tenant refuses to pay rent, hardworking owner is out of luck

[IM469]

I voted for FORD 2x. I have always voted Conservative. It is truly sickening that a majority government has done NOTHING to fix this board. Is his government [ FORD ] so stupid that they do not realize that this ridiculous situation is exacerbating the rental housing situation - how many units are being held off the market or not being built because of this . I never thought I would say this but OLIVIA CHOW is far smarter and far more competent than FORD even though I do not agree with many of her policies.

Ford removed rent control on newer buildings so that many tenants were suddenly facing a 25% rent increase. If you are a renter and are forced to move, you are looking at a hunk of money for moving expenses even if you find a comparable location to move. It gives greedy landlords an advantage over their tenants. It seems the Landlords and Tenants Board has been screwed over by every premier. Nobody really sees it and it's low political risk because people tend to blame either bad tenants or bad landlords but not the government for not giving it the tools to work effectively.

I'm not a fan of Ford but the reality is that I hate politicians. I admit the Olivia Chow has surprised me also. She seems level headed and will work with any politician of any party for Toronto interests.

 

[Jubee]

I admit the Olivia Chow has surprised me also. She seems level headed and will work with any politician of any party for Toronto interests.

But from what I've read about her, she'll still do things her way. Not sure if "level headed" applies. lol

 

[Anbarandy]

There could be some issues with your idea.

Most of or some people are financially not competent enough to save 5%, have the means to afford a mortgage payment and other associated cost of home ownership, may not be economically viable risk for bank to offer a mortgage, and many other reasons.

This is where investor step in and buy the condos or duplex a house to those who are not able to get a mortgage for whatever reasons.

You can limit investors from buying properties but then it would limit the amount of new rental available or to increase. Government while having lots of bucks is slow as fuck and would not be able to execute as fast as private investors.

Banks would have to go through the same process as regular landlords. Perhaps they could have more flex since they have massive legal department and influence but they still have to go through the process.

The LTB is a lefty government organization which doesn't take a reasonable fair stance. Lots of anecdotal evidence that supports unreasonable delays in eviction for tenants that would be deemed irresponsible by most. Though it wasn't as bad pre COVID it was a progression of feels before reals that made my decision of exiting the rental game. The writing was on the wall back in 2010.

Most shoe box condos in Toronto are up for sale are rentals that don't cash flow. Owner would rather let them sit and lose money then have a nightmare tenants as the ones depicted in the thread. Other rental properties such as multi unit are sitting as well. They don't cash flow at today's rates especially in the commercial game which has much higher rates. Even if banks get them out they won't sell at to big of a loss. They can't.

Honestly I think Canada is fucked short term say 10 years. It would require systemic change on a massive scale to effect the housing market. Private investors would need low rates to facilitate building, lower fees from municipalalities and shortened permitting times and bureaucracy, revamped tenant laws to make any dent to sway investors. Investors want to make money and have no issue allocating resources if they get a return on investment if it's a reasonable risk. Currently the risk is not worth it when it's not cash flowing, and the tenant laws being so one sided.

As for the homeless, it's going to get so much worse no matter how much money is thrown at it. When you give people free shit there is no incentive to improve. They do not understand the relationship between money, time, effort and grind to actually earn it yourself.

I'm a big fan of institutionalization of people who are unable to be responsible for themselves. It's a slippery slope though deeming who is competent or not but what alternative do we have as a country when people left to their own choices make such bad decisions and don't have skills to change their life.

The above is a prime example of why investors should be "taxed" the hell out of, way, way out of going anywhere near the residential housing market ever again.

 

[Jenesis]

I say fuck the law in this case. I would shut off the water and the lights and the heat - whatever I had control of. . I would change the locks. Furthermore if she has a car it would be damaged beyond repair. If necessary I would release rats or snakes into the unit a regular basis. I would be more than willing to take my chances with the law. One way or the other she would be out.

Laws are only there to prevent you from doing things that you are not willing to pay the consequences for. Some things are worth paying the consequences. This would be one of them.

 

[Jenesis]

Just reverse squat them.

Once they leave the home, enter YOUR property and remove their belongings. If possible switch the locks. When they return f* them. They want to fight about it, lets go.

This too. Most of these people won’t bother to take you to court anyways.

 

[Leimonis]

This too. Most of these people won’t both to take you to court anyways.

