Hamilton investigating all multi-family dwelings

[TodorYordanov]

Just got off the phone with a city inspector who is asking for access to one of the properties we manage.



He confirmed that the city is looking at creating a bylaw that will license all rental properties.

At the moment they are putting together a database of all rental properties and marking down their current use.

There are a lot of single family homes or duplexes that operate as 3-plex or 4-plex and all will be uncovered by this investigation.

This is not a "signal" initiated investigation, but rather knocking on every door on every street kind of investigation.

Over the last few weeks we had this happened to 3 clients.

Their next step is to talk to the city building department and figure out what and how much it would take to have the dwellings meet code to operate as more than what they currently are.



Be careful what you buy and how you calculate your rent potential.



If anyone has any other information related to this please post bellow.

 

[housingrental]

A good post

Every investor of smaller properties should be aware that rental license might happen in their town in time

 

[Thomas Beyer]

[quote user=housingrental] ... rental license might happen in their town in time ..


.. or might not ..

 

[invst4profit]

If licensing happens the end result will be driving up of rents. Two reasons: the cost of licensing will be passed along to tenants and the removal of many existing illegal units or mom and pop landlords not interested in the hassles will cause a under supply. Supply and demand economics should result in higher profits.

 

[housingrental]

I'm going to guess the vast majority of towns over 100,000 in Ontario will have a system in place in the next two years

Rental property owners should plan for this

[quote user=ThomasBeyer][quote user=housingrental] ... rental license might happen in their town in time ..


.. or might not ..