How about the existing tenants at 55 brownlow avenue
61 Brownlow avenue Condos are being made by displacing existing tenants on 55 Brownlow Avenue and other buildings since the area has been identified to be ripe for future rezoning because of closeness to transit. However, its not yet certain if existing tenants will be able to afford a new unit after they are being displaced.
Last Updated:
2023-03-18
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Can tenant refuse showing in Ontario, Canada?
It's not easy to be a tenant or landlord if you don't know your rights. There are certain things that need to be understood because many times both parties end up in a legal fight.
So, today we will be answering a simple question that is important to know whether you are a landlord or a tenant in Ontario. So, let's find out if a tenant can refuse showing in Ontario, Canada.
## Can tenant refuse showing in Ontario, Canada?
**Yes, a tenant can refuse showing in Ontario, Canada**. However, the tenant must have a valid reason for refusing the showing and must communicate this reason to the landlord.
Under the Residential Tenancies Act of Ontario, the landlord must give the tenant at least 24 hours notice before visiting the unit and must respect the tenant's reasonable privacy during that. And the landlords must also give tenants a reasonable window of time for entry and any subsequent activities, such as inspections or showing.
## Can a landlord enter their property without giving the tenant notice?
Yes, in certain circumstances, a landlord may be able to enter their property without giving the tenant notice. In general, landlords are required to give tenants reasonable notice before entering the rental property, but in situations like an emergency such as a fire, flood or maintaining the property is a condition of the lease with the tenant, the landlord may enter the property between the hours of 8 a.m. and 8 p.m. (Mon-Sun) to perform maintenance. But they should still make an effort to notify the tenant as soon as possible after the emergency has been resolved.
## Tenant can refuse showing in Ontario, Canada
Tenants are allowed to refuse showing in Ontario, Canada, but they will have to give a valid reason. However, if the tenant refuses to allow the unit to be shown without a valid reason, the landlord may be able to apply to the Landlord and Tenant Board for an order requiring the tenant to allow showings.
Can a landlord take photos during an inspection in Ontario, Canada?
Renting a home can be exciting and difficult at the same time because there are so many steps and queries involved in it. One question that both landlords and tenants frequently have is, "Can a landlord take photos during an inspection in Ontario, Canada?" What if a tenant in Ontario, Canada, doesn't want their landlord to take pictures of the property during an inspection? So let's find out the answers to these questions.
## Can a landlord take photos during an inspection in Ontario, Canada?
In Ontario, Canada, a landlord is generally allowed to take photos during an inspection of a rental property. However, the landlord must respect the privacy rights of the tenants and ensure that the photos do not reveal any personal or identifying information about the tenants.
The Residential Tenancies Act (RTA) in Ontario sets out the rights and responsibilities of landlords and tenants in the province. The RTA allows landlords to enter a rental unit to inspect the condition of the unit, make necessary repairs, or show the unit to prospective tenants or buyers.
However, the landlord must give the tenant at least 24 hours' notice before entering the unit, unless the tenant agrees to a shorter notice period or the landlord has a reasonable belief that there is an emergency.
If the landlord intends to take photos during the inspection, it is a good idea for the landlord to inform the tenant in advance and to obtain the tenant's consent. The landlord should also ensure that the photos are taken for a legitimate purpose related to the rental property and are not used for any other purpose.
## What if my landlord in Ontario takes photos of my house without asking?
If your landlord took photos of your rental unit without giving you notice or obtaining your consent, they may have violated your privacy rights under the Residential Tenancies Act (RTA) . You can file a complaint with the Landlord and Tenant Board, which is an independent tribunal that resolves disputes between landlords and tenants in Ontario.
## Landlord can take photos during an inspection in Ontario, Canada
Landlords are allowed to take pictures when entering the rental unit for an inspection. However, the landlord must give the tenant at least 24 hours' notice before entering the unit, and he must respect the privacy of the tenants.
20 Real Estate Terms in Canada - List for Canadian Home Buyers, Sellers & Agents
Are you ready to conquer the Canadian real estate market, but feeling a bit daunted by the abundance of jargon and complexities? Don't worry, you're not alone! The real estate industry can be a minefield to navigate, but with the right knowledge, you'll be able to understand the ins and outs of the market and make informed decisions.
So, whether you're a first-time home buyer, a seasoned seller, or a budding real estate agent don't let the jargon hold you back- let's unlock the secrets of the Canadian real estate market with the ultimate 20 real estate terms that you need to navigate the minefield of the Canadian real estate market and come out victorious.
