multi family in Ontario

[chargerharry]

Hi All
I was wondering if a few people out there could give me the "Coles Notes" on multi family investing in Ontario. I am specifically interested in the rental laws, allowable rent increases, landlord tenant relations, eviction notices and processes. I am also interested in condo conversion and the provincial and regional government view of strata titles, zoning issues, land transfer taxes and anything else to help me make a better decision on investment opportunities. Thanks in advance for any suggestions.
Harry

 

[Anonymous]

QUOTE (chargerharry @ Sep 25 2007, 11:25 AM) I was wondering if a few people out there could give me the "Coles Notes" on multi family investing in Ontario. I am specifically interested in the rental laws, allowable rent increases, landlord tenant relations, eviction notices and processes.

I am also interested in condo conversion and the provincial and regional government view of strata titles, zoning issues, land transfer taxes and anything else to help me make a better decision on investment opportunities.

It`s best to check each town for their local zoning issues. I know in some towns, they are beginning to frown upon it because it is removing the available rental stock. In a few places, they are even going so far as to make sure there is a one for one trade... IE if you convert a rental unit to condo you must replace it with another rental unit.

In addition, there is an issue around taxes... there is an article in the tax act which states that the moment you "convert" you have the intention to sell therefore, from that point on, any gains are considered active income... as such, do you homework and be careful.

With regards to land transfer tax, the REMA program will calculate that for you... alternatively, do a web search for the calculation for Ontario land transfer tax.

good luck.

 

[DonCampbell]

We will be discussing Multi-Family Financing at the October Ontario REIN Workshop as well.

In addition, in early 2008, we will be completely updating the F4 Multi-Family investing system

We currently have a lawyer working in detail on how to condominiumize buildings. There isn`t a real coles notes version as each province is different. For example, the system for BC is 408 pages alone due to the regulations in that province.

 

[billkeay]

Hi Harry,

There are websites that have land transfer tax calculators. I did a google search and I found one:

Hi All
I was wondering if a few people out there could give me the "Coles Notes" on multi family investing in Ontario. I am specifically interested in the rental laws, allowable rent increases, landlord tenant relations, eviction notices and processes. I am also interested in condo conversion and the provincial and regional government view of strata titles, zoning issues, land transfer taxes and anything else to help me make a better decision on investment opportunities. Thanks in advance for any suggestions.
Harry

 

[chargerharry]

Thanks for the info, Gentlemen. After I posted, I did a bit of searching and did find a few of the land transfer calculators. I also checked some of the sites on Landlord/tenant legislation. There were a few sticklers there but I think it was still workable depending on the situation. Don, is there any chance of me getting a copy of the October REIN Ontario multifamily financing presentation? I am planning on going out there to the meeting in November but I won`t be able to make October. Thanks again.
Harry

 

[DonCampbell]

Hi Harry,

We plan on having that same discussion in Alberta in November as there are even more changes to the banking system coming down the pipeline. As a Member, you can order the CD`s of any REIN Workshop whether you attend or not. Many Members do, it is a very inexpensive way to build your real estate library and at the same time NOT miss out on attending the live events (where all the action is). For more details, just call the REIN Office.

 

[chargerharry]

Thanks Don.
Harry

 

[Haimr]

Can someone expend the knowledge on managing multi family property in size of 6 plex and up.

What is the best way to minimize expenses when tenants are being switched?

In general the list of expanses includes:

Ø Cleaning and refreshing apartment

Ø Advertising

Ø Rent commission

Ø And in most cases the unit will be vacant for week to month

Dose anyone have some rent collection system which he can recommend, some time it is possible getting posted check, but with RTA rule`s you can`t force it ,in this case cash is the solution but then you run to late rent payment.

 

[invst4profit]

Haimr

Do a search under "collecting rent on time" It is a very good thread.

 

[DonCampbell]

Here is the link to the thread that invest4profit mentioned in his post. You and many others will find it helpful:

Collecting Rent On Time

 

[Haimr]

Thanks Don and Greg.

Yes this thread provides other views to this subject.

No doubt it will help me in the future.

Haim