Landlords are moving back in or taking control of their properties;
The first are evictions for an "own-use" claim by a landlord, such as a landlord saying that they or an immediate family member are moving into the property. There were 323 of these applications at the LTB in 2015, and the number has steadily risen each year since, with 595 in the 2018-2019 fiscal year.The second type of no-fault eviction is for for renovations, repairs or conversions that require the tenant to move out. These are often called renovictions by housing advocates. There were 18 of these applications in Toronto in 2015. The number has increased each year since, with 71 in the 2018-2019 fiscal year. https://www.cbc.ca/news/canada/toronto/toronto-rental-evictions-report-1.5369521
I actually wonder how they are tracking these applications given that the filing system is by property address.
Would you?
Seems that many are buying with less than 20% down and purchasing CMHC Insurance on the mortgage debt.
In its latest market report, Canada Mortgage and Housing Corporation stated that the number of rental housing units it insured grew by 35% annually during the quarter ending September 30, 2019.
“We’ve seen increased demand in rental housing, which remains an important housing solution for many Canadians. We have continued to provide support for this option through our commercial activities and National Housing Strategy initiatives,” CMHC chief financial officer Lisa Williams said. https://www.mortgagebrokernews.ca/news/insurance/cmhc-reports-notable-increase-in-the-number-of-insured-rental-homes-323420.aspx#.XeUdZZe_LB0.twitter
The market appears unabated...
What do you think?
Lets book a time to talk
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