ED TRACY*

Cell: (705) 796-6348 |

With new rental regulations and standard lease terms, the question is, why would you own an investment property.

 

Starting April 30th 2018, the only legal and acceptable Tenancy Agreement in Ontario will be the new "Standard Lease", without which you can be fined up to $25,000.

 

Private landlords in Ontario can no longer use their own or commercially available lease documents. Landlords of most private residential rental units will be required to use the NEW standard lease template forms (accessible here) for residential leases in Ontario, beginning April 30th 2018.

 

The new standard lease comprises 14 pages, of which 6 pages contain the standard general terms of the lease. Some terms of the new standard lease are as follows:

 

  • If a landlord fails to provide the standard lease within 21 days after a renter has asked for it in writing, the renter may withhold one months rent.
  • If the landlord fails to provide the standard lease within 30 days after the renter has begun withholding rent, the renter does not have to repay the one months rent.
  • If the landlord does not provide the standard lease within 21 days after the renter has made a written request, the renter may give 60 days notice to terminate a yearly or fixed-term tenancy early.
  • If the landlord provides a renter with the standard lease after the renter has asked for it, but the renter does not agree to the proposed terms (for example, a new term is added), the renter may give the landlord 60 days notice to terminate a yearly or fixed-term tenancy early.

 

In certain situations, a tenant who has experienced sexual or domestic violence can give 28 days notice to end the tenancy at any time, even if the tenant has a fixed term agreement (e.g., one year agreement).

 

If the landlord gives a month-to-month tenant notice for 

  • their own use
  • the use of an immediate family member or
  • the use of a person who will provide care services to the landlord or a member of the landlord's immediate family, who is living in the same building or complex,

the landlord must either give the tenant the equivalent of one months rent or offer the tenant another unit that the tenant accepts.

 

Despite the above, if the landlord gives a tenant notice to end the tenancy, the tenant does not have to move out.

 

The landlord cannot prevent the tenant from having a roommate, as long as municipal by-laws on occupancy standards are respected.

 

The tenant may assign or sublet the rental unit to another person with the consent of the landlord. However the landlord cannot arbitrarily or unreasonably withhold consent to a sublet or potential assignee.

 

 

Subletting

Subletting a unit means that the tenant moves out of the unit for a period of time but plans to move back in before the end of the tenancy. The person who moves in is known as a subtenant. That person pays the rent to the original tenant who then pays it to the landlord.

 

Assignment

If a tenant assigns or sublets their unit without their landlord's consent, it is an unauthorized assignment or sublet. A landlord can file to evict both the tenant and the unauthorized occupant. However, if the landlord does not file the application within 60 days of discovering the unauthorized occupant, the unauthorized occupant becomes a tenant.

 

When the landlord can end the tenancy

The landlord cannot evict the tenant unless the landlord follows the proper rules. In most cases, the landlord must give proper notice to end the tenancy using the right form. Forms are available on the Landlord and Tenant Board’s website.

 

The landlord can only give the tenant notice to end the tenancy in certain situations. These situations are set out in the Act. A few examples include:

  • tenant does not pay the full rent when it is due,
  • tenant causes damage to the rental unit or building, and
  • tenant substantially interferes with the reasonable enjoyment of other tenants or the landlord.

 

Additional Terms

  • The landlord must reduce the rent if the municipal property tax goes down by more than 2.49 per cent, or municipal property taxes or charges on the rental property go down.
  • Unless the rental is a condominium where the corporation does not allow pets, a tenancy agreement cannot prohibit animals in the rental unit or in or around the residential building or require the tenant to remove snow.
  • The landlord’s administration charge for an NSF cheque cannot be more than $20.00.
  • The tenant may install decorative items, such as pictures or window coverings.
  • If a tenancy does not include utilities, the Landlord is responsible to provide the tenant with the general usage information measured over the previous 12 months.

 

A Free 1 hour Seminar for Landlords Monday April 7th 7-8 pm will show landlords how to avoid the pitfalls of the new 14 page standard lease. 

