It should come as no surprise that rent is damn expensive in Toronto.For the month of October, the average one-bedroom rent reached $2,209, while two-bedrooms hit $2,888, according to a report from the Toronto Real Estate Board.
If you stray from the heart of downtown, you can find some affordable options hidden throughout Toronto.
According to Speedy Rental Agency, there are a number of listings currently well below the average rental price this month, with one rental going for as low as $900 per month.
Read on to see the five cheapest rentals currently available in Toronto.
Thousands of Canadians are using a reverse mortgage as a financial solution to help them bridge their retirement savings, but did you know just how versatile a reverse mortgage is? Among the many reasons for reverse mortgage funds, The most common reported use of fund are:
Health care related: Many clients use reverse mortgage funds for some health care expenses, whether for personal support work or to simply pay off debt related to those expenses. In fact, long-term care in Canada can cost anywhere between $2,000 – $16,000 per month.
Renovations/Retrofitting: Renovations or home retrofitting are common reasons for clients to apply for a reverse mortgage. Roughly a third of our clients need home renovations/home retrofitting due to wear and tear, leading to their standard of living being compromised or simply because of aging and mobility.
Income supplement: Did you know that the average annual expenses for Canadians 65+ is $60,000 yet their average income is only $40,000? A quarter of our clients use reverse mortgage funds to supplement their income.
Unplanned expenses: Sometimes planned retirement savings do not account for emergencies and that’s where a reverse mortgage can help. Here are the biggest unexpected costs for retirement:
Gift: A reverse mortgage is becoming a popular solution to provide an early inheritance for children and grandchildren to help them with a down payment or to help pay for education. By gifting an early inheritance, clients can watch their heirs use the funds as opposed to gifting after they pass.
Purchase another property: Many clients also take out a reverse mortgage to make a purchase on a second home, such as a vacation home or to purchase a new car.
Travel/Vacations: Retirement is a time to enjoy all of the extra time you will have post-career, so it is inevitable that many clients take out a reverse mortgage to help them afford travel and vacations.
A reverse mortgage continues to be a great financial solution to help your 55+ clients with their financial needs. Contact me to find out how a reverse mortgage can help your clients with their unique financial.
Wed Nov 27 /2019
Some Yorkville tenants say they could be facing rent increases over three years that could push some of them into homelessness if the hikes are approved.
The tenants, all of whom live in Avenue Park Apartments at 103 Avenue Rd., a mid-rise building south of Davenport Road, say their landlord wants to hike their rents through what is known as above-the-guideline increases.
Agnes Von Mehren, a senior who has lived in the building for more than 30 years, said her rent will increase by nearly $100 a month. The average rent in the building is about $1,200 and she said some tenants have been told their rent could go up by 5.2 per cent in 2020. Others could see a hike of 6.2 per cent.
“Something has to be done about it,” Von Mehren said. “It’s forcing tenants into homelessness. With these extraordinary increases, people are being forced out.
About 40 per cent of the tenants in the building are seniors on fixed incomes.
The tenants want to reduce the amounts through a hearing at the Landlord and Tenant Board. The tenants have already been through mediation that was organized by the board. They say it was unsuccessful.
Hollyburn Properties Ltd., the landlord, confirmed in an email to CBC Toronto on Wednesday that it bought Avenue Park Apartments, a 62-year-old building, in 2015 and it required “significant” repairs and maintenance.
“In doing extensive updates, our goal is to improve livability for our residents and ensure this building remains a safe, quality rental community for years to come,” the landlord said in the statement.
“The Residential Tenancies Act of Ontario allows landlords to recoup some of the costs of significant updates through a rental increase. This is a formal process in which we must substantiate our work,” the statement continues.
Hollyburn said the process is still underway and no rent increase has yet been approved.
Blog#5 Thur Nov 21 / 2019
An Ontario tribunal has upheld rules passed by the City of Toronto on short-term rentals like Airbnb.
The Local Planning Appeal Tribunal said in a ruling released Monday that it has dismissed an appeal by several residents who objected to the rules that put limits on how people can rent out their properties.
The city put the rules in place in part over concerns that short-term rentals like Airbnb were reducing the rental stock as the city deals with a housing crisis.
Tribunal member Scott Tousaw said in the decision that while the numbers of rental units being affected by the rules are in dispute, the phenomenon is not.
The Toronto rules only allow the short-term rental of an owner’s principal residence, or rooms within the residence, and require them to register with the city and pay a four per cent municipal accommodation tax.
Rentals of secondary suits or other secondary properties can’t be rented out on a short-term basis, following similar rules already in place in Mississauga and Oakville, Ont., and Vancouver.
Residents who appealed the rules said they were overly restrictive, but Tousaw found the rules still allowed opportunities for business and tourism without threatening the housing supply.
“These opportunities represent a reasonable balancing of several policy objectives.”
Thorben Wieditz, of the Fairbnb Canada group that had pushed to uphold the rules, said in a statement that the ruling represents “a major victory for tenants across Ontario.”
Airbnb spokeswoman Alex Dagg said in a statement that while the ruling provides some regulatory certainty, and it’s committed to work to implement them, it still has concerns.
