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In our last post we talked about the new rules established on September 1, 2017 in Ontario, involving the eviction of tenants for personal use of a condo unit. In this post we will discuss the new rules from the view of the tenant and the landlord. For fair and lawful condo property management services in Toronto, call Mareka Property Management today.
The new rules and regulations from the Fair Housing Plan are not in place for the benefit of the landlord. Property owners don’t want to commit to long-term agreements that may prohibit their rights as owner.
Having property on the rental market, such as condominiums, can be risky, especially since there are several other expenses to consider. These other expenses include
All of these costs increase every year, making it challenging to budget in in a city like Toronto.
Not only are there the financial risks involved with condo property management, there is the possibility of renting to a problem tenant. This can include tenants refusing to clean their condo unit, or damaging the unit or appliances in some way. There are also tenants that stop paying rent or regularly miss the payment date.
While many condo property management companies, like Mareka, have screening processes to weed out potential bad tenants, sometimes they slip through the cracks. The new rules and regulations restrict how landlords and property managers can handle bad tenants, making it harder for them to do their job. Evicting any tenant still requires a hearing with the Landlord and Tenant Board, and it’s a long, and often frustrating, process. While the new rules only apply to evictions in which the landlord wants the unit for personal use, many still feel that these stricter rules are an attack on their rights property owners.
Technically, tenants are customers; the owner of the condominium is not simply a property owner; but also a business owner. The condominium owner has chosen to start a business that provides a service to customers, in this case a home. For most other businesses, there are laws and regulations in place to ensure that the business is held accountable to its customers. Being a landlord or property manager is no exception.
Not every property owner is a landlord – in fact many property owners hire property management companies to handle the day-to-day tasks that come with a condominium; becoming a landlord is a choice. To tenants, the landlord and property manager need to meet a standard of service and abide by code of conduct that meets the business.
The code of conduct for chartered for other business restricts them from misinforming their customers. If a tenant has an agreement with condominium to provide said tenant with a home, the condominium must adhere to that agreement, especially if the tenant has done nothing to breach their contract.
While the costs of operation are bound to fluctuate over time, property owners and managers must deal with the rising costs just as every other business does. It is not the responsibility of the customer, in this case the tenant, to be unjustly held responsible for the increase in market value. In short, tenants just want their landlords and property manager to act like a trustworthy, professionals. If in Toronto it takes government regulation to make that happen, then so be it.
Many property management companies in Toronto, like Mareka, are hired to ensure that condominiums operate efficiently and to government regulations. This includes the eviction of tenants. If the property owner for whatever reasons decides they require other use for a condo unit, they must do so in a way that adheres to Ontario law.