To Catch Your Annual Membership Fees!

Comments Off on The Truth About Landlords Reporting Tenants To Credit Bureaus To Impact Their ScoreTags:adrade·credit checks·Equifax·Experian·kayla·landlord credit bureau reporting tenants truth revealed·landlord watch·Landlords Credit Bureau reporting tenants·landlords reporting tenant credit·The Truth About Reporting Tenants To Landlord Credit Bureaus·Transunion

Toronto Landlords TRITON Credit Checks

April 1st, 2021 · Credit Checks, criminal check, landlord credit bureau, landlordcreditbureau, naborly, Ontario Landlord Credit Check, ontario landlord forum, Tenant Credit Checks, tenant screening, Toronto Landlords, Uncategorized

Toronto landlords can join the Ontario Landlords Association for a One-Time Registration Fee & Start Running Credit Checks for Only $9.95/Check From The Leading Background Check Provider In Canada – TRITON!

It used to be you could rely on a handshake or a good chat with your potential tenant and decide to rent to them. The harsh reality is those days are over.

These days stories of landlords who didn’t screen property are over the news. For example, the Toronto Sun reported on a “Deadbeat Tenant Who Left the Landlord $32,000 In The Hole.” This just one of so many stories we are hearing these days.

Make Sure You Choose The Right Tenant

Experienced and successful landlords know renting to a tenant that pays on time and respects you and your rental property is the key to success.

These good tenants lead to a win-win situation for both sides. You provide a high quality home for them and in turn they pay on time time and follow your lease agreement.

As they pay you rent and take care of your property your investment appreciates in price. When your tenants decide to move you can either re-rent or sell for large profits.

Success Or Failure Is Determined By Your Tenant Screening (Before you hand over the keys)

As soon as your tenants move in they have all the power. If you rent to good tenants, that’s fine. However, if you rent to “players” or “professional tenants” it can be a nightmare.

If a tenant doesn’t pay rent or damages your rental property it will take at least six months to get an eviction Hearing at the Landlord and Tenant Board. You will then have to hire the Sheriff to do the physical eviction which can add months of extra non-payment of rent.

Great Tenants Trust Landlords Who Use TRITON For Tenant Screening

Many great tenants are becoming wary of small landlords running credit checks. There have been many shady small start up companies that abused tenants who provided their information to them.

From secret bad tenant lists, to allowing defamatory comments and other shady practices, the best tenants out there want to make sure they are protected.

Run TRITON Credit Checks For Success

TRITON credit checks give you tremendous information to allow you to make the right decision.

You can put your tenant applicants at ease by telling them you are using TRITON. They can go online and see you, their potential landlord, is using a background company that is the leading company in Canada and protects them and their data.

Why We Recommend TRITON

-TRITON has over 50 years of experience in running background checks in Canada.

-TRITON offers services that ensures you, the landlord, and your tenants are protected.

-TRITON credit checks are based on real data from Transunion that you can trust

-TRITON is the leading background check company in Canada and also provides checks for Mcdonalds, Uber, Ontario provincial government, Bell and more!

TORONTO LANDLORDS CAN NOW SHOW YOUR TENANTS YOU ARE A PROFESSIONAL LANDLORD. YOU CAN RUN CREDIT AND CRIMINAL CHECKS FROM TRITON, THE LEADING BACKGROUND PROVIDER IN CANADA.

Comments Off on Toronto Landlords TRITON Credit ChecksTags:Ontario Landlords Association credit checks·TRITON credit checks·TRITON criminal checks

How Much Can Toronto Landlords Raise The Rent in 2021?

August 30th, 2020 · Credit Checks, Landlord Rights, Latest News, ontario landlord forum, Rent Increase Guideline Toronto, Review of the Ontario Landlords Association, Toronto Landlords

Hamilton Landlords Can Raise The Rent By 0% in 2021 (Rent Freeze!)

A report at the Ontario Landlords Association said landlords are shocked at the announcement by the Minister of Housing that in 2021 there will be a “rent freeze” and small landlords will not be able to raise the rent at all!

According the Ministry:

Many Small Landlords Members Are Furious!

In the OLA forums many of members are furious at this. While our members understand the challenges tenants face, they are not happy to have their challenges put on our backs due to lack of government action:

“Why doesn’t the government just help out tenants instead of pushing their policy failures on the back of small landlords?”

“How about stopping our property taxes for a year? How about capping insurance rates and condo fees?”

