Housing Bubble II: The Quest To Build Enough Homes Where People Actually Need Them

[kwoldtimer]

Originally Posted by SpongeG

I've been reading a few things about renters and home owners recenty and have only found out sometimes the owner is not that in control. Example, I was reading about these people bought a house intended for themselves to be their home and live in but the house has renters in it and the renters refuse to move out and the new owners have to jump through all these hoops and all this paper work that the renters are apparently ignoring and the old owners aren't doing much to help, this was somewhere in Ontario. And another example in BC is a renter is living in a suite inside a house that the owner sold and they also require paper work to be done but the renter is doing whatever they can not to move out.

I always assumed if a house with a rental suite in it has renters and the house is sold that the renters would have to move out but apparently they can stay? and some of them seem to be very adamant that they will not move out regardless of the home ownership change. Seems a little weird to me.

If you buy a house to live in immediately and it has renters in it, you want vacant possession as part of the deal.

[SpongeG]

maybe its different in BC and these are the examples of comments or attitudes people have to this happening. I guess i'm mostly surprised at people's attitudes, like its their home how dare they kick me out of the place i don't own.

Don’t leave without proper paperwork, landlords and realtors will run their mouth hoping you voluntarily leave. There is one other option they might try and thats to offer you cash for keys.

Oh we aren’t going anywhere without proper paperwork. Our landlord sent a text that they were planning to sell. We haven’t received anything in writing as of yet.

...

One bit of advice I would give from someone in a similar situation is to try to be at home when the realtor is doing showings.

Realtors are motivated to sell the house and often are happy to tell potential buyers whatever they want to hear. I have heard the realtor selling the house I live in misrepresent everything about our tenancy from the amount of rent we pay to the amount of time left in our lease.

Try to be home for showings and stay with the realtor while the show the house so that you can correct anything they misrepresent.

The owner can’t evict you for messing up their sale if you’re just telling the truth.

[theman23]

Originally Posted by SpongeG

maybe it’s different in BC and these are the examples of comments or attitudes people have to this happening. I guess i'm mostly surprised at people's attitudes, like it’s their home how dare they kick me out of the place i don't own.

Those comments all sound reasonable. What exactly do you find surprising?

If you have a tenancy agreement that agreement transfers to the new owner. Generally if the tenancy is on a month to month renewal, it can be terminated if the new owner intends to move in. With that being said, many owners threaten to sell their unit as a bluff to get renters to accept a proscribed rent increase. Tenants are also not keen to leave their units what with that “housing crisis” you may have heard about, so the process can be drawn out. A buyer should include vacant possession as a condition for any tenanted property so the onus is on the seller to evict the tenant prior to closing.

And yeah, it’s still their home even if they don’t own it.

[SignalHillHiker]

A lot of the nicer rowhouses in working class neighbourhoods are under $250K now, including this one ($239K) below a neighbour's retaining wall of death...





Still nearly $100K more than mine. In my neighbourhood, someone thinks they're still getting over $400K

[YOWetal]

Originally Posted by theman23

Those comments all sound reasonable. What exactly do you find surprising?

If you have a tenancy agreement that agreement transfers to the new owner. Generally if the tenancy is on a month to month renewal, it can be terminated if the new owner intends to move in. With that being said, many owners threaten to sell their unit as a bluff to get renters to accept a proscribed rent increase. Tenants are also not keen to leave their units what with that “housing crisis” you may have heard about, so the process can be drawn out. A buyer should include vacant possession as a condition for any tenanted property so the onus is on the seller to evict the tenant prior to closing.

And yeah, it’s still their home even if they don’t own it.

Yes. Even those who are pro ownership don't think you should be able to kick people out for no reason so we all agree tenants have some claim to property the question is just how much.

It's very much buyer beware buying a tenanted property.

[Innsertnamehere]

Originally Posted by theman23

Those comments all sound reasonable. What exactly do you find surprising?

If you have a tenancy agreement that agreement transfers to the new owner. Generally if the tenancy is on a month to month renewal, it can be terminated if the new owner intends to move in. With that being said, many owners threaten to sell their unit as a bluff to get renters to accept a proscribed rent increase. Tenants are also not keen to leave their units what with that “housing crisis” you may have heard about, so the process can be drawn out. A buyer should include vacant possession as a condition for any tenanted property so the onus is on the seller to evict the tenant prior to closing.

And yeah, it’s still their home even if they don’t own it.

There is a lot of misinformation in the tenant-landlord world in Ontario too.

Sooo many landlords threaten sale as a method to kick a tenant out - but a sale does not give them permission to do that. To actually kick a tenant out you need a buyer to agree to a conditional sale then issue an intent to occupy the unit themselves. Then the tenant can appeal to the LTB.. it's a terrible process.

If you are an end buyer, I would always advise against buying a tenanted property. A tenant which knows there rights can be hell to get out. Even if you have a vacant possession clause, if the tenant doesn't want to leave, it can delay closing and cause big problems for you as the buyer.

I also always hear stories of people who think they have to resign a new lease every year.. that one is shockingly common too.

[YOWetal]

Originally Posted by Innsertnamehere

There is a lot of misinformation in the tenant-landlord world in Ontario too.

Sooo many landlords threaten sale as a method to kick a tenant out - but a sale does not give them permission to do that. To actually kick a tenant out you need a buyer to agree to a conditional sale then issue an intent to occupy the unit themselves. Then the tenant can appeal to the LTB.. it's a terrible process.

If you are an end buyer, I would always advise against buying a tenanted property. A tenant which knows there rights can be hell to get out. Even if you have a vacant possession clause, if the tenant doesn't want to leave, it can delay closing and cause big problems for you as the buyer.

I also always hear stories of people who think they have to resign a new lease every year.. that one is shockingly common too.

Yes people have this tendency to just assume things work how they think they should. "It's my place I can kick someone out when I want". Shocking some people buy investment properties without knowing a lick about the local law.

[Nite]

Canada’s average rents just saw their biggest drop in 3 years

Rent growth has stalled overall in recent months in Canada, with some of the country’s most expensive cities seeing annual declines in asking rents while other rental markets continue to see prices soar.


The latest rent report from Urbanation and rentals.ca for June shows the average asking rents across all property types fell 0.8 per cent from May, down to an average of $2,185.

The report noted this was the biggest month-to-month decline in rents since early 2021 — amid the COVID-19 pandemic — and marks a reversal of seasonal trends that usually see rents rising this time of year.

June’s annual increase of seven per cent is also the slowest yearly growth rate in rents in the past 13 months, according to rentals.ca and Urbanation’s tracking.

Recent months have shown a general cooling in the rental market, a marked contrast from the past few years of soaring rent tied to growing competition for units and a general lack of supply.

https://globalnews.ca/news/10612800/...nts-june-2024/

[whatnext]

Originally Posted by SpongeG

maybe its different in BC and these are the examples of comments or attitudes people have to this happening. I guess i'm mostly surprised at people's attitudes, like its their home how dare they kick me out of the place i don't own.

If you rented in a purpose built rental building and the landlord sold it you couldn’t be turfed. Same rule if you rent a basement.