“We continue to share our hosts’ concerns that these rules unfairly punish some responsible short-term rental hosts who are contributing to the local economy.
Toronto initially passed the short-term rules in December 2017, but they have since been held up on appeal.
Tues Nov 19 / 2019
Every family should have a planned escape route, including a layout of your home, two exits from each room and a meeting place outside the home. Your escape route should be practiced with all members of the household at least twice a year. Did you know that you have 1-2 minutes, from the time your smoke alarm sounds, to make a safe exit from your home?
If you don’t currently have an escape plan, now’s the perfect time to make one! Use this handy template from the National Fire Protection Association.
Your home should have a working smoke detector on each level. Ensure there is one located in or near all bedrooms. Battery-operated smoke detectors should have their batteries changed annually. In addition, all types of smoke detectors should be tested monthly to ensure they are working properly.
Keep at least one multi-purpose fire extinguisher in your home. It should be stored in the kitchen, as this is where most household fires start. Having an extinguisher on each level of your home is even better for fire prevention. Make sure adults and older children know how to operate a fire extinguisher. Use this handy acronym to help remember:
P- PULL the pin & point nozzle away
A- AIM low, at the base of the fire
S- SQUEEZE lever slowly & evenly
S- SWEEP nozzle from side to side
Fire prevention week is a great reminder to schedule your annual chimney cleaning and furnace service, if you haven’t done so already. Proper maintenance by a qualified technician will ensure the safe and efficient operation of your home heating system, reducing your risk of malfunction and possible fire.
You can also prevent household fires by keeping combustibles, such as clothing, bedding, furniture and boxes away from stoves and heaters. Additionally, curtains should hang at least 6 inches (15 cm) above baseboard heaters.
Did you know that your dryer is the most likely appliance in your home to start a fire? Practice fire prevention by replacing a plastic dryer vent hose with a metal-type one. Clean your dryer lint trap after each load and check your dryer vent for lint build-up at least twice a year.
As well, you can help prevent electrical fires by unplugging small household appliances and chargers for electronic devices when they are not in use.
Blog #3 Fri Nov 15 / 2019
We often hear about the top reasons why a reverse mortgage is avoided, and four of the most spoken about fears on the product are also untrue misconceptions derived from false assumptions. Here we break down these top ‘inaccurate fears’ of reverse mortgages.
1. We will lose ownership of our home as the Bank will now own our home.
This is not true. Just like with any other mortgage, the home is used to secure the loan which means that HomeEquity Bank is registered as a standard charge on title. A customer DOES NOT transfer ownership of their home to us. In fact, once it’s time to pay back the mortgage they or their heirs have the choice to settle the loan however they want. Selling the home is the most common option, but it is not mandatory.
2. There will be no money left for our heirs.
This is not true. Over 99% of homeowners have money left over when their loan is repaid. In fact, the total value of the home can appreciate in value, whereas the interest only accumulates on a small value (the borrowed amount) of the home.
3. We will owe more money than the house is worth, once we sell.
This is not true. At HomeEquity Bank, we have a No Negative Equity Guaranteei , this means that if the home depreciates in value and the loan amount due is more than the sale amount of the property, HomeEquity Bank will cover the difference between the sale price and the loan amount.
4. If my spouse passes away, the Bank will make me settle the mortgage and move out.
This is not true. Because they are on the title, the surviving spouse will maintain ownership and control of the home. They will never be forced to sell, move or repay the loan, as long as they continue to meet their obligations.
Wed Nov 13 / 2019
Tenant insurance covers your renters’ personal property, liability and additional living expenses in the event of a loss. So how does that benefit you, the landlord?
Quicker repairs after a loss
Under a tenant insurance policy, the insurer will take care of removing the tenant’s personal property from your building, if required. Without an insurance policy, the occupant would have to arrange to remove their belongings themselves, which can result in delayed repairs.
Save money on your landlord insurance
If your tenant is found responsible for damages to your property, your own landlord insurance policy will cover the cost of repairs or replacement. However, this would be counted as a claim against your policy and may result in a higher deductible or higher premium on your next policy renewal. Too many claims can also make it difficult to be insurable.
When a tenant has their own insurance policy: If a claim is paid for damages under your insurance policy (for damages the tenant is found responsible for), it gives your insurance company the right to recover the cost of the repairs from the tenant’s insurance company. This could result in the claim not being chargeable against your landlord policy, which can help in keeping your deductible and premium lower.
Protect yourself
Did you know that, as a landlord, you can be sued for an act that your tenant is liable for? This could be something as simple as a tenant’s dog biting a passer-by. If your tenant does not have their own liability insurance, it could be alleged that you would be responsible for damages or injuries to a third party as a result of your tenant’s action or inaction.
In this situation, the liability coverage under your own landlord policy would have to defend you,and could result in a claim against your policy. However, you may still be required to appear in court. This creates hassle and inconvenience to you, which can be avoided by requiring your tenants to have insurance.
Attract the right tenants
People who protect themselves with tenant insurance are often conscientious and responsible individuals. These traits could make them less likely to cause damage to your property and more likely to make their rent payments on time.
Thurs Nov 14 / 2019