This free summit will feature top experts in Canadian real estate who will share their knowledge on a broad range of topics. It will be presented on Sat. Jun. 18th from 12pm-3pm.
Outsourcing core functions to a reputable property management company is an easy and affordable way for an investor to ensure that their property remains in great condition and maintains its value. In many cases, investors who attempt to do everything on their own find themselves in situations that they are not prepared for.
“There is a real financial risk for an investor who decides they can do everything on their own,” says Jason Duncan, CEO of RentalMiles. “Landlords do collect a security deposit but if a tenant causes damage that goes beyond that cost, and it cannot be proven to be their fault, the investor could end up in serious financial trouble.”
Duncan also raises another hazard that’s just as serious but not often considered by landlords: the risk of physical harm. “The landlord might end up getting into dangerous situations if they are in dispute with a volatile person,” Duncan says. “There are laws in place to protect you, but situationally speaking it could be risky if you end up with somebody that you were not able to do proper background checks on.”
All of these potentially risky scenarios can be avoided by hiring a professional property management company. From screening for high quality tenants and managing marketing and listings to handling any legal situations that arise, property management companies give investors the sort of peace of mind that is hard to find.
“Investment properties typically play an important part in an individual’s retirement, so there is a lot on the line,” says Duncan. “We hire experienced agents who know all of the ins and outs of renting properties and the potential risks. We handle all tenant placements on behalf of the property owner and manage all of the listing services throughout various marketing websites. We have that experience of screening people to make sure the investor has quality tenants in their property.”
The Canada Mortgage and Housing Corporation's biannual Housing Supply Report highlighted Calgary as the Canadian city with the highest percentage growth of housing starts in 2021.
Roughly 70 per cent of Toronto is zoned for detached houses only, which restricts the number of units that can be built.
This week, the Bank of Canada announced an increase to their policy interest rate of 50 basis points, amounting to a total of 1.50%. That means interest rates are now six times higher than they were at the start of the year.
Many jurisdictions in the U.S. have been thinking outside the box to boost the housing supply. Here in Ontario, we’d be wise to follow suit.
If you're looking to invest overseas, Turks and Caicos Islands boast some of the best financial and vacation-like benefits.
In a recent systems review from BoC, there is an increasing number of people at risk of financial vulnerability which could further affect the Canadian economy.
In the past, the ability to make good money in vacation investments was not always available to the average investor. Now, things are changing.
Canadian Real Estate Wealth and Neil Sharma sincerely apologize to Rompsen Investment Corporation and Rompsen Mortgage Limited Partnership.
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