GTA condo investors counting losses
The majority of pre-sale condo investors in the Greater Toronto Area are struggling to make a profit, sounding alarms for the rental market as a whole.
RentSafeTO is “a bylaw enforcement program that ensures apartment building owners and operators comply with building maintenance standards.” The program is only applicable to apartment buildings with three or more storeys and 10 or more units.
Key updates include:
The updates have drawn criticism from some apartment building owners, who say the increase in costs is far above inflation and fees will just be passed on to tenants. But the primary focus of RentSafeTO – ensuring tenant safety – will be shared by the vast majority of landlords and property managers.
As the program evolves, feedback from all parties will help refine its effectiveness and achieve mutually beneficial outcomes.
For any property manager, regardless of whether they are subject to RentSafeTO, tools like PayProp’s built-in maintenance hub can help address tenant concerns promptly and uphold building standards.
More compliance headlines
Judge rules against landlord group in Windsor rental licensing dispute – Windsor Star
Ontario's rental housing enforcement unit investigates a fraction of cases – CBC
Preventing & treating mould in your rental properties – PayProp
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