“I haven’t raised the rent on my long term tenants for years. But now the idea of not being able to is total overreach and frightening for my business.”

How Did They Come Up With This Figure?

The Ontario annual Rent Increase Guideline has always been based on the Ontario Consumer Price Index (CPI). This is a measure of inflation.

It’s calculated monthly by statistics Canada.

So The CPI Is Zero Percent?

No, the 2021 rent increase guideline of 0%is purely political and breaks the current law!

OLA Member Predicted A Rent Freeze August 12, 2020

An OLA member with contacts in the bureaucracy and in the LTB stated this would happen as a political ploy to appease renters who are not getting the support they need in things such as interest free loans and grants.

How can pay for my increased costs when renters aren’t even paying and I can’t increase rent?

The 2021 Rent Increase Is 0%. It’s Unjust and Unfair

Rents are now frozen.

Small Ontario landlords need to raise rents to continue to maintain our safe and attractive properties. Instead of helping tenants in this crisis, the burden being put on struggling small landlords.

This not only unfair, it’s cruel and we call for a re-examining of this ridiculous policy. If the aim is to get every small landlord/investor to sell their units as soon as they can evict their non-paying tenants, it’s great.

Get ready for the big sell-off

If government policy is to promote more great people investing in rentals across Ontario and creating more high quality, affordable housing, it’s a disaster.

Saner heads need to prevail.

If not it would seem to many of our members that small landlords are not welcome in the Province of Ontario.

Wasn’t the Ford PC slogan “Make Ontario Open For Business Again”?

Many landlords and investors are feeling betrayed. Feels like Bob Rae 2.0. And we know what happened during the next election for Rae in 1995.

Comments Off on How Much Can Toronto Landlords Raise The Rent in 2021?Tags:How much can i raise the rent in 2021?·rent increase guideline 2021

Toronto Landlords – Landlord And Tenant Board (LTB) Is Open!

August 10th, 2020 · Credit Checks, Ontario Landlords Association, Toronto Landlords

Toronto landlords have been waiting for months and the Landlord and Tenant Board (LTB) is open at last!

Toronto landlords will be happy to know things are getting better. According to Ontario Landlords Association the Ontario Landlord and Tenant Board is finally open again.

With so many filings cases that were heard before the pandemic will take priority. Many of these cases had already been heard but there wasn’t an eviction because the Sheriff’s Office was closed from March to August.

You can now get a Hearing date to evict you tenant if they haven’t paid you rent or have done damages to your rental property.

While tenant activists are trying to stop Toronto landlords from going to the LTB you have access and finally have access to the legal system.

The Landlord And Tenant Board Is Now Open And Toronto Landlords Can Evict Tenants

Comments Off on Toronto Landlords – Landlord And Tenant Board (LTB) Is Open!Tags:evictions Toronto·Landlord and Tenant Board·LTB

Run Credit Checks For Only $9.95/Check (With Scores)

April 12th, 2020 · credit check, Credit Checks, Latest News

You Can Join the Ontario Landlords Association for a Low One-Time Registration Fee and Start Running Premium Credit Checks for Only $9.95/Check To Find Great Tenants.

With the current crisis going on it’s more important than ever for landlords to carefully screen your tenants. This always includes running a credit check to make sure your potential renters have a history of paying their bills.

When you join our landlord community you get multiple tools for you to succeed during good times and bad. For over a decade the Ontario Landlords Association has been helping small landlords succeed and getting our voice heard at last.

We also want to help tenants and want to have great communication between parties and a “win win” approach. The is why we have our Pay Your Rent Campaign where we encourage tenants to cooperate with their landlord.

Make Sure A Credit Check For $9.95 Is Part Of Your Screening Process

We were the first organization to promote credit checks for small landlords in Canada. We started this over a decade ago! Our partners are very reputable and you can run a check for only less than ten dollars!

There Are Lots Of Great Tenants Out There Looking For a Great Ontario Landlord

Make sure running a credit check is part of your screening. And only for $9.95/check!

Comments Off on Run Credit Checks For Only $9.95/Check (With Scores)Tags:naborly·Ontario landlord credit check tenants·tenant screening toronto·toronto renters

Review of Ontario Landlords Association PROTECTION MEMBERSHIP

January 2nd, 2020 · Latest News, marijuana, Ontario Landlords Association Protection Membership Review, Protection membership, review of ontario landlords assocation

Tenants breaking fixed terms leases, leaving huge damages and clean ups behind, it takes months to get and Landlord and Tenant Board Hearing, and now Tenants can smoke marijuana and grow plants in your rental property. This is one of the most challenging times for LLs in years!