## 20 Real Estate Terms in Canada - A Comprehensive List
Knowing real estate terms is key to being a pro in the Canadian market. It's not just for first-time buyers or sellers; it's also for sellers and real estate agents who work here but are unaware of these terms. Because understanding the lingo is what sets you up for success here. For this reason, we have words ranging in complexity from simple words to complex terms.
## **20 Basic Real Estate Terms & Concepts to Know**
So buckle up and let's dive in deep into the real estate world.
### **1. Amortization**:
The length of time it will take to pay off a mortgage, calculated by dividing the total mortgage amount by the annual mortgage payments. It is the period over which the loan is planned to be paid off, usually in a range of 15-30 years.
### **2. Appraisal**:
An evaluation of a property's value by a professional appraiser. Appraisals help to determine the fair market value of a property, which is used to help set a fair price for the property.
### **3. Closing Costs**:
The expenses associated with purchasing a property, such as legal fees, land transfer taxes, and home inspection fees. These costs can add up to thousands of dollars and are typically paid at the time of closing.
### **4. Conditional Offer**:
An offer to purchase a property that is contingent upon certain conditions being met, such as the successful completion of a home inspection. It means that the offer is made on the condition that certain things happen, such as financing or home inspection.
### **5. Equity**:
The difference between the market value of a property and the outstanding balance on the mortgage. It is the portion of the property that the owner fully owns, and it increases over time as the mortgage is paid down and the property increases in value.
### **6. Fixed-Rate Mortgage**:
A mortgage with an [interest rate](https://getnewhouse.ca/blog/what-does-higher-interest-mean-for-housing-market-in-canada) that stays the same for the entire term of the loan. It means that the interest rate will not change for the duration of the loan, providing predictability and stability for the borrower.
### **7. Home Inspection**:
A comprehensive examination of a property's condition by a professional home inspector. Home inspection is an important step in the home buying process, as it can help identify any potential issues or defects with the property.
### **8. Interest Rate**:
The percentage at which the lender charges interest on a mortgage. It is the cost of borrowing money, and it can have a significant impact on the overall cost of the mortgage.
### **9. Land Transfer Tax**:
A tax paid by the purchaser when a property is transferred from one owner to another. It is a government tax that is paid on the transfer of property ownership and varies by province.
### **10. Listing Agreement**:
A contract between a property owner and a real estate agent that outlines the terms of the agency relationship. It outlines the services that the agent will provide, the length of the agreement, and the commission that will be paid to the agent.
Also, know the truth behind a [home listed for 1$ in the [Canadian Housing Market](https://getnewhouse.ca/blog/what-it-means-when-home-listed-for-one-dollar-in-canada).
### **11. Mortgage Broker**:
A professional who acts as an intermediary between borrowers and lenders to help them find the best mortgage product. They can help borrowers find the best mortgage rate and product that suits their needs.
### **12. Mortgage Pre-Approval**:
A conditional commitment from a lender to provide a mortgage for a certain amount, subject to the buyer meeting certain conditions. It is a letter from a lender that states that you are pre-approved for a mortgage up to a certain amount, subject to certain conditions.
### **13. Multiple Listing Service (MLS)**:
[MLS or Multiple Listing Service](https://getnewhouse.ca/article/what-is-mls-in-real-estate-canada) is a database of properties for sale by real estate agents. It is a system used by real estate agents to list properties for sale, and it is a valuable resource for buyers and sellers.
### **14. Power of Sale**:
A legal process that allows a lender to sell a property in order to recover unpaid mortgage debt if the borrower defaults on the mortgage. It is a provision in the mortgage agreement that gives the lender the right to sell the property in case of default.
### **15. Property Condition Disclosure Statement**:
A document that outlines any known issues or defects with a property. It is a statement provided by the seller that discloses any known issues or defects with the property.
### **16. Real Property Report (RPR)**:
A legal document that shows the boundaries, dimensions, and location of a property, as well as any improvements or structures on the property. It is a detailed survey that shows the property's boundaries and any structures or improvements on the property.
### **17. Title Insurance**:
Insurance that protects the buyer and the lender against any issues with the property's title or ownership. It protects against any hidden issues with the property's title, such as outstanding liens or encumbrances.
### **18. Underwriting**:
The process of evaluating a mortgage application to determine whether to approve the loan and what terms to offer. It is the process used by lenders to evaluate a borrower's creditworthiness and ability to repay the loan.
### **19. Zoning**:
Set of regulations established by local governments that determine how land can be used in a particular area, by dividing the municipality into different zones and regulating the development, density and allowed uses of the land.
