Cici

11/26/2024

As a renter in Toronto, it's important to be aware of your rights to ensure you're treated fairly and can navigate the rental market with confidence. 💡

Here’s a quick rundown of key rights every Toronto tenant should know:

1️⃣ 𝐑𝐞𝐧𝐭 𝐂𝐨𝐧𝐭𝐫𝐨𝐥 – In Toronto, most rental units built before November 2018 are subject to rent control. This means your landlord can only increase rent by a set amount each year—usually tied to inflation. However, they must give you 90 days' written notice before raising the rent! 📄

2️⃣ 𝐑𝐞𝐩𝐚𝐢𝐫𝐬 & 𝐌𝐚𝐢𝐧𝐭𝐞𝐧𝐚𝐧𝐜𝐞 – Landlords are legally required to keep the property in good condition. If something breaks, they must make necessary repairs within a reasonable time. 💪

3️⃣ 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐲 𝐃𝐞𝐩𝐨𝐬𝐢𝐭𝐬 – Landlords can’t ask for a "damage deposit" beyond the first and last month’s rent. Any additional fees are a no-go!

4️⃣ 𝐍𝐨 𝐄𝐯𝐢𝐜𝐭𝐢𝐨𝐧 𝐖𝐢𝐭𝐡𝐨𝐮𝐭 𝐂𝐚𝐮𝐬𝐞 – A landlord can't just kick you out without a valid reason (like non-payment of rent). They also need to give you proper notice before asking you to leave. 📅

5️⃣ 𝐏𝐫𝐢𝐯𝐚𝐜𝐲 𝐏𝐫𝐨𝐭𝐞𝐜𝐭𝐢𝐨𝐧 – Your landlord must give 24 hours' written notice before entering your apartment for inspections or repairs. Your home is your private space! 🏠

6️⃣ 𝐍𝐨 𝐍𝐞𝐞𝐝 𝐭𝐨 𝐒𝐢𝐠𝐧 𝐚 𝐍𝐞𝐰 𝐋𝐞𝐚𝐬𝐞 𝐀𝐟𝐭𝐞𝐫 𝐚 𝐘𝐞𝐚𝐫 – In Toronto, if you're a tenant and your lease is up after a year, you do not have to sign a new lease. Your tenancy continues automatically on the same terms, and your landlord can't force you to sign a new contract. 🔄

Remember, knowledge is power! If you feel your rights are being violated, you can reach out to organizations like the Tenant Advocacy Group or the Landlord and Tenant Board for support. 🔍

✨ Stay tuned! Garland Team will share more about landlord rights in the next post. ✨

Let's make sure everyone has a fair and comfortable living experience in our great city! 🌆✨

11/14/2024

As more tenants switch to electric vehicles (EVs), a new issue is emerging: charging your car at your rental property. With electricity included in some rent agreements, many tenants feel they should be able to use it for EV charging. However, not all landlords are on board with this.

Imagine driving home with a fully electric car, only to find your landlord has disabled the charging outlet in your parking spot. Or as a landlord, you start seeing increased electricity usage and wonder if you’re responsible for covering the cost of tenants’ EV charging. As EV adoption grows, these conflicts are only going to become more common, and the lack of clear agreements is leaving both sides frustrated. 🔌😠

👱‍♂️𝐅𝐨𝐫 𝐭𝐞𝐧𝐚𝐧𝐭𝐬, make sure to discuss charging policies upfront with your landlord and get any agreements in writing. This can help avoid future disputes about what’s covered by your rent. If you're facing pushback, you could offer a small monthly fee to cover the electricity used for charging.

👨‍🦰𝐅𝐨𝐫 𝐥𝐚𝐧𝐝𝐥𝐨𝐫𝐝𝐬, consider charging a small fee for tenants who want to use parking lot outlets for EV charging. Updating lease agreements to clearly outline charging policies will help avoid confusion and ensure both parties are on the same page.
Clear communication and upfront agreements are the key to solving this growing issue! ⚡

