Showing posts with label rental-market. Show all posts
Showing posts with label rental-market. Show all posts

Thursday, April 13, 2017

Real Estate Prices continue their upward march in March of 2017

Greetings from Fabulous Mississauga!
  • The average selling price last month was $916,567 (it was $688,011 in March of 2016 - over 30% increase year over year), and it was $876,186 the previous month.see graph of prices here
  • Greater Toronto Area REALTORS® reported 12,077 residential sales through TREB’s MLS® System in March 2017. This result represented a 17.7 per cent increase compared to the 10,260 sales reported in March 2016.
  • The Bank of Canada Prime Lending Rate now stands at 2.70% steady (since July 2015) read more

The statistics for last month are out, the figures for previous month are out and average GTA sale price and volumes continue to be at or near all time highs, see this page for latest market stats and results from the previous month


Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1
BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Monday, March 10, 2014

Landlord and Tenant Property Insurance Reminder

This is a reminder for Tenant Property Insurance
 
Hello!
 
If you are an owner of a condominium townhouse or a high-rise condominium, you too want to make sure that your insurance on your investment property is active.  The reason you need insurance is because the tenants package only covers the tenants contents and the condo insurance typically only covers to middle of the exterior walls.  As an owner, you need insurance to cover your appliances, flooring, walls, drywall, cabinets, bathrooms etc. in the event of a loss.
 
Also, if your loss in your unit or property creates a loss in other units adjacent to your unit then you need insurance for that too.  This can get very expensive. 
 
If you are a tenant, you need to read this below! 
 
I recently heard that a small fire this past New Years' Eve in the bedroom of a condominium townhouse created a huge personal and financial loss for the tenant living in the property.  The reason for the loss was the tenants insurance policy had expired and the tenant did not renew the insurance for another year because the tenant wanted to save about $225. 
 
This tenant is now out of pocket over $25000, had to move somewhere temporary for 3 months which cost additional money and the tenant lost all her belongings and furniture due to this oversight!
 
This email is not meant to scare you, it's a friendly reminder for you. 
 
If you are a tenant you must confirm that your insurance policy is currently active and keep your tenants package for your personal property and legal liability insurance policy in full force and active.
 
If there is a fire or flood and you lose some or all of your belongings you need your own insurance coverage and policy.  Also, if you cause the fire or flood and if this loss creates damage or a loss in other units or properties adjacent to your unit or property then you need insurance for that too.  This can get very expensive. 
 
Please verify your insurance policy is active and that you have a tenants insurance package that covers your contents and at least $1million liability insurance that is current and active. 
 
Thank you, 
Mark
 
 

Wednesday, January 29, 2014

Ontario Apartment Vacancy Rates are up slightly according to CMHC

The Ontario Apartment Vacancy Rates are up slightly according to CMHC from early 2013

According to Canada Mortgage and Housing Corporation’s (CMHC) Spring 2013 Rental Market Survey, Ontario vacancy rates edged higher to 2.6 per cent in April 2013, up from 2.3 per cent in the spring of 2012.

With the universe of purpose-built rental units remaining unchanged, demand factors were entirely at play impacting vacancy rates this spring. Vacancy rates moved higher for bachelor (2.7%), 1-bedroom (2.7%) and 2- bedroom (2.5%) apartment units while remaining stable for three bedroom (2.2%) units.

See the image below for vacancy rates across the province

Mark


 


Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1
BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Thursday, April 18, 2013

Real Estate Rental Market Update GTA and Mississauga 1st Quarter 2013

This is the latest report regarding rentals for the GTA in the first quarter of 2013

Number of rentals are up and so are average rental prices. see the full report below.



GTA REALTORS(r) RELEASE RENTAL MARKET REPORT

TORONTO, April 16, 2013 - Greater Toronto Area REALTORS(r) reported a substantial increase in the number of condominium apartments rented through the TorontoMLS system in the first quarter of 2013.

There were 4,277 condominium apartments rented - up by almost 13 per cent on a year-over-year basis.

The total number of rental properties listed on TorontoMLS during the first quarter was up by more than 25 per cent year-over-year to 8,816.