### **20. Lease**:
A lease is a legal agreement between a landlord and tenant outlining the terms and conditions of renting a property, including the rental amount, length of the lease and responsibilities of both parties.
## **20 Advanced Real Estate Terms & Concepts to Know**
Now, let's get an idea on some of the advance terms used in the real estate industry.
## **1. ‘As Is’ clause**
Let's learn about this real estate concept from both a seller's and a buyer's point of view.
#### **For sellers**
"As-Is" clause means property is sold in current condition, with no promises or guarantees from the seller.
- It can be a quick and cost-effective option for sellers.
- But, it also means that the buyer will have to take on any necessary repairs or renovations.
- Legally required to disclose all issues with the property, including providing a detailed statement of condition, prepared by a professional, and based on an inspection.
#### **For buyers**
"As-Is" properties may come at a lower price, but they can also end up costing more if extensive repairs are needed.
- It's crucial to do a thorough inspection of the property to reveal any potential issues.
- Consider including a "subject to inspection" clause in the contract, which allows the buyer to back out if the inspection reveals more problems than initially disclosed by the seller.
- Important to proceed with caution and have a solid team of professionals, including a real estate agent, home inspector, and attorney, to minimize the risk.
For more details, refer [What does As-is clause mean in real estate?](https://getnewhouse.ca/article/what-does-as-is-where-clause-mean-real-estate-canada)
### **2. POA (Power of Attorney)**
POA is a legal document that allows you to give authority to another trustworthy person(s) to manage your property or money on your behalf.
- The person you appoint is called your attorney, and they do not have to be a lawyer.
- It is required that a person be ‘mentally capable’ at the time of signing a POA for it to be valid.
- Laws, requirements, and definitions of POA vary across provinces and territories in Canada.
- Real Estate and POA
In real estate, your attorney can manage buying or selling of real estate in your name, pay bills on your behalf, and even collect money owed to you, unless restricted to do so.
Your attorney does not become the owner of your property, they can only manage it on your behalf.
### Types of POA
- **General Power of attorney**: Allows your attorney to manage all or part of your finances and property only while you are mentally capable of managing your own affairs. Becomes invalid if you become mentally incapable. Can be limited to a particular task or time period.
- **Continuing power of attorney**: Allows your attorney to continue managing your finances and property even if you become mentally incapable to do so. Can start immediately or come into effect when you become mentally incapable.
### **3. MLS (Multiple Listing Service)**
MLS (Multiple Listing Service) is a database of properties for sale or rent, maintained by real estate agents and brokers.
- It allows agents to share information about properties with other agents in their area, increasing the chances of a sale or lease.
- MLS data is only available to real estate agents and brokers who are members of the service.
- It includes detailed information about properties, including photographs, prices, and descriptions.
- MLS can be a powerful tool for buyers, sellers, and real estate professionals to find and market properties.
### **4. CCIM (Certified commercial investment member)**
CCIM (Certified Commercial Investment Member) is a professional designation for commercial real estate professionals.
- It is awarded by the CCIM Institute after completing education and demonstrating experience.
- Recognized as mark of expertise in commercial and investment real estate.
- Only held by a select group of professionals.
- CCIMs are trained to analyze investment opportunities.
### **5. CPM (Certified Property Manager)**
CPM (Certified Property Manager) is a professional designation for property management professionals.
- It is awarded by the Institute of Real Estate Management (IREM) after individuals complete a rigorous education curriculum and demonstrate their experience in property management.
- The CPM designation is recognized as a mark of expertise in the property management industry.
- Only held by a select group of professionals.
- CPMs are trained to manage and maintain properties effectively and efficiently.
### **6. CMA (Comparative Market Analysis)**
CMA (Comparative Market Analysis) is a report that compares a property to similar properties in the same area.
- It is used to determine a property's estimated value, and to help with pricing decisions when buying or selling a property.
- A CMA includes information about recent sales and current listings of similar properties.
- It also includes information about market trends, such as average days on market and sale-to-list price ratios.
- CMA is a helpful tool for both sellers and buyers to have a better understanding of the market and make informed decisions.
### **7. CRE (Commercial Real Estate)**
CRE (Commercial Real Estate) refers to properties used for business or investment purposes.
- It includes properties such as office buildings, retail centers, industrial warehouses, and multifamily apartments.
- CRE transactions are generally more complex and involve more money compared to residential real estate transactions.
- CRE professionals such as brokers, investors, and property managers have specialized knowledge and skills to navigate the market.
- CRE can also include special purpose properties such as hotels, hospitals, and self-storage facilities.