— Toronto Landlords (@Torontolandlord) October 13, 2018

LEGAL MARIJUANA SMOKING AND GROWING HAS ARRIVED AND LANDLORDS NEED TO BE CAREFUL!

Despite our efforts to educate the new PC government they will not help residential landlords.

The Ontario Landlords Association created a huge TAKE ACTION campaign to educate the PC government of Doug Ford on the need to change the rules to protect Ontario small landlords on the issue of the legalization of marijuana in Canada.

It was interesting that the corporate landlords were silent and didn’t join the campaign. It’s a mystery why the large multi-millionaire corporate landlords go along with anti-landlord rules, and have done so for years. Perhaps they have low vacancies and are happy to scare competition away (as who will invest in Ontario under this crazy rules?!)

The Ontario Landlords Association Is Helping Landlords Deal With Legal Marijuana

Since we are receiving no help from the province, landlords are “on our own”.

Fortunately the Ontario Landlords Association has created a very helpful hour long CD created by experienced landlords and property managers. These are experts with “skin in the game” because they are landlords and know what works “in theory” and what works “in reality.” The Ontario Landlords Association Marijuana CD is excellent.

This CD is a comprehensive review of the situation Toronto landlords face. It also provided many ‘Tips and Tricks’ that veteran landlords and property managers have learned over decades of owning and managing residential properties in Ontario.

Review of Ontario Landlords Association Protection Membership

With landlords facing so many challenges these days the OLA has created a new level of membership called Landlord Protection Membership that offers amazing tools and services…and for a low one time registration fee.

As the Ontario Landlords Association is a community group of landlords, many who reply on the rent each month to pay their grocery bills, they work hard to help others. It’s all about helping fellow residential property owners succeed.

For a low one time registration fee you get access to incredible education and big discounts on key services such as credit checks, criminal checks, insurance, property management software and lots more.

The educational materials not only cover cannabis, but the clauses you need to include to protect yourself with the Ontario Standard Lease

Review of the Ontario Landlords Association Protection Membership

It really is an amazing deal! You get more services and discounts than ever before. Make a small investment to help protect your rental business.

Comments Off on Review of Ontario Landlords Association PROTECTION MEMBERSHIPTags:landlord advocacy·Landlord solutions·Review of the Ontario Landlords Association Protection Membership

Toronto Landlords and Marijuana – Take Action To Change The Rules For Ontario Landlords

August 5th, 2018 · grow op, marijuana, Ontario Landlords Association, Uncategorized, weed

Toronto landlords did you know marijuana smoking & even growing 4 plants in your rental property will soon be legal? Are you aware the Residential Tenancies Act (rules/laws) don’t protect you? Are you aware it can take months to evict someone from smoking? https://t.co/tVjIMBGW9d

— Toronto Landlords (@Torontolandlord) August 5, 2018

Toronto Landlords Are You Ready To Deal With Tenants Who Smoke Marijuana and Grow Plants?

Many Toronto landlords are not aware that smoking marijuana will become legal in October 2018. Other provinces have change the rules to protect landlords from this new law from the Canadian government. For example Alberta landlords can ban all weed smoking and growing. And BC landlords can make sure their tenants realize they are not allowed to smoke or grow if the landlord disagrees.

But Ontario landlords are stuck with rules that don’t protect landlords and give tenants the right to smoke and grow weed.

The Ontario Landlords Association protects landlords and is lobbying the new government to change the rules to prevent landlords from facing huge problems with legal marijuana.

You can play a role by “taking action” and showing your support for changes to the laws to protect landlords.

Remember if you don’t speak out we will be stuck with rules that could be a catastrophe for Toronto landlords:

From the Ontario Landlords Association:

Marijuana Will Be Legal In Canada On October 17th, 2018 And The Current Rules Allow Ontario Tenants To Smoke Weed In Our Rentals and Even Grow Plants!

This Will Lead To a Disaster For Ontario Landlords.

Other Provinces Have Made Changes To Protect Landlords…And We Need Changes Too!

Ontario Landlords Need To Be Protected From Tenants Smoking Weed In Our Rental Properties and Growing Marijuana Plants.

We Need To Protect Landlords, Our Tenants, and those investing in rental properties in Ontario!