"Demand for rental condominium apartments remained strong during the first quarter of the year. People looking for higher end rental accommodation, including those who have temporarily put their decision to purchase on hold, were likely driving rental activity during the first three months of the year," said Toronto Real Estate Board President Ann Hannah.

The average monthly rent for one-bedroom condominium apartments in the first quarter was $1,597 - up by almost four per cent compared to Q1 2012. The average two-bedroom condominium apartment rent was up by slightly more than one per cent over the same period to $2,114.

"The rental market has remained quite tight over the last year. Competition between renters has been strong enough to drive increases in average rents.

However, growth in the number of units listed outstripped growth in the number of rental transactions in the first quarter, suggesting that renters benefitted from more choice. If this trend continues, the pace of rent growth could moderate," commented Jason Mercer, TREB's Senior Manager of Market Analysis.














I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
BUS 905-828-3434
FAX 905-828-2829 CELL 416-520-1577
mark@mississauga4sale.com
Mississauga4Sale.com

* Thinking of selling your home in the next 3 to 6 months? Would you
like a Complimentary & Quick Over-The-Net Home Evaluation ?
www.mississauga4sale.com/internet-evaluation.htm


* Power of Sales and Foreclosures
www.mississauga4sale.com/Power-Sales-Bank-Sales-Alert-Request.htm


* If you have not already signed up to receive my monthly real estate
newsletter, you may do so here: On-Line Real Estate Newsletter sign up
www.mississauga4sale.com/popupquestion.htm


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www.mississauga4sale.com/TREBprice.htm


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www.mississauga4sale.com/Calendar-Order-Form.htm

Monday, April 08, 2013

Mississauga Condo rental properties - does supply determine market value rent?

Rental properties - Does supply of properties affect their demand
The supply and demand for rental properties determines the market value rent. I've written a little about rental prices in the past at my blog, see one post here.

http://blog.mississauga4sale.com/search/label/rental-market

The supply of condos is quite high at the moment, meaning that this may put downward force on rental rates for condos, not upward. TREB feels that the higher inventory has not had a negative effect on the rental market rents.

The trend for condo rental prices has generally been up for the past 10 years, similar to the sale market. Unfortunately, prices have escalated far more than rental rates and therefore, even with our current low interest rates, you need to put a much larger percentage downpayment now on a condo in order for the rent to carry the carrying costs.

Please let me know if you have any other questions or require further
information.

Thank you,

Mark

Saturday, March 09, 2013

Toronto and Mississauga rental market report shows Strong Growth in Rental Transactions Listings in Q4 for 2012

Below is the report and a chart showing average prices etc. for the rental market in the GTA for the 4th quarter of 2012

The number of rental transactions is up about 13% year over year

One bedroom units are up about 4% to an average of $1626 per month 2 bedroom units up 2% to $2088 per month

TREB feels that although there are more condos on the market for rent they feel there are no indications of oversupply given that rental increases are continuing at or above inflationary figures.

All the best!
Mark




 







Strong Growth in Rental Transactions/Listings in Q4

Toronto, January 11, 2013 - Greater Toronto Area REALTORS(r) reported 3,648 rental transactions for condominium apartments through the TorontoMLS system in the fourth quarter of 2012, up 13 per cent from the 3,234 rentals reported during the same period in 2011. The number of units listed for rent
at some point during the fourth quarter was up by close to 18 per cent on a year-over-year basis.

"The number of rental transactions through the TorontoMLS system has been growing quite strongly over the past year, as many renter households are attracted to investor-held condominium apartments and townhomes that offer modern finishes and amenities in popular areas throughout the Greater Toronto Area," said Toronto Real Estate Board (TREB) President Ann Hannah.

One-bedroom and two-bedroom apartments accounted for the vast majority of transactions. The average one-bedroom rent was up by more than four per cent annually in the fourth quarter to $1,626. The average two-bedroom rent was up by almost two per cent to $2,088.

"The rental market became better supplied in the fourth quarter compared to the same period in 2011 as growth in listed units outpaced growth in sales. With strong new condominium apartment completions over the past year, investors with a longer term investment horizon chose to rent their units rather than sell," said Jason Mercer, TREB's Senior Manager of Market Analysis.

