Given the average house price now tops $1.3 million in the city, according to the Toronto Real Estate Board, you better have a significant nest egg if you dream of detached living. The next best option is to find a great neighbourhood with affordable townhomes.

Average Toronto Income Comes Up Short

When it comes to homebuyer affordability, the numbers can be daunting. Let’s say a borrower earns the median Toronto household income of $76,219, pays at least 20% down on their home purchase, and qualifies for a 2% variable-rate mortgage with a 30-year amortization.

Even in this best-case scenario, they’d still only be granted $636,886 in affordability by their lender. That amounts to precious little in a market where bidding wars are the norm and homes increasingly sell for hundreds of thousands of dollars over asking.

Searching Beyond City Borders

Many buyers who find themselves priced out of the market “drive until they qualify”; they’ll buy a house in a further-flung GTA community – TREB reports the average home can be found there for $795,569 – and brace for a daily car or train commute.

But suburban life isn’t for everyone. And, while raising a family in a high-rise is becoming a more common tactic (developers are even creating larger units to meet demand), it’s not an ideal situation for all.

Townhomes: The New Toronto Real Estate Reality

For buyers who wish to remain in the city but need more space, townhomes are quickly becoming the new low-rise standard. According to MLS townhouse and detached house sold numbers compiled by Zoocasa, the average detached home price skyrocketed a whopping 83.% from 2011 to 2016. By comparison, townhome prices surged only 53.3%, to an average of $562,187 – still within the realm of affordability for many Toronto buyers.

To help homebuyers on their home search, Zoocasa has identified the top 20 most affordable neighbourhoods for Toronto townhomes, along with the change in demand, and average time on the market.

Check out the infographic below to find a townhouse option in your price range

By: Penelope Graham, Zoocasa

Penelope Graham is the Managing Editor of Zoocasa.com, a leading real estate resource that uses full brokerage service and online tools to empower Canadians to buy or sell their home faster, easier, and more successfully.

RentSeeker.ca – Canada’s Leading Apartment Finder and Real Estate Marketing website has published a new [INFOGRAPHIC] comparing the average cost to rent an apartment in 25 cities across Canada and the U.S. for the following apartment types:

•  Studio & Bachelor Apartments
• 1 Bedroom Apartments
• 2 Bedroom Apartments
• 3 Bedroom Apartments

*Cities included in our INFOGRAPHIC were determined by a number of factors including population, relevance for comparison and other factors.

We plan to release further data in the near future which will include other cities as well.

Whether you’re a property manager or a renter, knowing your rights and responsibilities when it comes to your apartment is extremely important. While it’s not reasonable or expected for everyone to know everything about the Landlord and Tenant Act in their particular province, being aware of the basics to some of the most commonly asked questions will make for a harmonious rental experience for all involved.

Before we delve into these frequently asked-about issues, remember that the laws in your province may differ from those we discuss here (for ease of explanation, we will focus on Ontario). If you’re ever in doubt, don’t hesitate to contact your provincial Landlord and Tenant Board for more details regarding your specific issue.

Issues Covered in the Landlord and Tenant Act

Privacy

One of the biggest questions tenants have when it comes to the Landlord-Tenant Act has to do with privacy. More specifically, when and how landlords can enter your suite and how much notice they are required to give. In Ontario, the Act states that a landlord must give a tenant 24-hour written notice before entering your suite.

This notice must include the time (it can legally be anywhere between 8 am and 8 pm) and the reason that they need to enter your suite. Routine maintenance, like changing filters in your HVAC system, is just one of the reasons a landlord would need to enter your suite. If it is an emergency, such as a water leak coming from your suite, the landlord does not need to provide you with any notice to enter.

Pets

Another common question for many animal lovers is if they are allowed to have a pet in their apartment. Ontario’s Landlord Tenant Act ensures that “no pet” clauses in a lease are invalid.

This means that a landlord cannot force you to get rid of your pet even if it is written into your lease that you are not allowed to have one. However, this doesn’t mean animals have free reign in your apartment.

If your pet is dangerous, causes allergic reactions in other tenants or causes problems in the building, you must get rid of your pet or move elsewhere. In extreme cases, the Landlord and Tenant Board may issue a written order that you must get rid of your pet.

But if your beloved furry friend is not causing a problem for anyone, you are free to live happily in your apartment with your animal companion.

Lease Agreement

The majority of leases signed in Ontario will be for a duration of one year. When you are ready to vacate, your lease most likely stipulates that you must give a written notice 60 days in advance.

If your lease expires and you have not signed a new one, your tenancy is considered “month-to-month” and the 60 day notice period still applies. If you give your notice late, you will still be responsible for paying for the extra month of rent.

Your lease will also include important information specific to your building and apartment, such as legal information about using an on-site gym, for example. It may be a dry read, but the information contained in your lease agreement is very important.

Documentation

Now that you’ve signed your lease, you’re probably wondering if you even need to bother keeping a copy of it around. While the answer is technically no, it would be wise to have a copy on hand.

You can refer to it throughout your tenancy, specifically if you have a question about what is allowed and what isn’t (like if you can paint the walls, for example).

If there is ever a dispute between you and your landlord down the road, having signed documentation on hand will help to protect you.

The same can be said for any written notices you may receive from your landlord, like warnings about late rent or information regarding when they will be entering your suite to perform maintenance work.

Rent

The amount you pay each month in rent will be written into your lease agreement. The Landlord and Tenant Act in Ontario says that a landlord has the right to raise your rent every 12 months, but they must give you a written notice of 90 days before doing so.

However, your rent won’t be raised to any number the landlord wants – the Annual Guideline Increase ensures that your rent can only be raised by a certain amount each year, as set out by the Government of Ontario.

Your specific lease may have perks attached that will prevent you from being subject to a rent increase, such as signing a lease that is longer than the typical one year.

Eviction

Finally, the issue of eviction can be a thorny one. Hopefully, it is not one that you will ever have to deal with, but there are cases that can be grounds for your tenancy being terminated earlier than your lease stipulates.

This can include non-payment of your monthly rent, the use of your apartment to conduct any illegal activity or the impairment of the safety and enjoyment of other tenants in the building based on your actions or the actions of your guests. Quite simply, this issue has many variables and permutations.

If you receive a Notice of Termination, it is imperative that you contact the Landlord and Tenant Board in your province immediately for guidance.

Related: https://rentseeker.ca/blog/the-residential-tenancies-act-rta-whats-new/

The RentSeeker.ca Team