Outside of downtown Toronto, rental demand remained surprisingly strong in May 2020, with units renting in one to two weeks and price points holding steady or increasing in Hamilton, Niagara Falls, York Region, Durham, and Ottawa. However, Toronto condos saw roughly a ten percent decrease in rents as short-term rental operators moved to longer-term tenancies.
Landlords should keep communication lines open and attempt to negotiate payment plans while filing N4 and L1 notices promptly to secure their spot for future hearings. It is important not to change locks or take matters into your own hands, as the Landlord and Tenant Board will hear applications regarding illegal acts.
Yes, landlords can legally increase rent during the pandemic provided they issue the proper notice. To maintain goodwill, some property managers pair the increase with a temporary monthly discount, documented in a written agreement that clearly states the discount period and the new lawful rent amount.
Leasing now relies heavily on virtual tours, with only pre-approved applicants viewing units in person while wearing masks and gloves under a no-touch policy. Maintenance is screened thoroughly, tradespeople use protective equipment, and tenants are asked to remain on a different level or leave the property when feasible.
If a lender uses leases to support rental income, the lease agreement should show the property management company as the landlord or authorized representative for the owner. Investors who self-manage through their own property management corporation must also have their Articles of Incorporation available and disclose any co-owners not on the mortgage application.