"While the condo rental market became better supplied in the fourth quarter, there are no indications of oversupply, given that rent increases continued at or above the rate of inflation," continued Mercer.

Wednesday, March 06, 2013

Bank of Canada Interest Rate announcement March 6, 2013

The Bank of Canada just announced they are keeping the prime rate at 1% meaning that the prime lending rate stays at 3%

This is historic news, this is the longest stretch that the Bank of Canada has kept it's rate this low.  It's been at 1% since the fall of 2010!

Read more at this link

See current rates at this link

Full aannouncement is below

Toronto Real Estate Board (TREB) Average Prices and Graph


Ottawa - The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.




The global economic outlook is broadly consistent with the Bank’s projection in its January Monetary Policy Report (MPR). Global financial conditions remain stimulative, despite recent volatility. In the United States, the economic expansion is continuing at a gradual pace and private sector demand is gaining momentum. Fiscal drag in the United States over the next two years remains consistent with the Bank’s January projection, although it is likely to be more front-loaded as a result of sequestration cuts. The recession in Europe continues. Growth in China has improved, while economic activity in some other major emerging economies is expected to benefit from policy stimulus. Commodity prices have remained at historically elevated levels, although persistent transportation bottlenecks are leading to continued discounts for Canadian heavy crude oil.



Canada’s economy grew by 0.6 per cent at annual rates in the fourth quarter of 2012, with solid growth across most domestic components of GDP offset by a sharp reduction in the pace of inventory investment. The Bank expects growth in Canada to pick up through 2013, supported by modest growth in household spending combined with a recovery in exports and solid business investment. With a more constructive evolution of imbalances in the household sector, residential investment is expected to decline further from historically high levels. The Bank expects trend growth in household credit to moderate further, with the debt-to-income ratio stabilizing near current levels. Despite the expected recovery in exports, they are likely to remain below their pre-recession peak until the second half of 2014 owing to restrained foreign demand and ongoing competitiveness challenges, including the persistent strength of the Canadian dollar.



Total CPI inflation has been somewhat more subdued than projected in the January MPR as a result of weaker core inflation and lower mortgage interest costs, which were only partially offset by higher gasoline prices. Low core inflation reflects muted price pressures across a wide range of goods and services, consistent with material excess capacity in the economy. Core and total CPI inflation are expected to remain low in the near term before rising gradually to reach 2 per cent over the projection horizon as the economy returns to full capacity and inflation expectations remain well-anchored.



Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate at 1 per cent. With continued slack in the Canadian economy, the muted outlook for inflation, and the more constructive evolution of imbalances in the household sector, the considerable monetary policy stimulus currently in place will likely remain appropriate for a period of time, after which some modest withdrawal will likely be required, consistent with achieving the 2 per cent inflation target.


For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1
BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Friday, November 11, 2011

What happens if I want to break my lease?

I had a question from a tenant about breaking a lease and wanted to share my answer with you.

What happens if I want to break my lease?

The question was: I wanted to ask you what are the consequences to breaking the lease? I didn't see anything specific on the lease we have with the landlord and wanted to know.

Thanks

J

My answer was:
Hi J,

There are a few options available to you.

Typically, you can't break a lease, unless you and landlord agree to penalty which is typically 2 months rent. I've even seen more than this amount, but 2 months is typical. The reason for a penalty is that it causes much aggravation for the landlord plus the landlord needs to re-rent the unit and this typically costs the landlord one month rent plus 13% HST on the one month commission so the landlord needs to recover their costs to re-rent the unit.

The whole point of you signing a 1 year lease or longer is so that you have 'security of tenancy' meaning that you cannot be removed from the unit during the term of your lease (unless for something like a flood or fire or extreme emergency major renovation, but you still have first right to re-enter the unit once it's ready) AND your rent is fixed for the duration of the term. These are two very important points in your favour as a tenant.



There are many others, but these are the major reasons for a fixed term lease.