### **8. CAC (Central Air-Conditioning)**
CAC (Central Air-Conditioning) is a type of air conditioning system that cools a building or home by circulating chilled air through ductwork.
- It typically uses a central unit, such as a furnace, to cool the air and distribute it throughout the building.
- CAC systems are often more efficient and can cool larger areas compared to individual room air conditioners.
- It can also improve air quality by filtering and circulating air throughout the building.
- CAC systems require regular maintenance to ensure they are functioning properly and efficiently.
### **9. COI (Certificate of Insurance)**
A Certificate of Insurance (COI) is a document that verifies that a specific insurance policy is in effect and provides details on the coverage provided.
- COIs are typically issued by insurance companies or their agents and are used to provide proof of insurance to third parties, such as lenders or landlords.
- COI includes: insured name, policy number, coverage type/limits, and insurance company/agent contact information.
- Some COIs may also include additional information, such as endorsements or exclusions to the policy.
- COIs are not the same as the insurance policy itself and do not provide all of the terms, conditions, and exclusions of the policy.
### **10. CMHC (Canada Mortgage and Housing Corporation)**
Canada Mortgage and Housing Corporation (CMHC) is a Crown corporation of the Government of Canada.
- Its primary function is to provide mortgage loan insurance to Canadian banks and other lending institutions.
- This insurance helps protect lenders against losses if a borrower defaults on a mortgage loan.
- CMHC also conducts research and provides information on housing markets and trends, as well as housing-related programs and services.
- CMHC is funded by premiums paid by borrowers who take out mortgage loans that are insured by the corporation.
### **11. CMA (Comparative Market Analysis)**
A [Comparative Market Analysis (CMA)](https://getnewhouse.ca/article/what-is-cma-in-real-estate-canada) is a report that compares a property to similar properties that have recently sold or are currently on the market.
- It is used by real estate agents, appraisers, and homeowners to estimate the fair market value of a property.
- A CMA typically includes information such as the property's location, size, condition, and features as well as information on comparable properties, including their sale prices and other relevant details.
- It is based on recent sales data, it helps in determining the current market value of a property
- It is used to set the price for a property that is for sale or to be appraised.
- A CMA can also be used to evaluate the potential return on investment for a rental property or a fix and flip investment.
### **12. ARV (After Repair Value)**
After Repair Value (ARV) is a term used in real estate investing to refer to the estimated market value of a property after any necessary repairs or renovations have been completed
- It is used to determine the potential profitability of a fix-and-flip investment or the maximum purchase price for a property being considered for a rental or rehab project.
- ARV is calculated by taking the estimated market value of a property in its current condition, subtracting the cost of repairs and renovations, and then adding any potential value-adds such as an addition or a finished basement.
- It is an estimate of the potential of the property in the future after the repairs are done
- It helps in determining the maximum amount to be spent on the renovation and property purchase, so it doesn't exceed the potential value of the property after renovation.
### **13. LTV (Loan to Value)**
Loan-to-value (LTV) is a ratio used in the mortgage industry to indicate the size of a loan compared to the value of the property being used as collateral.
- It is calculated by dividing the loan amount by the value of the property.
- It is used by lenders to determine the risk of a loan and the creditworthiness of a borrower.
- A higher LTV ratio indicates a higher risk to the lender, as the borrower has less equity in the property.
- LTV is used to determine the minimum down payment, interest rate, and maximum loan amount
- Lenders usually have different LTV ratios for different types of properties and loans.
- A high LTV ratio may require a higher interest rate or mortgage insurance.
### **14. Cap Rate**
The Capitalization Rate, or Cap Rate, is a measure used in real estate investing to indicate the rate of return on a property based on its income and purchase price.
- It is calculated by dividing the property's net operating income by its current market value or purchase price.
- Cap Rate is a metric used to compare the potential returns of different properties.
- A higher cap rate indicates a higher return on investment, and a lower cap rate indicates a lower return.
- Cap rate is used to evaluate the performance of a property and its potential as an investment.
- Cap rate can be used to compare the yields of different properties and areas, even though it is a ratio, it does not take into account the cost of debt.
### **15. GDS (Gross Debt Service)**
Gross Debt Service (GDS) ratio is a measure used by mortgage lenders to determine a borrower's ability to afford the mortgage payments on a property.
- It is calculated by dividing the total mortgage payments, including principal, interest, property taxes, and heating costs, by the borrower's gross income.
- GDS is one of the two ratios used to qualify borrowers, the other being TDS (Total Debt Service).