Let Premier Ford and Housing Minister Clark Know We Need Urgent Changes.

(Click Above To Take Action Against Tenants Smoking Marijuana and Growing Plants)

Comments Off on Toronto Landlords and Marijuana – Take Action To Change The Rules For Ontario LandlordsTags:evictions·landlord advocacy·smoking

Review of Ontario Landlord Knowledge Vault for Toronto Landlords

May 23rd, 2018 · Condo landlords, credit check, Landlord Help, Ontario Landlord Knowledge Vault, Ontario Landlord Knowledge Vault Review, Ontario Landlords Forum

Toronto Landlords Know Running Your Rental Business Is Becoming More Complex Every Month. Now Get Advice and Strategies from Successful and Experienced Ontario Landlords and Property Managers to Help You Succeed

The Toronto condominium market is still hot these days while other areas in Ontario have cooled down. More and more people are coming to Toronto from around the world and want to live near their jobs, good shopping and convenient public transport.

With more people wanting to move to Toronto it’s been a good opportunity for landlords and investors as there are lots of good tenants out there. However, things are not 100% rosy and there are potential pitfalls that all small landlords need to be aware of. This is why it’s even more important than ever to become an EXPERT ONTARIO LANDLORD.

Rent Controls Now Apply To New Rental Units

Before April 2017 new rental units that were built after 1991 were exempt from rent control. This rule was created to encourage more people to become landlords and to encourage the building of more rental buildings. After all, any smart business person knows that to run a successful business you must increase your revenue when costs rise.

Now things have changed and landlords with post 1991 rental units now stuck with raising rents only according to the flawed Ontario rental guideline.

Bad Tenants Can Manipulate the System and End Up Costing You Tens of Thousands of Dollars

We have seen some major media stories of bad tenants causing huge problems for landlords. These problems range from not paying rent for months, to trashing properties, to physically assault their landlord, to even murdering their landlord. While the most extreme cases are rare, others such as non-payment of rent and creating expensive damages are more common.

Good Tenants Are Looking For Knowledgeable Landlords Who Know The Rules and Follow Them

Tenants with good screening qualifications have a lot of choices in Toronto. Because landlords are looking for these types of qualified tenants it means you need to meet what they are looking for.

Besides a great property at a competitive price many highly qualified tenants are looking to rent from knowledge Toronto landlords.

They don’t want to waste their time dealing with landlords who don’t know what their tenants rights and responsibilities are. If any issues arise they want their landlord to be a “professional landlord” and know how to deal with the issue quickly and correctly according to the laws of the Ontario Tenancies Act and the Ontario Landlord and Tenant Board.

Tenants Worry About Renting From Landlords Who Are Ignorant of the Rules And How To Handle Any Potential Problems

As one Ontario Landlords Association member who successfully rents out a number of condominium wrote on the OLA forum:

As a landlord for nearly 30 years even I have to admit there are a lot of good tenants out there. They are very busy people and when they see my units they often have a list of good questions to ask me. I am ready to answer them in a clear and concise manner.

I also let them know about my experience as a Toronto landlord and my knowledge of the rules and regulations.

So many applicants tell me there are so many “newbie” landlords who don’t have clue about how things work and tell me they appreciate the fact that I’m an OLA member and know how to handle anything that comes up in a fair and legal manner. If you want to rent to highly qualified renters make sure you let them know they are going to deal with a ‘pro’ and not somebody who says “I’ll kick you out” for even the most basic, simple tenant request.

Part of becoming a successful landlord in Ontario these days is to let tenants know you take it seriously and you won’t believe how many will want to rent to you, as they don’t want trouble and worry about “bad landlords”.

You can now join the Ontario Landlord Forum for a low one time fee!

How Can Toronto Landlords Get Help?

There a lot of people who aren’t experienced landlords offering “help” these days. They make you believe they have a ‘magic wand’ if you pay enough to them. There are others who act as experts just to pump themselves up.

The reality is there is no ‘magic wand’ and successful landlords must rely on smart strategies and deal with situations correctly.

There Is So Much Bad Information Out There

In the extremely complicated situation Ontario landlords face, many are looking for help and advice. OLA members often discuss how much misinformation there is out there!

From real estate agents who offer guides that are unhelpful and dangerous to bloggers who aren’t even landlords telling what to do to forums where spam bots keep writing about “landlord issues” for SEO purposes, to so called ‘experts’ who will charge you thousands of dollars and are great at marketing themselves but offer no guarantees of results.