The other option to get out of your lease is to assign the lease to someone else who will live in the unit or for you to sublet the unit to someone else. If you find a tenant who wants to live in the unit for the balance of your lease and the landlord agrees to accept that new tenant (after a credit and reference check) then that person can move into your unit and the new tenant will pay the landlord, this is s sublet. You are still ultimately responsible for the rent payment if the person who sublets doesn't pay, but that doesn't happen too often.

If you assign your lease to another person and they move into your unit, then your lease is void and you are not responsible any time in the future.

If you leave in the middle of your lease, the landlord can easily take you to court, even if you don't attend court, they will obtain a judgment in favour of the rental amount and the landlord can serve that judgment on your place of work and garnish your wages. They can also lien your vehicle and other remedies, I'm not an expert, but these are some of the options available to the landlord.

If you absolutely must break your lease, the best course of action is to give plenty of notice, pay a penalty for breaking the lease early and move on OR stay to the end and give your proper notice.

I hope that this helps!

Please let me know if you have any other questions or require further information.

Thank you,

Mark

 

Tuesday, September 20, 2011

Toronto and GTA Real Estate rental market figures September 2011

GTA REALTORS® RELEASE RENTAL MARKET FIGURES

Toronto, September 19, 2011 — Greater Toronto REALTORS® reported 6,933 apartment lease transactions through the TorontoMLS® system in the May through August 2011 period. This represented an 11 per cent increase compared to the same period in 2010.

The number of units listed during the period was also up, but by a lesser rate of four per cent compared to 2010.

“Condominium apartments represent a very important component of the rental housing stock in the GTA. We have seen very little purpose-built rental apartment construction over the past few years. This means that people looking to rent an apartment with modern finishings and amenities have by and large turned to investor-held condominium apartments to meet their housing needs,” said Toronto Real Estate Board President Richard Silver.


Average condominium apartment rents increased for all bedroom types. Average rents for one-bedroom and two-bedroom apartments during the May through August period were up by four and five per cent respectively compared to 2010.


“Growth in apartment rental transactions outstripped growth in the number of units listed. This means that competition between prospective renters increased. The result was higher average rents in comparison to last year,” said Jason Mercer, TREB’s Senior Manager of Market Analysis

Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1
BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Thursday, September 16, 2010

Buying a Townhouse investment property in the Erin Mills Town Centre Churchill Meadows Area

Hello,

I thought that I would share with you the email that I just sent a client who is looking to purchase another investment townhouse property in the area of the Erin Mills Town Centre and Churchill Meadows (see the map below showing the boundaries of the area I am referring to).



The reasons he wants to purchase another townhouse in the Erin Mills Town Centre area are the same as my reasons for owning investment properties in the area, that is; great amenities, easy to rent, good rent, draws quality tenants, good future potential, townhomes are the lowest price to get into market, low maintenance fees compared to a high-rise condo and more.

This is the email I sent to him, he was asking about what the state of the market is, what the next three months should bring and if there any "good deals" on townhomes currently for sale on the market.

I wrote to him:

The market continues to do well, in spite of the negative press. The stats of late are typical of June, July and August, no worries, but with interest rates increasing people are a little more cautious. The market is not 'on fire' the way it was in the spring, but most properties are still selling, some big price reductions here and there, but nothing significant yet.

See the link below, there are two townhomes at 2955 Thomas that are 'typical' 2 storey or 3 storey townhouses, otherwise, everything is as you say, well over $300k

Click here
http://www.torontomls.net/PublicWeb/CL.asp?link_no=32913113.495304

to view Properties of Interest (this link will only work for 2 weeks, up to about end of September 2010)

At 5659 Glen Erin that about 1.5 years ago had units for sale at $240k now has a unit for sale at $314k, just nuts.

These new price levels seem that they are here to stay. As you pointed out, prices are at $345k and more for McFarren, on at $358 and another at $385k at McFarren are both sold conditionally.

I too was hoping for a 'good deal' sometime in the summer, only one at 3150 Erin Centre, but it faced Erin Centre and was at the corner of Erin Centre and Oscar Peterson and it was the only 3 bedroom that sold for a hair under $300k

Notice that the 'Last Status" on many of the listings is PC meaning a price change, meaning they have dropped their price recently. This is an indication of a normal to softer market, but the prices are still high.

