ROYAL LEPAGE NRC REALTY REAL ESTATE INVESTOR UPDATE
|New Ontario Standardized Lease Agreement (Ontario)|
|Most private residential leases in the province must use the standard lease template provided for all new leases. Landlord and Tenant rights remain the same under the Residential Tenancies Act (2006)
Landlords must also provide the Brochure, “Information For New Tenants”.
|Rental Increase Guideline 2019|
|The Rental Increase Guideline for 2019 is 1.8% and applies to most private residential rentals covered under the Residential Tenancies Act.|
|Marijuana / Smoking|
|Landlords may find this area difficult to navigate and should review “Smoke Free Ontario”, “Reasonable Enjoyment RTA”, and additional resources.|
|Real Estate Sales|
|191 multifamily residential properties have sold in Niagara / Dunnville year to date.
The Average price per unit is: $135,000 (2-4 units), $91,924 (5+ units)
66 multifamily residential properties have sold in Hamilton year to date.
The Average price per unit is: $191,499 (2-4 units), $132,812 (5+ units)
*Cap Rate information is not available due to lack of financial information.
|Residential Rental Licensing|
|Many cities have implemented or considering licensing and bylaws for different types of residential rentals. Various factors could impact the purchasing and management of an investment property including but not limited to: zoning, fire code, electrical compliance, fire safety planning and retrofit, parking, # of units, type of rental, licensing fees, infraction penalties, and overall compliance.
Contact your Royal LePage NRC REALTOR® for Additional Resources, Information, and Investment insight in Niagara, Haldimand, Hamilton areas.