- It is used to evaluate the borrower's ability to meet the housing cost, it is usually expressed as a percentage.
- Lenders usually have a maximum GDS ratio, typically between 31% and 39%
- A high GDS ratio may indicate that a borrower is over-extended and may have difficulty making mortgage payments.
- A low GDS ratio may indicate that a borrower has a lower risk of defaulting on the loan.
### **16. TDS (Total Debt Service)**
Total Debt Service (TDS) ratio is a measure used by mortgage lenders to determine a borrower's overall ability to afford the mortgage payments on a property, as well as their other debts and expenses.
- It is calculated by dividing the total monthly debt payments, including mortgage payments, credit card payments, car loans, and any other debts, by the borrower's gross income.
- TDS is one of the two ratios used to qualify borrowers, the other being GDS (Gross Debt Service).
- Lenders usually have a maximum TDS ratio, typically between 42% and 44%
- A high TDS ratio may indicate that a borrower is over-extended and may have difficulty making mortgage payments and other debts.
- A low TDS ratio may indicate that a borrower has a lower risk of defaulting on the loan and other debts.
### **17. JT (Joint Tenancy)**
Joint Tenancy is a type of co-ownership of property where two or more individuals own the property together.
- Each owner holds an equal and undivided interest in the property.
- Joint tenants have the right of survivorship, meaning that if one of the owners passes away, their interest in the property passes automatically to the remaining owners.
- In a joint tenancy, all parties have equal rights and responsibilities on the property
- Each joint tenant has the right to use the entire property.
- All the parties need to agree to sell the property or make any changes to it.
- In case of death, the share of the deceased tenant automatically goes to the surviving tenant/s.
### **18. TIC (Tenancy in Common)**
Tenancy in Common (TIC) is a type of co-ownership of property where two or more individuals own the property together, but each has a distinct and separate share of the property.
- No right of survivorship, meaning if one owner dies, their share does not automatically pass to the remaining owners.
- Allows multiple parties to invest in real estate together or pass assets onto beneficiaries.
- Each tenant owns a specific percentage of the property and can sell or dispose of their share.
- Tenants have right to use entire property, but cannot sell or make changes without agreement of other tenants.
- In case of death, share is passed on according to will or testamentary disposition, not automatically to surviving tenants.
- Different from Joint Tenancy which has equal shares and right of survivorship.
### **19. Lien**
- A lien is a legal claim on a property that gives a lender or other creditor the right to seize the property if the borrower or property owner fails to fulfill their obligation.
- Liens can be placed on property for unpaid debts, taxes, or other financial obligations.
- Liens can be either voluntary, such as a mortgage, or involuntary, such as a judgment lien.
- Liens are recorded in the public records, this means that they are visible to anyone who searches. the records.
- When the property is sold, the lien must be paid off before the sale can be completed.
- If the lien is not paid off the property may be foreclosed or seized by the creditor.
### **20. Ontario Agreement of Purchase and Sale**
The Agreement of Purchase and Sale (APS) is a legally binding contract between a buyer and a seller for the purchase of a property in the province of Ontario, Canada.
- Outlines terms and conditions including purchase price, closing date, and contingencies.
- Prepared by a real estate agent or lawyer, reviewed and signed by both parties, and a copy provided to each.
- Includes schedule of chattels and fixtures, closing date, and contingencies, if any.
- Legally binding contract, both parties have legal obligations and rights related to the sale.
- Buyer typically pays deposit held in trust until closing.
- Starting point for completion of sale transaction and ownership transfer.
## Knowing the Canadian Real Estate Concepts
The understanding of the real estate terms specific to Canada is essential for home buyers, sellers and agents in order to navigate the market and make informed decisions.
Being familiar with terms such as CMHC, ARV, LTV, Cap Rate, GDS, TDS, JT, TIC, CMA, APS, and others, can help you understand the mortgage process, evaluate properties, and negotiate the terms of a sale.
Whether you're a [first-time home buyer](https://getnewhouse.ca/blog/renting-vs-buying-home-canada-better), an experienced investor, or a real estate agent, having a solid understanding of these terms will help you make the most of the Canadian real estate market. Did we miss any important term here? Do you wish to include any other interesting concept on real estate in Canada, do comment and share your views.
Which are free rental listing sites for landlords in Canada?
Currently, each and every tenant is exploring online for Rental Options. Comparatively, it is a convenient and easy way to cover a wide range of available listings and obtain the best out of various listings which suit the best needs. However, an immense number of **Online Property Rental Websites** available can quickly overwhelm you. Which one would you like to select?