I'm not sure what Oct, Nov and December will bring. I don't think interest rates will go up again. If there is a recession or slowdown out there, it's certainly not in the GTA or Mississauga real estate sector.

The townhouses at 2955 Thomas are about the only townhomes that will carry with the rent. Passing on those at the price they are at could be a mistake in hindsight. There are some typical 2 storey units in that complex, but not listed right now.

Please let me know if you have more questions or would like to see inside any of the properties above.

Thank you,
Mark


So there you have it, the current townhomes for sale in the Erin Mills Town Centre and Churchill Meadows area in a nutshell!
Mark

Wednesday, May 12, 2010

Average single family residential price changes from January 2009 to April 2010

This chart shows the average single family residential price changes from January 2009 to April 2010


Toronto Real Estate Board (TREB) Average Prices and GraphFor more information please contact A. Mark ArgentinoA. Mark Argentino, Broker, P.Eng.,Specializing in Residential & Investment Real EstateRE/MAX Realty Specialists Inc., Brokerage2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1BUS. 905-828-3434FAX. 905-828-2829E-MAIL: mark@mississauga4sale.comWebsite: Mississauga4Sale.com

Saturday, April 17, 2010

Landlord Services Property Management Tenant Matters

You may require Landlord Services for Property Management of your investment property here in Mississauga. I can help you collect rent from Tenants, manage the property, pay bills, and legal action on your behalf against bad tenants

You may want to read about

Read more about:Homes for Sale

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987

( BUS 905-828-3434
mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

Homes for Sale

Tuesday, April 13, 2010

Do You need to get your Rental Property Rented? This is the place

Do You need to get your Rental Property Rented? This is the place


Do you have a rental property that you need help in finding a good quality tenant? I can help.

I am a real estate agent who specializes in helping owners like yourself in finding a good quality tenant who will take good care of your rental property and pay the rent!


For more information, please visit my website and read about my services to help you rent out your investment property or Send Mark an email .




A. Mark Argentino
P. Eng. Associate Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987

(
BUS 905-828-3434 2 FAX 905-828-2829 ÈCELL 416-520-1577
E-MAIL : mailto:mark@mississauga4sale.com
Website : Mississauga4Sale.com

Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?




If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up

























Saturday, February 27, 2010

Are utilities included when you rent a townhouse in Toronto, Mississauga or the GTA?

This is a frequently asked question:

Hi Mark

Could you tell me if this twonhouse property includes utilities?

Thanks
Karen


Hi Karen,
Utilities are extra on this property.
High-rise condos often include some or all utilities, but I've never seen a townhome that includes utilities. Some townhomes may include water/sewer.
Thank you,
Mark

Wednesday, December 23, 2009

Rental Market Conditions Soften reports CMHC

This is the latest report from CMHC on rental condtions in the GTA

Rental Market Conditions Soften

The Greater Toronto Area (GTA) rental market experienced softer conditions in 2009. The average vacancy rate for purpose-built rental apartments rose by a full per centage point this year to 3.1 per cent. Several demand and supply factors contributed to the higher vacancy rate, including a rebound in homeownership demand, youth job losses, moderate immigration, more purpose-built rental apartments and a greater number of condominium apartment completions.

Demand Factors

Ownership Demand Rises

A rise in homeownership demand this year has reduced demand for rental accommodations. After starting off the year slow, sales levels in the GTA rebounded quickly over the spring and summer. Sales in both the existing and new home markets will surpass 2008 levels. For the most part, the past decade has shown us a positive relationship between homeownership demand and rental vacancies – when sales go up, vacancies rise as well.

A major reason for the shift towards owning this year is due to improved affordability conditions. Thanks to very low borrowing costs, the average monthly mortgage payment for a home in the GTA is down compared to 2007 and 2008. This has reduced the fi nancial commitment for households to move from renting to owning this year, prompting more renters to make their fi rst home purchase.