11/05/2024

10/22/2024

Many first-time homebuyers focus on the down payment and mortgage rates, but there’s another crucial cost that can catch you by surprise—closing costs. These expenses can range from 𝟏.𝟓% 𝐭𝐨 𝟒% 𝐨𝐟 𝐭𝐡𝐞 𝐩𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐩𝐫𝐢𝐜𝐞 and are often overlooked in the excitement of buying a new home. Imagine you've saved for years to get that down payment together, only to realize you’re unprepared for the extra expenses when you sign the dotted line. From 𝐥𝐚𝐧𝐝 𝐭𝐫𝐚𝐧𝐬𝐟𝐞𝐫 𝐭𝐚𝐱𝐞𝐬 𝐭𝐨 𝐥𝐞𝐠𝐚𝐥 𝐟𝐞𝐞𝐬, 𝐡𝐨𝐦𝐞 𝐢𝐧𝐬𝐩𝐞𝐜𝐭𝐢𝐨𝐧𝐬, 𝐚𝐧𝐝 𝐢𝐦𝐦𝐞𝐝𝐢𝐚𝐭𝐞 𝐫𝐞𝐩𝐚𝐢𝐫𝐬, 𝐭𝐡𝐞𝐬𝐞 𝐜𝐨𝐬𝐭𝐬 𝐜𝐚𝐧 𝐚𝐝𝐝 𝐮𝐩 𝐪𝐮𝐢𝐜𝐤𝐥𝐲! You don’t want to find yourself scrambling to cover them last minute.

Here’s what to expect when budgeting for closing costs in Ontario:

🔹 𝐋𝐚𝐧𝐝 𝐓𝐫𝐚𝐧𝐬𝐟𝐞𝐫 𝐓𝐚𝐱 – This is one of the biggest closing costs. The amount depends on your home’s purchase price and the municipality. First-time buyers in Toronto are eligible for rebates to help cover some of this cost.

🔹 𝐋𝐞𝐠𝐚𝐥 𝐅𝐞𝐞𝐬 – You'll need a lawyer to handle the legal paperwork. This typically costs anywhere from $800 to $2,000.

🔹 𝐈𝐧𝐬𝐩𝐞𝐜𝐭𝐢𝐨𝐧 𝐂𝐨𝐬𝐭𝐬 – A home inspection is crucial to uncover hidden issues. Expect to pay around $300-$600 for this service.

🔹 𝐈𝐦𝐦𝐞𝐝𝐢𝐚𝐭𝐞 𝐑𝐞𝐩𝐚𝐢𝐫𝐬/𝐔𝐩𝐠𝐫𝐚𝐝𝐞𝐬 – Once you move in, you may need to make urgent repairs or upgrades. Plan for these potential costs, especially if the home is older.

𝐓𝐢𝐩: Aim to set aside 1.5%–4% of your purchase price for closing costs to avoid financial stress when you’re ready to move in!

💡 𝐏𝐫𝐨 𝐓𝐢𝐩: Always speak to a mortgage broker or real estate professional to get an accurate breakdown of your closing costs before you commit to a purchase!

10/02/2024

Are you feeling overwhelmed by the mortgage renewal process, especially with rising interest rates? Many borrowers struggle with the hassle of switching lenders and the need to provide extensive documentation, making it harder to find better deals.

This complexity can lead to 𝐡𝐢𝐠𝐡𝐞𝐫 𝐦𝐨𝐧𝐭𝐡𝐥𝐲 𝐩𝐚𝐲𝐦𝐞𝐧𝐭𝐬 and less 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐟𝐫𝐞𝐞𝐝𝐨𝐦. With most Canadian mortgages having terms of five years or less, failing to secure a favorable interest rate during renewal could cost you significantly over time. The pressure of navigating these challenges can be daunting and frustrating!

Starting 𝐍𝐨𝐯𝐞𝐦𝐛𝐞𝐫 𝟐𝟏, Canada’s banking regulator is changing the game! You’ll no longer need to prove your income meets the 𝐌𝐢𝐧𝐢𝐦𝐮𝐦 𝐐𝐮𝐚𝐥𝐢𝐟𝐲𝐢𝐧𝐠 𝐑𝐚𝐭𝐞 for a 𝐬𝐭𝐫𝐚𝐢𝐠𝐡𝐭 𝐬𝐰𝐢𝐭𝐜𝐡 when renewing your mortgage. This means:

𝐍𝐨 𝐦𝐨𝐫𝐞 𝐢𝐧𝐜𝐨𝐦𝐞 𝐩𝐫𝐨𝐨𝐟 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐝: Simplifies the switching process.

𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐞𝐝 𝐥𝐞𝐧𝐝𝐞𝐫 𝐨𝐩𝐭𝐢𝐨𝐧𝐬: Explore better interest rates without altering your repayment schedule.

𝐄𝐚𝐬𝐢𝐞𝐫 𝐧𝐚𝐯𝐢𝐠𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐭𝐡𝐞 𝐜𝐮𝐫𝐫𝐞𝐧𝐭 𝐦𝐚𝐫𝐤𝐞𝐭: Adapt to rising interest rates with more flexibility and less hassle.

Take advantage of these changes to secure the best mortgage renewal possible!

💬 What are your thoughts on this new mortgage rule? Share in the comments below!