Things are Even MORE Unfair For Small Landlords Now!

The reality is many people have already invested in rental or investment properties. Even more people are investing in Ontario rental properties in 2017. The rules have changes and things are even more unfair for landlords and these same rules leave you wide open to unethical tenants who know how to abuse the system.

Ontario Landlord Vault

Finally, small landlords have a place to find answers their questions and advice on how to deal with situations. It’s the Ontario Landlord Knowledge Vault.

The Ontario Landlord Knowledge Vault Was Created By Successful & Experience Ontario Landlords & Property Managers to Help You Succeed

When landlords have trouble it’s hard to know where to turn. There are people out there claiming to help you but do they really know what they are doing? The risks of making a “wrong move” can end up costing you tens of thousands of dollars.

The Ontario Landlord Vault isn’t legal advice and it’s not written by lawyers. The tips and strategies are from experienced and successful landlords who have “walked the walk” and not just “talk the talk.”

The Ontario Landlord Vault Helps Landlords Along with credit checks, criminal checks and using the right documents, The Ontario Landlord Vault will help you as a Toronto Landlord.

Comments Off on Review of Ontario Landlord Knowledge Vault for Toronto LandlordsTags:landlord advocacy·Landlord and Tenant Board Ontario·landlord answers·landlord questions·N11·N4·N5·Ontario Landlord Knowledge Vault Review

Ontario Rent Increase Guideline for 2018 (And Post-1991 Properties Are Now Covered!)

January 6th, 2018 · Landlord Help, Ontario Landlords Association, Rent increase 2018, Rental Fairness Act, tenant screening, Toronto Landlords

Toronto Landlords Can Raise the Rent By 1.8% in 2018 & Now Many Properties Formerly Exempt Are Under the Guideline

Successful Toronto landlords know the importance of owning safe and attractive properties to rent out. If you have safe and affordable properties you will be able to attract the good tenants out there.

And the good news is there are lots of really good tenants in Toronto in 2018. However, there are also lots of ‘pro tenants’ out there who know how to manipulate the unfair and biased rules against Ontario landlords.

How Important Is It To Rent to Good Tenants?

It’s really a key if you want to be a successful and profitable landlord. A good tenant will pay their rent on time without any confrontation. They will also treat their landlord (you) with dignity and respect. They will take care of the rental property and avoid damages beyond normal wear and tear.

By renting to good tenants there will be no needless arguments or disputes as both you and your good tenant have the same goal: to have a stress-free, non-confrontational business relationship.

What Can Happen If You Slip Up And Rent To a Bad Tenant?

Many new, inexperienced landlords will say “sure a bad tenant can be a pain but how bad can they really be? There are laws you know!”

For us old-time Toronto landlords this leaves us shocked and awed. Bad tenants can lead to more headaches and destruction than many newbie landlords can imagine and the law doesn’t truly protect us in Ontario.

Bad Tenants Aren’t So Bad, Right?

Let’s look at what happened to this Ottawa landlord recently. Just in case you are thinking “if I rent to a bad tenant it can’t be THAT bad, just a bit of a pain.” It this considered a bit of a pain?

The landlord trusted the City of Ottawa and the Salvation Army to introduce a good tenant to him and monitor the tenant weekly. And then this happened after tenant didn’t pay rent and finally vacated the property:

If you are the landlord and rent to this type of bad tenant get your gloves on and get ready to be smelling and cleaning a lot of sh**. But bad tenants are that bad, right. We guess so if you like scrubbing and cleaing.

Did you buy a nice new stainless steel fridge for your rental? Did you go for Samsung or LG? You wanted a nice upper grade model to make your tenant happy right?

A bad tenant might leave a few belongings around, right? They would never use your rental property as a garbage dump! That’s only right wing angry landlords who say that, right?

How about that new stove you put in your rental? Did you ever expect to have to wear a mask to come and clean it?

Ontario Rent Increase Guideline 2018

According to the Ontario Landlord Association landlords can only raise the rent by 1.8% in 2018. And with the Rental Fairness Act from April 2017 coming into play even if your property was built after 1991 you are still covered under rent control.

Toronto Landlords 2018

Toronto landlords you can only raise the rent by 1.8% in 2018. Does this cover your growing costs? And if you rent inclusive of power you cannot raise the rent above the guideline.