  • What’s legal what’s not.
  • Complimentary workbooks will contain many details including information on:
  1. Why Landlords can no longer prohibit pets.
  2. How tenants are entitled to have a roommate without your approval or knowledge after signing the lease. 
  3. After signing a lease, Tenants now receive broad ranging powers over your property with entitlements to assign, or worse, sublet their interest in your property which you cannot unreasonably prevent.

 

This list does not in anyway reflect the complete list of terms and landlord responsibilities.

 

I can be reached at 705-796-6348 for more details and information. 


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I have sold a property at 160 COLLIER Street in Barrie.
NO FEES. Almost new, 3 year old Freehold Townhouse in prime downtown location. Over 1700 sq ft finished, with amazing views of Kempenfelt Bay. Exterior balconies/patio. Hardwood and ceramics. Three bedrooms and three bathrooms. Over 1,700 sq ft with main floor eat-in kitchen, dining room and great room. 2nd floor 3 bedrooms. Master bedroom has walk-in closet and ensuite bathroom, with commanding view of Lake Simcoe. A few short steps away to Kempenfelt Bay's walking and biking trails. Live, work, play in Barrie's vibrant downtown, currently enjoying a renaissance. Beautiful beaches, boardwalks, new marina and redevelopment of Fred Grant Square, soon to be a public entertainment area. Easy walk to boutique stores, restaurants and local professional services. Re-invigorate your life. Regain a sense of community with local store and business owners and restaurants. Call today to view this beautiful home. (id:2493)
Many more like this at http://www.edtracyhomes.com
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Places to Grow plan is a revision of the 2006 plan by the Ontario Government to intensify the greening of the province. The intention of the plan is to identify where people can live and work in the most populated areas in south western Ontario. Like the 2006 plan, the latest document takes time to read. It includes a lot of detail and information expressing the intent and eventual implementation of the plan.

 

The new Places to Grow plan expands and identifies green belt areas. This plan, referred to as the GGH, has huge implications to all of us including your kids and your grand kids. If you take a drive around Barrie, you will see the 2006 plan has already taken hold with considerably more of the higher density developments. Get used to this - it's not a trend. It is the future.

 

The Ontario Goverment has identified areas where growth can take place and where it can not. Maintainng farm land for the purpose of food production seems obvious, but the real initiative of the plan is to protect the ground water source and supply for the villages, towns and cities. No longer will you see large tracts of land development in areas that are not already identified as an established urban growth area. By 2031, the GGH will have a population of 6,000,000+ citizens; an almost 40% increase to today’s population. The expected population increase will put a high strain on the eco system that is presently already under pressure. Advance planning for future growth makes sense. Areas like Barrie are expected to have a population density of 150 people per hectare - almost doubling today’s density. In Toronto, this density will be 400 people per hectare.

 

The goverment has implemented a road show to give the public the opportunity to have their say. Simcoe County will have a presentation open to the public on February 21, 2018. It is expected almost 60% of Simcoe County will be ear-marked to be included in the green belt. Residents should not expect any new highways to be built to elievate the current traffic volume on hwy 400. The Ontario Goverment is pouring billions into transportation networks and infrastructure to align with the identified Places to Grow. In the not too distant future, more and more Ontarions will live in higher density areas and buildings. The ability to own a single detached home will become a privilage of the few and an exception of the many if you can afford it.

 

Change is always imminent. The GGH will change how and where people live in ways that we cannot imagine. The growth trend toward people wanting to live, work, and play without ownership of personal transportation and housing is already under way in large urban areas. Currently this is a demographically driven evolution that will eventually be the norm as people get older. The trend is not new in the sense that people in Europe have been living this way since the 60’s. Despite living in the second biggest country in the world, the resources we rely on daily are limited. The collection and transportation of these resources come at a huge cost financially and ecologically.