Information gathered from CMHC’s Renovation and Home Purchase Survey confi rms that a greater number of fi rst-time buyers are entering into homeownership as a result of the improved affordability conditions. First time buyers represent 57 per cent of intending purchasers this year versus a 33 per cent share that bought in 2008.

Younger Workers Lose Jobs Employment losses this year have mostly affected younger workers.

Since the average age of a fi rst-time buyer in Toronto is approximately 35, rental demand is largely driven by the under 35 workforce. Census data indicates that a quarter of younger workers in Toronto are employed in the manufacturing and retail trade sectors. The manufacturing sector has shed nearly 75,000 jobs this year while employment within the retail trade sector has been trending down for some time.

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987

(
BUS 905-828-3434
2
FAX 905-828-2829 ÈCELL 416-520-1577
E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

Tuesday, December 22, 2009

GTA Toronto Apartment Vacancy Rate CMHC


This is the latest information from CMHC on apartment vacancy rates in the GTA




Highlights


􀂄 The average apartment vacancy rate in the GTA increased to 3.1 per cent in 2009.


The average fixed sample rent for a two-bedroom apartment rose by 2.1 per cent.


􀂄 Renter demand moderated due to improved homeownership affordability and a soft youth labour market.


􀂄 The vacancy rate will edge up to 3.3 per cent next year as improvements in renter demand will be outweighed by a rise in rental supply.



I hope this finds you Happy and Healthy!


All the Best!


Mark


A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987

(
BUS 905-828-3434
2
FAX 905-828-2829 ÈCELL 416-520-1577
E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com



Sunday, October 25, 2009

Rental Properties in Mississauga and the GTA

I was asked:

Hi there,

Do you update your rental list regularly on your website? I have been back many times to check but everything listed says it is already rented. Please advise how often this is updated so that I know when to check

Thanks

L.

Hi L.
Yes, I update it all the time. You must be going to an older page.
You need to browse to this page http://www.mississauga4sale.com/listings.htm and near the bottom are the rentals
or you can click the link near the top that says
Are you looking for Rental Listings?
and this will automatically take you to the bottom of the page referenced at
I hope this helps.
What are you looking for, I have 4 rental properties right now available
Thank you,
Mark

Friday, October 23, 2009

Leasing and new to the country, how can you secure a tenancy?

I have many requests for rental properties from people who are new to the country. They are new immigrants and want to lease for one year, and people ask me how I would handle this because they have no Canadian credit check (none), employment (none), but they have enough money to rent for the next for year
My answer is in these cases tell these people that they will probably have to put up first and maybe last 3 or 4 months upfront to secure a rental
I've had some pay for the entire year upfront

You could also have a Guarantor , someone who lives here now
Hope this helps
Mark

Thursday, February 05, 2009

TREB report on Rental Market in GTA

This is the quarterly report by the Toronto Real Estate board with regards to rental property transactions over the past quarter

Highlights are:
  • there were 3433 rental transactions in the last quarter, a 30% increase over the same period in 2007
  • condominium apartments make up the bulk of rental dwellings in downtown Toronto and downtown Mississauga

West Area

• Transactions rose 30% to 837 units, due in part to listings near Mississauga City Center.

• 699 condominium apartments were rented, up 33 percent. Average rents trended upward in two out of four categories (one and three bedroom units). Two bedroom rents fell marginally to an average of $1,611 per month.

• The West districts remained TREB’s most active area for townhouse rentals, with 138 leased over the past four months. Two-bedroom units rented for an average of $1,502 per month, down two percent. Three-bedroom units rented for an average of $1,555 per month, down one percent from last year.


The full release is below
Thank you,
Mark



Between September 1, 2008 and December 31, 2008, Toronto Real Estate Board (TREB) Members reported 3,433 rented condominium apartments and townhouses in the Greater Toronto Area.
This represented a 30 per cent increase over the 2,635 transactions recorded during the same time frame in 2007. A good part of this increase likely came from rental listings in newly completed condominium apartment buildings containing investor-owned units.


"The increasing strength of the rental market combined with low interest rates and reasonable home prices mean that now could be an excellent time to purchase an investment property," said Maureen O'Neill, President, Toronto Real Estate Board.