## How to select the Best Rental Property Listing Site in Canada?
Eventually, you will like to choose a platform that provides you with sufficient freedom for showcasing and promoting your Rental Property. It should also help you attract high-quality tenants, as being a landlord, you wish that the rental property should be treated with respect and, most importantly, the individual should pay their rent on time!
Besides that, as a Landlord, you want to spend less on listing services, so you have to consider very wisely the listing fees for your property. We have done major selective evaluations to select some of the best Rental Websites in Canada and gathered all the relevant information. Following this, one can better explore certain options and select the best one to give better exposure for property listings.
Though it is one of the most challenging aspects for landlords to choose the best tenants for there property as well as how to trust one of those.
## List of Best Rental Listing Sites.
_**These are the best rental website used by many landlords in Canada for listing their property**_
1. Craigslist
2. Kijiji
3. Facebook Marketplace
4. Padmapper
5. Realtor.ca
Out of the above, Craiglist and Kijiji are the top favourites for people looking to rent out a home in Canada.
Let's discover a bit on Craiglist, the topmost choice of Canadians:
## Craigslist
Craigslist receives significant web traffic, with 13.21 million Canadian visits alone. Choosing this website is easy, as posting the ads without any signup or fee is very simple. Prospective buyers can contact you using the email address and other contact information you include in the listing. Each ad is valid for 45 days or seven days if the listing is in a larger city. Craigslist does a few investigations to ensure that the listing is genuine. Conveniently, you can; post the ad without sign-in, but sometimes it results in many fake rental property ads blocking the Websites.
### **Pros of Using Craigslist**
- No Sign up Needed
- There are no fees to post for basic listings
### **Cons for Using Craigslist**
- The traffic is divided into rental ads and other categories.
- Because it is so simple to post ads, scams do occur on occasion.
- Tenant inquiries are only sometimes taken seriously.
## Benefits of Rental Listing Sites Canada
One of the most difficult aspects of being a landlord in Canada is having suitable tenants for your residential property. When you have knowledge of a certain rental website, it's much simpler to post your ads, so finding a trustable and credible website is always a good first step.
Similarly, for people hunting for a good residence, may it be newcomers or citizens, having access to a reliable rental listing site is helpful.
Which rental listing website do you prefer and why? Do share your views.
How do Reverse Mortgages work in Canada?
A reverse mortgage is a financial product that is mainly to assist Canadian homebuyers with gaining equity in their homes. This type of mortgage is specially for Canadians aged 55 and over and offers them a single amount payment, regularly scheduled payments or a line of credit.
Let's look more about the reverser mortgage and find out how actually it works in Canada.
## Eligibility conditions:
To qualify for a reverse mortgage in Canada, a homeowner must meet the following criteria:
- Must be 55 or more
- Must have a home in Canada.
- Must have a minimum amount of equity in their home.
## How do reverse mortgages work in Canada?
A reverse mortgage works by allowing the homeowner to get a portion of the equity in the home without having to sell their home or make regularly scheduled payments. The lender offers the homeowner a one-time payment, a regularly scheduled payment, or a line of credit in exchange for a portion of the home equity. The lender takes a mortgage on the home, and when the homeowner dies, sells the home, or moves out, the loan must be repaid, along with any interest and fees that have accumulated.
## Advantages of a reverse mortgage
A reverse mortgage offers several benefits to Canadian seniors, including:
- **Access to Cash**: Homeowners can access their home equity without having to sell their home or make regularly scheduled payments.
- **No Regularly scheduled Payments**: Homeowners don't have to pay regularly scheduled payments while living in the home.
- **Flexibility**: In the event that you wish, the homeowner can get the cash as a single amount, regularly scheduled payment or credit limit.
- **Doesn't affect government benefits**: Reverse mortgage reserves don't affect government benefits such as Old Age Security or Guaranteed Income Supplement.
## Disadvantages of a reverse mortgage
While reverse mortgages have many advantages, they also have a few disadvantages, such as:
- **Reduced inheritance**: The loan and accrued interest and expenses must be repaid when the homeowner kicks the bucket, sells the home or moves, hence reducing the legacy that can be passed on to the homeowner's beneficiaries.
- **Interest **: Loan interest accumulates over time, which can increase the obligation when the loan is repaid.
- **Fees**: Reverse mortgages have several expenses, including appraisal charges, legal expenses and mortgage insurance.