 

Changing the way we live is proactive and a responsible way to pay forward a planet we all occupy for a temporary period to future generations.  Click to view details map and more information

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I have sold a property at 30 SHANTY BAY Road in Barrie.
Prime location and highly desirable Shanty Bay Road with beautiful views of Kempenfelt Bay. Minutes to Johnson beach and walking trail. Within a few minutes of downtown Barrie historic area. Recently repainted and decorated. Gas fireplace in the living room. Hardwood and ceramics. Five bedrooms and two bathrooms. Over 2,000 sq ft with finished basement and walk-up to garage. Ready for conversion to in-law suite with separate main entrance. Open plan. Main floor eat-in kitchen, dining room and living room with commanding view of Lake Simcoe. Laundry room, bathroom and 2 additional bedrooms in the finished basement. Appliances included. Loads of storage. Take advantage of living close to Barrie's downtown renaissance with beautiful beaches, boardwalks, new marina and redevelopment of Fred Grant Square, soon to be a public entertainment area. Easy walk to boutique stores, restaurants and local professional services. Reinvigorate your life. Regain that sense of community by moving to the downtown residential core. Call today to view this beautiful home. (id:2493)
Many more like this at http://www.edtracyhomes.com
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I have sold a property at 86 CRIMSON RIDGE Road in Barrie.
Sought after Crimson Ridge, Royal Park Homes. Prime location opposite park and a few short steps to Wilkins Beach. Over 2,400 sq. ft. finished. All brick home with 3 bedrooms, 2.5 baths. Beautiful and well maintained with hardwood and ceramic floors. Formal dining room. Large family room with gas fireplace. Master bedroom ensuite. Finished basement. Main floor laundry. Inside entry to garage. New roof, windows and new front door 2014. Visit soon, you won't be disappointed. (id:2493)
Many more like this at http://www.edtracyhomes.com
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I have sold a property at 160 COLLIER Street in Barrie.
NO FEES. Prime Downtown location on Collier Street, within walking distance of boutique shopping, entertainment and restaurants. A well planned layout focuses on entertaining and easy living lifestyle. One of three available freehold townhomes (no fees). 3 Bedrooms, 3 bathrooms. 1670 sq feet of living space. Hardwoods, ceramics, pot lights and central air. This end unit home offers contemporary layout for the modern family. The perfect solution for downsizing. Eat-in kitchen. Main and 2nd floor levels are generously sized and warmly inviting. Main level balconies with lake view, accessed by garden doors. Large master with ensuite and walk-in closet. Bathrooms on each level, hardwoods and ceramic flooring. This luxury space, downtown living comes without the cost of expensive fees. Just steps away is Kempenfelt Park and Barrie lakeshore trails, marina, swimming, walking and biking. Easy access to local downtown services, lawyers, doctors, dentists, personal care salons. Seasonal events such as fireworks, Christmas parades. Walk out and walk up basement. Parking for 3 cars. View VIDEO TOUR link. (id:2493)
Many more like this at http://www.edtracyhomes.com
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I have sold a property at 28 KEMPENFELT Drive in Barrie.
NO FEES. WATER VIEW. Prime location on coveted Kempenfelt Drive. Enjoy sunrise and sunset from this exclusive enclave of freehold (no Fees) manor townhomes. Amazing views of Kempenfelt Bay. Three balconies with different options for views and outside living themes. Hardwood and ceramics. Some newer carpets. Four bedrooms and three bathrooms. Over 2,400 sq ft with main floor eat-in kitchen, dining room and living room. 2nd floor office, family room, bedroom and bathroom. The master bedroom on the 3rd floor with ensuite bath, has a commanding view of Lake Simcoe. Laundry room, bathroom and 4th bedroom in the finished basement. California shutters and appliances included. New roof, carpeting, Central Vac and driveway. Loads of storage huge double width tandem garage for 2+ cars. Steps to Lake Simcoe walking or biking trails. Take advantage of living in Barrie's downtown renaissance with beautiful beaches, boardwalks, new marina and redevelopment of Fred Grant Square, soon to be a public entertainment area. Easy walk to boutique stores, restaurants and local professional services. Reinvigorate your life. Regain that sense of community by moving to the downtown residential core. Call today to view this beautiful home. (id:2493) View the VIDEO TOUR.
Many more like this at http://www.edtracyhomes.com
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I have sold a property at 30 KEMPENFELT Drive in Barrie.
NO FEES. Prime location on coveted Kempenfelt Drive, moments away from boutique shopping, entertainment and restaurants. The carefully planned layout gives a nod towards refined living by focusing on entertaining, health, luxury and lifestyle. Exclusive enclave of freehold manor townhomes (no fees). 4 Bedrooms, 3 bathrooms. Luxury end unit home offering upscale contemporary finishes throughout. Great flow for entertaining with gourmet eat-in kitchen. Three living levels are generously sized and warmly inviting. Three inset balconies, 2 covered, are an extension of the interior living space, with breathtaking forever views over Kempenfelt Bay, accessed by new garden doors complete with mirage screens. Parking for 4 cars. Oversized double width tandem garage. Luxury master with ensuite commands a 180 degree view of Kempenfelt Bay. Bathrooms on three levels with marble and slate flooring. Enjoy luxurious space, downtown living without the cost of expensive fees. Just steps to Kempenfelt Park and Barrie lakeshore trails, swimming, walking and biking. Walk to local downtown services, lawyers, doctors, dentists, personal care salons. Seasonal events such as fireworks, Christmas parades, Kempenfest and many more are all within easy reach. Over 2,500 sq feet of living space. Beautiful hardwood floors. Pot lights enhance the many design and decorative elements that make this a perfect home, in a perfect location. Dog run and herb garden. New roof 2017. (id:2493)
Many more like this at http://www.edtracyhomes.com
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Selling Sooner Rather Than Later May Save You Thousands of Dollars!