"Given the demand for rental units, tenants can cover some of the owner's operating costs for an investment property, while property owners look forward to a healthy return in the market value in the long term."

Condominium apartment rents on an annual basis rose for one, two, and three bedroom types during the September to December period. Two bedroom units, for example, rose two per cent to $1,895 per month.

"Investor-owned condominium apartments have become an increasingly important component of the GTA rental market," according to Jason Mercer, Senior Manager Market Analysis.

"Very few purpose-built rental apartments have been completed in the GTA over the past few years. Many renters searching for apartments with modern finishings and amenities have been attracted to rental condominium apartments listed by TREB Members on the TorontoMLS system."



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Total Av. Rent Av. Rent Av. Rent Av. Rent
Condo Apt. Bachelor 1-Bedroom 2-Bedroom 3-Bedroom
Units
Rented
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Sept-Dec 2,404 $1,232 $1,451 $1,858 $2,011
'07
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Sept-Dec 3,152 $1,194 $1,485 $1,895 $2,056
'08
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% Change +31% -3% +2% +2% +2%
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Source: Toronto Real Estate Board
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Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


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Homes for Sale

Thursday, December 04, 2008

Residential Tenancies Act (RTA) in Ontario Summary and Explanation

I posted this page on my website last week, but thought it would be a good idea to blog about it.

This is an important issue when it comes to lanlord and tenant issues and The Residential Tenancies Act is now the law in Ontario.

Statutory law for residential tenancies in Ontario now comes under The Residential Tenancies Act (2006), replacing the Tenant Protection Act.

This new statute became effective on January 21, 2007

The major changes under the residential tenancies act (2006) effective January 31, 2007 are

  • The Landlord and Tenant Board is responsible for all matters regulated under the residential tenancies act, there is a local office here in Mississauga and Toronto
  • The landlord must give new tenants a pamphlet with information on the responsibilities of landlords and tenants, the role of the Landlord and the Tenant Board and contact details for the board. The pamphlet is available through the Landlord and Tenant Board or at this link: http://www.ltb.gov.on.ca/graphics/249749.pdf
  • The landlord can apply to the Landlord and Tenant Board for any justifiable increase in rent by more than the rent control guideline, if taxes, charges, or utilities have increased. If utility costs or taxes go down, the rent must also go down.
  • IF the rent increase application is for capital expenditures or security services, there is a limit or three percent above the guideline for a maximum of three years. Once the capital expenditure is fully paid for, the rent must go down for any tenants who were living there at the time of the increase.
  • At a hearing for a rental increase above the guideline, the board can decide to deny or delay the rent increase if there are serious outstanding maintenance issues for work orders on the property
  • The annual rent increase guideline is based on the Ontario Consumer Price Index (CPI), which is the rate of inflations.
  • The rate of interest that a landlord must pay to a tenant on a last month's rent deposit every year is the same as the annual rent increase guideline and landlords can use the interest to top up the last month's rent to keep it current.
  • There is a shorter eviction process for tenants who cause wilful or excessive damage to a rental unit or building. This shorter process also applies to tenants who cause a disturbance in a small rental building where the landlord also resides. The notice period to the tenant is shortened to 10 days from the previous 20 days. Landlords can apply to the board for an eviction notice immediately after serving the notice.
  • Except for a notice for non-payment of rent, when a notice of termination has been served on the tenant, the landlord must apply to the board for an order terminating the tenancy not later than 30 days after the date specified in the notice of termination.
Even thought het Residential Tenancies Act has replaced the Tenant Protection Act, the bulk of the legislation regarding notice periods for termination remains unchanged.

You may find additional information regarding the Landlord and Tenant Board, all of their forms and information is available online at:

http://www.ltb.gov.on.ca/en/index.html

You can read more about this at my website too:
http://www.mississauga4sale.com/Landlord-Tenant-Board-FAQ-2007.htm

This article above is shown at this page of my site:
http://www.mississauga4sale.com/Landlord-Tenant-Residental-Tenancy-Act.htm

Please email me if you have any further questions or require information.

Thank you,
Mark