## Reverse Mortgages in Canada
A reverse mortgage can be a valuable financial tool for Canadian seniors who want to develop equity in their homes. It offers an adaptable way to access cash without paying month to month charges, yet it also has a few disadvantages, such as decreased inheritance and interest accrual. So, with these disadvantages this becomes equally important to think before considering a reverse mortgage, it is also important to consider your financial situation, tentative arrangements and ability to repay the loan when it comes due. If you find it for you the definitely go for it else try other options.
What information can a landlord ask for before renting house in Ontario, Canada?
Have you planned of moving to Ontario, Canada? Renting an apartment is the first thing you do when you move to Ontario, Canada; however, renting does not only require that you have the money to cover the rent. Landlords interview dozens of candidates to make sure they have a consistent income and a history of good behavior to ensure that their property will not be mistreated and they will be paid timely rent.
So, today we will talk about the information a landlord can ask for before renting a house in Ontario, Canada.
## What information can a landlord ask for before renting a house in Ontario, Canada?
The following are some of the frequent queries and information that tenants were frequently asked by the Landlords during the rental process:
- Why you are moving to a new property, exactly?
- Do you have a job? Where do you work?
- What is your income?
- Permission to do a credit check.
- If you have pets?
- How many people will be living with you, and what are their names and professions?
- References from past Landlords.
## What information a landlord cannot ask in Ontario, Canada?
Under the Ontario Human Rights Code, landlords are prohibited from interfering with your privacy. According to the Human Rights Code, tenants and landlords have rights and obligations and they cannot ask you personal questions like-
- What is your race, color, or ethnicity?
- What are your religious principles or observances?
- Are you pregnant?
- Do you intend to have kids?
- Are you married, single, or divorced?
- What is your place of origin?
- What is your citizenship?
## Information a landlord can ask for before renting house in Ontario, Canada
The landlord needs this information to make sure he can find a respectful, well-behaved tenant who can pay rent on time and take care of the property. So, he asks about the information that depicts your behavior, income, and trustworthiness.
However, he is not allowed to ask you questions that could personally harm you. If you think your landlord has discriminated against you or has asked for information that is illegal, you can file a human rights complaint with the Human Rights Tribunal of Canada or the Human Rights Tribunal of Ontario.
What documents are required to rent an apartment in Toronto, Ontario in Canada?
Renting a new apartment is the first and most challenging task for those who are new to Toronto, Ontario, or who are considering moving. Because of the lifestyle and standard of living in Toronto, there is a high demand for rentals, which has led to incredibly competitive rental application processes.
It's not only about finding a place to rent; it's more important to know the documents required for that. We will therefore find out what documentation is required to rent an apartment in Toronto, Ontario, Canada.
## What documents are needed to rent an apartment in Toronto, Ontario in Canada?
Landlords interview dozens of applicants before renting an apartment to make sure they have a consistent income and a history of good behavior and ensure that they can recover their costs if you ran out of supplies or damaged the property.
**Here is the list of documents needed to rent an apartment in Toronto-**
- **Employer letter** - stating your annual income and the duration of your employment at your current work place.
- **Government issued photo ID** - it can be your driver license, Permanent Resident card or passport.
- **Recent pay stubs**- typically, for the past three months.
- **Bank statements** - showing sufficient funds saved to cover a few months of rent.
- **References from previous landlords** - it can also be from your property manager, a close friend who can vouch for your character or both.
However, in addition to this, you must also sign a lease agreement by which the landlord gives permission to you to occupy his rental unit. The tenant agrees to pay the rent in return. There may be additional conditions and guidelines in the agreement that you agree to when you sign a rental agreement.
## What documents are required for a non-Canadian resident to rent an apartment in Toronto, Ontario in Canada?
Non-Canadian residents also need the aforementioned documents, but a landlord might also request proof of immigration status or even a guarantor who must be a Canadian citizen.
## Documents needed to rent an apartment in Toronto, Ontario in Canada
The documents required for Canadian and non-Canadian residents are nearly same, but it also depends on the Landlord. So, if you are thinking of renting an apartment, at least you must have the above-mentioned documents ready.
Why Invest in Real Estate in Innisfil in Ontario, Canada ?
Investing in real estate can be a great way to build wealth, and Innisfil, Ontario is a prime destination for those looking to take advantage of the real estate market. Known for its unique combination of affordability, growth potential, and lifestyle amenities, Innisfil is a hidden gem that is rapidly gaining popularity amongst savvy investors.
However, before making any investments, it's important to have a solid understanding of the market and a strategic approach. This guide will take you through the ins and outs of investing in Innisfil, and give you a comprehensive understanding of what makes this city a popular choice for property investors. From population growth to rental potential, this blog covers it all.
