Real Wealth Real Estate Weekly Newsletter By Maria Rekrut – Sept 12, 2023
The Good, The Bad and The Ugly of Owning Real Estate in Ontario, Canada in 2023, can be summarized as follows:
- Investing in a rental property in Ontario can be a smart financial move
- Rental rates in Ontario are expected to rise in 2023
- Rental investments are a significant driver of home prices in Ontario
- Many investors can rest assured that their investments will be reasonably expected to perform for them.
- Landlords in Ontario are facing higher operating costs due to rising insurance rates, property taxes, and maintenance costs.
- The Ipsos-Reid and Nanos Canadian Confidence Index show that Canadian consumer confidence has dropped significantly, and confidence in real estate values has weakened even further
- The rent increase guidelines for Ontario in 2023 limit rent increases to a maximum of 2.5% on applicable properties.
- Landlords who do not comply with the Residential Tenancies Act in Ontario may face legal consequences, including fines and penalties.
- Tenants can file a complaint with the Landlord and Tenant Board if their landlord does not comply with the Act.
- If the landlord does not comply with an order from the Board, they may face further legal action.
Overall, owning a rental property in Ontario in 2023 has its ups and downs. While investing in a rental property can be a smart financial move, landlords are facing higher operating costs, and tenants have more legal protections than ever before. It is important for landlords to understand their rights and responsibilities under the Residential Tenancies Act in Ontario to ensure a positive and legal tenancy.
Contact Maria Rekrut today to learn more about how you can unlock wealth using real estate for personal freedom.
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Real Wealth Real Estate Weekly Newsletter #2- By Maria Rekrut – Sept 12, 2023
The Good, The Bad and The Ugly of Owning Real Estate in Ontario, Canada in 2023