Renting In Ontario: Resources for Landlords
Buying Real Estate is always a great investment, especially in a market as stable as Ottawa. Investment properties have plenty of benefits for owners, but what might be most enticing is the financial freedom it offers; When the rental income exceeds the property’s expenses, the landlord has a consistent source of income. If you have had the foresight and done the hard work that comes with obtaining an investment property, all you need to do now is find your tenant(s) and reap the rewards that come with investing in Real Estate.
For those who have purchased a rental property, it is important to know that becoming a landlord can be a full-time job. A good tenant is your best ally and a regular income will be an enduring comfort for the years to come. But sometimes, life doesn’t always throw us an easy pitch. Issues with the property, tenant relationships, or other external factors can be the cause of frustration for landlords. Fortunately, there are many resources available for landlords to navigate circumstances that may arise and to help make difficult decisions they may face from time to time.
Here is a list of resources for landlords in Ontario:
Tribunals Ontario resolves disputes between residential landlords and tenants. It also provides landlords and tenants information on their rights and responsibilities under the Residential Tenancies Act and sets out a process for enforcing them.
Ontario Landlords Association and the Canada Landlords Association are the provincial and national organizations for private residential landlords and aim to protect landlord interests. Landlords can network with top professionals, get advice from other landlords, and learn how the Landlord and Tenant Board work.
Landlord’s Self-Help Centre is a community legal clinic funded by Legal Aid Ontario that aims to provide support to Ontario’s landlord community.
There is also a list of common concerns of landlords looking for help on the Tribunals Ontario website. See here for a list of resources made available by the Landlord and Tenant Board – Help For Landlords
While owning properties for income is a great way to create some extra cash flow, being a landlord comes with its own set of demands. If you do own a property but wish to avoid the work that comes with being a landlord, there are many property management companies that will do the work for you. This way, there are no calls in the middle of the night if the pipes burst or the basement floods. The right management company will have 24-7 emergency contact and the resources to deal with anything that comes up, making the landlord experience seamless and easier than ever before.