Whether you're a seasoned pro or new to the game, this guide will help you make informed decisions and unlock the true potential of real estate in Innisfil.
## Why Invest in Real Estate in Innisfil in Ontario, Canada ?
Innisfil is a picturesque lakeside community situated on the shores of Lake Simcoe, stretching from Big Bay Point in the east to beyond Highway 400 in the west. It is composed of several key communities, including Alcona, Stroud, and Cookstown and is bordered by Barrie to the north and Bradford West Gwillimbury to the south.
Its northern and eastern borders are defined by Kempenfelt Bay and Cook’s Bay, respectively, providing a peaceful atmosphere and ample recreational opportunities that attract tourism to the area.
Innisfil has seen a significant increase in population in recent years. As a result, many investors are starting to take notice of the potential for real estate investments in the area. Here are some of the reasons why real estate investors should consider Innisfil as a potential investment location.
### **Population Growth**
One of the most significant factors driving the demand for housing in Innisfil is population growth. The town's population has been steadily increasing, and this trend is expected to continue. As the population grows, so does the demand for housing, which can lead to increased property values and rental income for investors.
### **Rise of Real Estate in Innisfil**
Real Estate in Innisfil is becoming an increasingly popular choice for both homeowners and investors. The town's population has been steadily increasing in recent years, and this trend is expected to continue. This population growth has led to a strong demand for housing in Innisfil, making it a great option for those looking to invest in the real estate market.
Innisfil's real estate market is also diverse, it offers a variety of housing options, including detached homes, row houses, semi-detached homes, and condos. This diversity in housing options allows investors to choose from a variety of properties to suit their preferences and investment goals.
### **Parks and Recreational Facilities**
Parks and recreational facilities play a significant role in Innisfil's community and are a major draw for both residents and visitors. The town offers a wide range of options for outdoor activities and leisure, catering to different interests and ages.
Park like Centennial Park and Innisfil Beach Park offer a beautiful beachfront on Lake Simcoe, as well as picnic areas, playgrounds, and a splash pad for children. The park is also a great spot for swimming, sunbathing, and other water-based activities.
Innisfil also has several recreational facilities that offer indoor activities. The Innisfil Recreational Complex is one of the most popular, featuring an ice rink, a swimming pool, a gym, and a fitness center. The Stroud Arena is another popular facility, with an ice rink, and a community hall. The area is full of such facilities to make you life cheerful and joyful.
### **Convenient Transportation and Proximity to Toronto**
Innisfil is located just a short drive from Toronto, one of the largest and most vibrant cities in Canada. This proximity to Toronto makes Innisfil an ideal location for those who want to invest in real estate but still have easy access to the amenities and job opportunities of a major city.
Innisfil is also well-connected to the rest of Ontario through its major roadway, Highway 400. This highway is the most important roadway in the Innisfil area, providing the most direct route between Innisfil and Toronto, and connecting Innisfil to Barrie and Northern Ontario. These roads provide important connections within the town.
### **Government Incentives**
The government of Ontario offers several incentives to encourage real estate investment, such as the First-Time Homebuyer's Tax Credit and the Homeowners' Property Tax Credit. These incentives can help offset some of the costs associated with purchasing a property and make it more financially feasible for investors.
## What are the Pros of Investing in Real Estate in Innisfil?
Strong demand for housing: With a growing population and a low vacancy rate, there is a strong demand for housing in Innisfil. This means that rental properties are likely to be in high demand and can generate steady rental income for investors.
**1. Affordable prices**: Compared to other major cities in Ontario, the cost of real estate in Innisfil is relatively affordable. This makes it a great option for first-time investors or those on a budget.
**2. Good location**: Innisfil is situated in a prime location, with easy access to major highways and close proximity to Toronto, making it a great option for those who want to invest in a property that's close to the city but still relatively affordable.
**3. Government incentives**: The government of Ontario offers several incentives to encourage real estate investment, such as the First-Time Homebuyer's Tax Credit and the Homeowners' Property Tax Credit.
## What are the Pros of Investing in Real Estate in Innisfil?
**1. Limited appreciation potential**: While the demand for housing in Innisfil is strong, the town's population and economic growth may not be as robust as larger cities, which means that there may be limited potential for appreciation in property values.
**2. Risk of vacancy**: As with any rental property, there is always the risk of vacancy. This means that investors should be prepared for the possibility of not having a tenant in their property for a period of time.
**3. Maintenance and repair costs**: As a landlord, you are responsible for maintaining and repairing your rental property. These costs can add up over time and can eat into your profits.