Comments Off on Ontario Rent Increase Guideline for 2018 (And Post-1991 Properties Are Now Covered!)Tags:bad tenants·landlord advocacy·Ontario Landlord Forum

Toronto Landlords Are You Covered By The Rent Increase Guideline (If you are it’s only 1.5% in 2017)

January 1st, 2017 · 1991 rent exemption, Latest News, Ontario Landlords Association, Toronto Landlords, Toronto tenants

Rent Increase Guideline 2017 – Ontario Landlords Can Raise The Rent By 1.5 Percent

We have heard from a lot of landlords in Toronto who doing very well these days. And why not with houses appreciating at a record rate and lots of good qualified tenants out there looking for good landlords and great properties to rent.

According to CMHC the average Toronto detached home is now worth over well over $1,000,000. With prices appreciating many people who never expected to be a landlord are buying investment properties and renting them out. The tenants pay your mortgage and after a few years you can sell for a nice juicy profit.

Condo Investors and Landlords

A lot of readers are these people who have jumped into the market. Many have invested in condos and become “condo landlords”. There is also good news for these Toronto landlords. According to the Toronto Star condo prices could jump by $60 a square foot in 2017. More and more people view investing in a Toronto condo as a smart investment strategy.

Challenges For Toronto Landlords

While there is a lot of good news for landlords you still need to be very careful. There have been lots of stories about “tenants from Hell” and this means you need to screen tenants carefully.

For example, CBC news had a series of new stories about a “well dressed” tenant who caused lots of grief for his landlord. This professional tenant ended up costing his landlord tens of thousands of dollars and took many months to evict. There was even an alleged assault involved and the tenant was charged.

Experienced and successful Toronto landlords know that there are lots of great tenants out there who want to rent a well-maintained and affordable rental property. But you need to be careful because there are also “professional tenants” who can manipulate the system and end up costing you thousands of dollars in losses (and months of sleepless nights).

Make sure you screen your tenants carefully, including running a landlord credit check, before signing the lease and handing over the keys!

Safe Rental Units

It important to make sure your property is up to code and safe. Newmarket landlords are taking the lead in this regard as their city even has a way to ‘register’ a basement apartment as safe and legal.

Landlord and Tenant Board (LTB) Fees Have Gone Up

If you do rent to a bad tenant you will go to the Landlord and Tenant Board (known as the LTB) to try to evict them. Many landlords are not happy with the long process required to evict a tenant who isn’t even paying rent.

LTB Fees Are More Expensive in 2017

According to the Ontario Landlords Association LTB fees are going up 2017. This means a cash-strapped landlord will have to pay even more just to begin the process of trying to evict a bad tenant.

Ontario Landlords Can Raise the Rent 1.5% in 2017

Ontario landlords are usually covered by the annual rent increase guideline. This is comes from the provincial government and is usually announced every June. It informs residential landlords how much they can legally raise the rent in a given year.

Are Covered By The Rent Increase Guideline?

Many small residential landlords who only own or or two units believe the 2017 rent increase is far too low and unrealistic. They say the cost increases of maintaining their rental unit in good condition is far more than only 1.5% of what their tenants pay in rent.

The good news is many readers might not be covered by the low rent increase guideline of 1.5%. The rules are a bit tricky but there is a good article here and you can check out the Ministry website or call them for details.

The key thing most landlords should look at is you may be except from the guideline if “No part of the building was occupied for residential purposes before November 1st 1991.”

Here are the general thresholds to see if you are not covered.

1. The rental was not occupied for any purpose before June 17th, 1998

This means your rental property was built after June 17th, 1998 or you have built a new unit in your property that was never occupied before June 17th, 1998.

2. The rental unit was never previously rented since July 29th, 1975

This means only the owner has lived in the property since the date of July 29th, 1975.

3. No part of the building was occupied for residential purposes before Nov. 1st 1991

This means the property was converted from commercial to residential or was not built or occupied until after November 1st, 1991.

Make sure you contact the LTB for more information if you have questions about whether or not your rental property is exempt from the annual rent increase guideline.

Toronto Landlords Success in 2017

Things are looking good for people who have invested their hard-earned savings and become landlords in Toronto.

Make sure you are a professional and service oriented landlord who knows the rules and procedures of the LTB and the Residential Tenancies Act.

If you are going to raise the rent make sure to check if your rental property make sure you check because your Toronto rental property might be exempt from the annual rent increase guideline.

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