Tenant will call police and landlord will be fucked

 

[Jenesis]

Tenant will call police and landlord will be fucked

Meh - I’ll take 30 days in jail over 4 years of no rent.

 

[angrymime666]

The above is a prime example of why investors should be "taxed" the hell out of, way, way out of going anywhere near the residential housing market ever again.

So who is going to provide rental housing?

 

[Anbarandy]

So who is going to provide rental housing?

The current crop of investors/profiteers must be made to bleed out before any meaningful change can occur.

 

[Leimonis]

The current crop of investors/profiteers must be made to bleed out before any meaningful change can occur.

what would be a meaningful change?
If a person A wants to live in a condo building in a rented condo, should they be allowed to do so or should they only be allowed to live in rental apt buildings?
And if they should be able to rent a condo, how long should they be able to stay there if they stop paying? I am just curious what is the right amount of time in your opinion

 

[drewstar]

The system is broken. Just one of many in this shythole country. Lets call this for what it is in many parts of the world - RENT THEFT. Landlords are not a charity. I have been a tenant before and also a home owner. The laws here like many things do not enforce ACCOUNTABILITY. That is one reason why our GDP is terrible and trending strongly in the wrong direction.

Ford is the least insane of the prominent Onterrible parties but he is a closet Liberal who sways in whatever direction the wind blows.

If you screw landlords via professional tenants, less rental units will be available meaning the demand remains the same but supply is less. Basic economics means prices will go up. Everyone loses here.

 

[tastingyou]

The system is broken. Just one of many in this shythole country. Lets call this for what it is in many parts of the world - RENT THEFT. Landlords are not a charity. I have been a tenant before and also a home owner. The laws here like many things do not enforce ACCOUNTABILITY. That is one reason why our GDP is terrible and trending strongly in the wrong direction.

Ford is the least insane of the prominent Onterrible parties but he is a closet Liberal who sways in whatever direction the wind blows.

If you screw landlords via professional tenants, less rental units will be available meaning the demand remains the same but supply is less. Basic economics means prices will go up. Everyone loses here.

This is a pathetic situation - SHAME ON FORD !!! This type of situation leads to potential violence and disrespect of the law and breaking the law. This ridiculousness should relatively easily fixable if it was on the government agenda.

 

[onomatopoeia]

I'm wondering why the landlord in the post #1 video doesn't just wait until the woman leaves the unit, then he gets the locks changed. He then tells her that keys to the new locks will cost $41,000, plus HST.

@farquhar : Many newly built condos are poorly constructed, particularly in and around the windows. The buildings aren't intended to be permanent structures; they have a planned obsolescence period in which they will remain habitable for 25 - 40 years, tops.

It's effectively less expensive to the building owner to scrimp on construction expenses than to have to make costly repairs to extend the building's viability by a few years. By the time the building is ready to be torn down, the appreciation in the value of the land should be more than enough to cover both the demolition and rebuilding processes, and there will be tax incentives to do both.

Tenants who bought condos with the belief that they had acquired a permanent residence will find that their homes have become uninhabitable right around the time they make their final mortgage payment. It's a win for everyone involved in the process, (ie: land/ building owner, the bank, the construction and demolition companies and the Syndicate which collects a tax on concrete), except for the condo owner, who effectively rented the unit for 20+ years, while its resale value declined to nothing.

 

[Sonic Temple]

 

[coolmanfever]

I have a investment property that the tenant lives in and he is 3 months late with rent payment. I served him n4 and n8 but the earliest time the landlord board will look at is Dec. Wish me luck guys

 

[farquhar]

I have a investment property that the tenant lives in and he is 3 months late with rent payment. I served him n4 and n8 but the earliest time the landlord board will look at is Dec. Wish me luck guys

Are you able to cover the mortgage? How much money are you losing month-to-month?

 

[coolmanfever]

Are you able to cover the mortgage? How much money are you losing month-to-month?

Yeah I can cover mortgage. Negative cashflow. Losing 2k a month. One reason I hobby less now beside inflation of sp rate

 

[DesRicardo]

Disgusting

 

[Jubee]

Disgusting

Don't worry the government is going to come in when it's supposed to and make some crazy wild changes to the laws, in other words, "let them cook".

 

[DesRicardo]

Don't worry the government is going to come in when it's supposed to and make some crazy wild changes to the laws, in other words, "let them cook".

BC has already waved the white flag and will be offering renters insurance to landlord.

It less risky for landlords to just pay the vacancy tax.