 

The craziest real estate market in Canadian history has received the attention of experts globally, and now the Canadian Bank Regulator (OSFI). 2017’s real estate roller coaster proved once again that Canadians appreciation for home ownership, at any price, had no limits.

 

Have we reached the peak? The Canadian Bank Regulator (OSFI) seems to think so! Regulations put in place in 2016, designed to slow things down, did not have the desired outcome. Buyers of all classes simply found ways around the rules. As of August 2017 insured mortgages (CMHC) were down 40.5 per cent in the 12 months since they were subject to the 2016 stress test, while uninsured mortgages grew 17.3 per cent. This is why the Canadian Bank Regulator felt compelled to act once again

.

The new stress test is designed to simulate a borrower's financial situation by assuming they would have to pay back the loan at the posted average. Under OSFI's new rules, borrowers would be stress tested at either the five-year average posted rate, or two per cent higher than their actual mortgage rate — whichever one is higher. Financial experts expect an initial rush of buyers before the January 1st 2018 deadline, after which sellers will have to bear the burden and make up the difference if they want to sell.

 

In 2017, where the average single detached home in the City of Barrie is $535,000, a buyer in 2018 will be approved for $85,000 less of a mortgage. Since it’s not likely the average buyer could come up with the extra down payment amount required, sale prices will, over time, be adjusted lower to reveal a new average selling price through 2018 of approximately $450,000/$500,000.

 

Without a doubt, the ride up for now is over. By the time prices begin to recover 2-3 years from now, home sellers will have ample competition from new home builds in the south east and west corridor of Barrie, where there will be an expected explosion in population in the new Innisfil/Barrie City annexed lands. Approval for thousands of new build homes are already underway.

 

If you’re considering selling your home within the next 6-12 months, selling sooner rather than later might just put tens of thousands of extra $$ into your bank account.

 

Plan ahead! Don’t hesitate. To find how this might affect you or for more facts, figures or detailed data, you can reach me at edtracy@me.com or direct 705 796 6348.

 

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I have sold a property at Barrie.
Immaculate, ready to move in. 2369 sq. ft. with many upgrades. Hardwood floors main and second floor. 4 Bathrooms. Spacious dining room, generous kitchen with island and breakfast area and granite countertops. Main floor family room with gas fireplace. Full finished basement with 2 piece bath. Recently repainted in custom decor. Beautiful oak floors and crown molding. Large master with walk-in closet and bright 4 piece ensuite. Spacious main bathroom. Walkout from the kitchen to very spacious deck and fenced yard. Meticulous landscaping front and rear. Inground sprinkler. Gas BBQ outlet. Large front porch. Oversized cold room storage. Closing is flexible. Check out the Video Tour.
Many more like this at http://www.edtracyhomes.com
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