Real Estate

Ppl that bought in 2017 do you regret buying ?

  • Last Updated:
  • Dec 15th, 2017 11:05 am
[OP]
Jr. Member
Jan 16, 2017
141 posts
63 upvotes

Ppl that bought in 2017 do you regret buying ?

Do you regret your purchase? I was trying to buy a condo in Vaughn for pre-construction but I couldn't get a unit, looking at the rate hikes that are coming and the falling prices, I am glad I didn't buy. How do other people feel?
132 replies
Sr. Member
Jan 17, 2006
617 posts
339 upvotes
Toronto
I was tempted by hype to buy in Vaughan, I am glad I did not as well, even though may be it will be good investment as well.
But I bought more than one property in 2017 and all in downtown. I got one for around 700 per SQFT and others around 800 per SQFT they all now at least 25% above current market price.
Also I rented out 2 properties in one week and happy with tenants and whole process of being landlord.
So overall I am happy with my 2017 purchases in RE.
Deal Expert
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Apr 21, 2004
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Did rental fees go down over the said period? If not, I don't see why buyers in 2017 would regret their purchases if they don't have to be evicted every so often so some greedy landlord can escalate the rental fees.
Sr. Member
Dec 23, 2010
686 posts
243 upvotes
Ottawa
alanbrenton wrote:
Dec 6th, 2017 11:28 am
Did rental fees go down over the said period? If not, I don't see why buyers in 2017 would regret their purchases if they don't have to be evicted every so often so some greedy landlord can escalate the rental fees.
Basically impossible to be evicted if you rent in a building. Only way is if the building does massive renovations. If a small time landlord does the 'personal use' clause then they have to pay 1 month rent and they actually have to hold off re-renting the unit because if the previous Tenant sees the listing he can go to the LTB and say your intent was not personal use and you would be hit with massive fines that you wouldn't believe.

If I bought a detached house in Toronto I would regret it for sure. I do not see the 1.5 million dollar valuations keeping up once the new rules are in play. With the January 5% interest qualification and tax on foreign buyers we can clearly see the intent is to suffocate the real estate market. Also they have enacted rent control and banned airbnb outside of principal residence.
Last edited by Applesmack on Dec 6th, 2017 11:43 am, edited 1 time in total.
Deal Addict
Feb 22, 2011
1888 posts
1701 upvotes
Toronto
Applesmack wrote:
Dec 6th, 2017 11:43 am
Basically impossible to be evicted if you rent in a building. Only way is if the building does massive renovations. If a small time landlord does the 'personal use' clause then they have to pay 1 month rent and they actually have to hold off re-renting the unit because if the previous Tenant sees the listing he can go to the LTB and say your intent was not personal use and you would be hit with massive fines that you wouldn't believe.

If I bought a detached house in Toronto I would regret it for sure. I do not see the 1.5 million dollar valuations keeping up once the new rules are in play.
A lot of people would not be happy living in an Apartment building in Toronto. Some have roaches and most have noise issues, sketchy neighbors etc. Run down amenities, repairs not being done to unit. Also they can increase rent above limits once they show the decaying building needs a big repair.
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Apr 21, 2004
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Applesmack wrote:
Dec 6th, 2017 11:43 am
Basically impossible to be evicted if you rent in a building. Only way is if the building does massive renovations. If a small time landlord does the 'personal use' clause then they have to pay 1 month rent and they actually have to hold off re-renting the unit because if the previous Tenant sees the listing he can go to the LTB and say your intent was not personal use and you would be hit with massive fines that you wouldn't believe.

If I bought a detached house in Toronto I would regret it for sure. I do not see the 1.5 million dollar valuations keeping up once the new rules are in play. With the January 5% interest qualification and tax on foreign buyers we can clearly see the intent is to suffocate the real estate market.
So what if the deal really fell through like the relative changed his/her mind? As long as it's documented via email I doubt the tenant is going to win any settlement. There was "intent" and with supporting documents, it's hard to say the landlord was offside.

A deal is deal, regretting one's decision will just make one miserable. Accept the fact and move one. Come 10 years, if interest rates stay relatively low and city centers still attract people all over Canada and the world, I'm sure they will be way above (not saying 100% but maybe up 10-25%) water.
Sr. Member
Dec 23, 2010
686 posts
243 upvotes
Ottawa
alanbrenton wrote:
Dec 6th, 2017 11:47 am
So what if the deal really fell through like the relative changed his/her mind? As long as it's documented via email I doubt the tenant is going to win any settlement. There was "intent" and with supporting documents, it's hard to say the landlord was offside.
http://www.acto.ca/~actoca/assets/files ... e_0707.pdf

ƒagreement of purchase and sale: the landlord must have entered
into an agreement of purchase and sale at the time that the
eviction notice is given. For example, the landlord cannot simply
have you evicted because the place is easier to sell if it is empty.

Also if you are kicking a tenant out for personal use you need to move in and actually live there. If you do not do that you have illegally evicted the tenant. Also the tenant himself may refuse to actually vacate the unit because they do not believe you that you intend to move into the unit. In that case you are required to convince the board that this is true:

Being a landlord in Ontario is hell.
Sr. Member
Dec 23, 2010
686 posts
243 upvotes
Ottawa
rjg4235 wrote:
Dec 6th, 2017 11:46 am
A lot of people would not be happy living in an Apartment building in Toronto. Some have roaches and most have noise issues, sketchy neighbors etc. Run down amenities, repairs not being done to unit. Also they can increase rent above limits once they show the decaying building needs a big repair.
Yep you can increase rent for renovations but the tenant can argue that you are increasing the rent too much. You have to justify your increase to the LTB.
Deal Expert
User avatar
Apr 21, 2004
41602 posts
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Applesmack wrote:
Dec 6th, 2017 11:53 am
http://www.acto.ca/~actoca/assets/files ... e_0707.pdf

ƒagreement of purchase and sale: the landlord must have entered
into an agreement of purchase and sale at the time that the
eviction notice is given. For example, the landlord cannot simply
have you evicted because the place is easier to sell if it is empty.

Also if you are kicking a tenant out for personal use you need to move in and actually live there. If you do not do that you have illegally evicted the tenant. Also the tenant himself may refuse to actually vacate the unit because they do not believe you that you intend to move into the unit. In that case you are required to convince the board that this is true:

Being a landlord in Ontario is hell.
From 2013 so it doesn't have that one month payment you brought up.

http://yourlegalrights.on.ca/common-que ... ct-someone

Even tenants who have done nothing wrong can sometimes be evicted simply because of the landlord's plans for the rental unit. For example, the landlord may want to:

live in the unit
use it for a different purpose
do major repairs or renovations


Only when you don't screen and interview tenants well. A friend who is a doctor in ER has several investment properties and doesn't kick tenants out but he sure doesn't have issues with his Tenants.
Last edited by alanbrenton on Dec 6th, 2017 11:55 am, edited 2 times in total.
Deal Addict
Feb 22, 2011
1888 posts
1701 upvotes
Toronto
Applesmack wrote:
Dec 6th, 2017 11:53 am
http://www.acto.ca/~actoca/assets/files ... e_0707.pdf

ƒagreement of purchase and sale: the landlord must have entered
into an agreement of purchase and sale at the time that the
eviction notice is given. For example, the landlord cannot simply
have you evicted because the place is easier to sell if it is empty.

Also if you are kicking a tenant out for personal use you need to move in and actually live there. If you do not do that you have illegally evicted the tenant. Also the tenant himself may refuse to actually vacate the unit because they do not believe you that you intend to move into the unit. In that case you are required to convince the board that this is true:

Being a landlord in Ontario is hell.
An agreement of purchase can still fall through before closing.
Sr. Member
Dec 23, 2010
686 posts
243 upvotes
Ottawa
rjg4235 wrote:
Dec 6th, 2017 11:55 am
An agreement of purchase can still fall through before closing.
Yep and in that case (very unlikely to happen since contract is signed) you may have an argument but I wouldn't be surprised if the LTB forced you to allow the tenant back in anyway at previous rental prices.
Deal Expert
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Apr 21, 2004
41602 posts
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Applesmack wrote:
Dec 6th, 2017 11:57 am
Yep and in that case (very unlikely to happen since contract is signed) you may have an argument but I wouldn't be surprised if the LTB forced you to allow the tenant back in anyway at previous rental prices.
So the tenant will live on the street in the mean time? What does he want two lease agreements for?
Sr. Member
Dec 23, 2010
686 posts
243 upvotes
Ottawa
alanbrenton wrote:
Dec 6th, 2017 11:58 am
So the tenant will live on the street in the mean time?
Good point. They probably won't want the unit. But they could potentially sue you for compensation if the LTB sides with them. Regardless you have pointed a very unlikely scenario to occur.

The following has to occur in your case:

1) You must be selling the unit

2) You must have sold the unit

3) Buyer must have backed out of buying the unit and violated his end of the deal.

Generally if all this happens you are **** anyway as you just lost a ton of money since the buyer backed out for a reason.
Deal Expert
User avatar
Apr 21, 2004
41602 posts
10236 upvotes
Applesmack wrote:
Dec 6th, 2017 12:00 pm
Good point. They probably won't want the unit. But they could potentially sue you for compensation if the LTB sides with them. Regardless you have pointed a very unlikely scenario to occur.

The following has to occur in your case:

1) You must be selling the unit

2) You must have sold the unit

3) Buyer must have backed out of buying the unit and violated his end of the deal.

Generally if all this happens you are **** anyway as you just lost a ton of money since the buyer backed out for a reason.
So the article is wrong about these other situations where you can evict the tenants? Have the rules changed? It doesn't really make much sense to evict good tenants just to escalate rental by a few percentage because one month of vacancy is equivalent to 8% loss in rental income for the year that have to be offset by the escalation and better the angel you know than the devil you don't.

Even tenants who have done nothing wrong can sometimes be evicted simply because of the landlord's plans for the rental unit. For example, the landlord may want to:

live in the unit
use it for a different purpose
do major repairs or renovations
Deal Addict
Feb 22, 2011
1888 posts
1701 upvotes
Toronto
Applesmack wrote:
Dec 6th, 2017 11:57 am
Yep and in that case (very unlikely to happen since contract is signed) you may have an argument but I wouldn't be surprised if the LTB forced you to allow the tenant back in anyway at previous rental prices.
I doubt it, takes months to go through courts and someone else would be there by then, courts wouldn't evict them. Plus how many people would actually go through that hassle?

Also if the main point is it's hard to be evicted you still have 0 security because it could be sold at any time.

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