Whether you’re adding a secondary suite to your home, purchasing a dedicated rental property such as a condo, or exploring other routes or property management, you’ll want to familiarize yourself with the ins and outs of being a landlord in Toronto. We’ve put together a list of dos and don’ts to help you get started. 

Garden suites (also known as laneway homes) are a newcomer to Toronto’s rental landscape. To learn more about this unique, high-potential type of income property, click here to read our blog post on the topic. 

Do Ensure Your Property is Legal 

While getting your income property set up is exciting, it’s essential to avoid cutting corners. Operating a rental property that isn’t up to code could land you in big trouble – legally, financially, or from a safety perspective. 

Secondary suites and rental properties are governed by the city and province. Meaning there are two layers of rules and regulations to adhere to. Before you make your property available to tenants, you’ll need to ensure it’s up to code. 

If you’re making modifications to the property in order to create new or additional suites, you’ll also need to apply for and obtain the necessary permits. You’re also required to have it inspected by the city during construction – on more than one occasion. 

Don’t Sell Yourself Short

Right now, there are not many better places to own an income property than in Toronto. With a consistently rising demand for rental housing, average market rents continue to reach new heights almost monthly. With that in mind, there are countless opportunities to maximize the income stream earned from your property. 

Instead of guessing what someone may be willing to pay to rent your place, research local rental rates and nearby properties. With this info in your back pocket, you’ll ensure aren’t leaving money on the table.

Looking for more tips about real estate investment? You might like these blog posts. 

• What Canada’s Home Flipping Tax Means For Sellers
• The Best Toronto Neighbourhoods to Invest in
• 5 Things to Know Before You Buy in Downtown Toronto

Do Screen Your Tenants Carefully

The key to a smooth, low-stress, and ultimately profitable income property is finding the right tenant. While you’ll still have certain landlord duties, hosting a responsible and reliable tenant can make your investment feel automated. 

Once tenant applications begin rolling in, don’t skip out on doing your due diligence. Be sure to request proof of income, employment, and references from past or present landlords. Yes, this will involve some work, but trust us – it’s well worth the effort. 

Don’t Break the Rules

This is a big one. As a landlord, you have a healthy list of rights. However, just because it’s your property doesn’t mean there aren’t rules you’ll need to follow. 

Key rules include not entering the unit without 24 hours’ notice, not enforcing illegal rent increases, providing adequate heat, and other tenant protections. Once your unit or property is up and running, take the time to review the Ontario Residential Tenancies Act (RTA). This resource is a handy go-to guide for information on managing your property and tenants. 

Want to know more about high-potential income properties in Toronto? Explore these other posts from our blog. 

• What to do if Your Pre-Construction Condo is Delayed
• Our Guide to Interim Occupancy in Toronto
• A Condo Buying Guide For Millenials

Do Take Good Care of Your Property

Your income property is an extremely valuable investment asset. With this in mind, you’ll want to take good care of it. Not only can keeping the property in top condition maximize its long-term value, but it will also be helpful in attracting and retaining quality tenants. 

Minimizing routine maintenance begins with fine-tuning your property early on. Ideally, you’ll want to make any necessary repairs or major upgrades before finding tenants. Once the property is up and running, completing small maintenance tasks or minor repairs will be a breeze. 

Don’t Be Afraid to Ask For Advice

Being a first-time landlord can feel intimidating but it doesn’t need to be. If you need help or feel lost, don’t be afraid to ask an expert.

As veteran real estate agents and investors ourselves, Silverburtnick & Associates can provide you with invaluable guidance to begin your journey as a landlord. Whether you need help sourcing and vetting tenants, adding income units to your property, or maximizing your returns, we’re your one-stop shop for helpful advice. 

Looking to purchase or build a profitable income property? As seasoned experts in Toronto real estate, our team would be happy to assist you. Click here to get in touch.

Whether buying or selling real estate, it’s important to work with an agent who understands your unique position, your goals, and your desires. With an abundance of agents in the Toronto real estate market, it can be difficult to find the right one. However, at Silver Burtnick & Associates, we believe that the best way to find an agent who will work for your needs is to listen to reviews, interview your candidates, and look for active and present agents in the industry.

Want to learn more about ways to find the right agent? Read our blog about listening to real estate referrals here. You can also learn how to read between the lines of agent reviews here.

We’re so excited to announce that our very own Richard Silver has been named as a new Global Brand Ambassador for Inman.

What does this mean for our clients?

Our recognition and association with one of the most innovative real estate news sources mean we are always at the forefront of tech, best practices, industry shifts, and more. By keeping our fingers on the pulse of real estate, we are able to pass along our expert observations, strategy-driven mindset, and cutting-edge tips to our clients. We keep track of everything, so you don’t have to.

You can learn more about Richard’s newest role as an Inman Global Brand Ambassador in the press release below!

June 20, Toronto, Ontario, Canada–Inman announces new Global Brand Ambassador, Richard Silver

Today, Inman is proud to announce that Richard Silver, global real estate advisor of Sotheby’s International Realty Canada, has been named an Inman Global Brand Ambassador. Inman is the leading real estate news source for real estate agents, brokers, real estate executives and proptech leaders, all part of a large network of progressive collaborators that brings leaders together across the globe.

Along with leading Silver Burtnick & Associates at Sotheby’s International Realty, Richard is an industry-wide leader throughout Canada. He is a past Director-at-Large for the Canadian Real Estate Association, past president of the Toronto Real Estate Board, and he is founding past president of the Asian Real Estate Association of America, Toronto Chapter. Inman News named him one of the Top 100 Most Influential People in Real Estate for 2013, and he’s been a frequent speaker and writer about the use of technology in real estate as well as the international real estate market.

Since its inception over a decade ago, the Inman Ambassador program has grown in prestige and global reach. It has fostered relationships that have launched industry startups, elevated the Inman community, and served as a catalyst for raising brand awareness for the leaders, disruptors, and organizations in real estate through Inman events, publishing, and creative social media influence. 

“It’s a privilege to continue building this incredible network and Ambassador Program with incredible industry professionals like Richard. His own thriving international network, and adoption of technology, is just an example of the connections and insight he brings to the Inman community. Inman Ambassadors like him have played a huge role beyond Inman events to nurture and support our industry. They have been invited to the program based on their influence, knowledge, high standards of experience in the industry, incredible humanity and authentic relationships.” — Laura Monroe, Inman’s global head of community.

This global network of 30 Ambassadors will embark on an experience together with Inman,  hosting exclusive events, sharing speaking opportunities, and connecting with other Inman community leaders and real estate brands.

Richard will be joining other Ambassadors and thousands of real estate professionals at Luxury Connect Aug. 2-3, and Inman Connect Las Vegas, the leading real estate conference, Aug. 3-5.

About Inman

Real estate industry professionals from around the world turn to Inman first for accurate, innovative and timely information about the business. Known for its award-winning journalism, cutting-edge technology coverage, in-depth educational opportunities, and forward-thinking events, Inman is the industry’s leading source of real estate information.

Media Contact:

Laura Monroe

Inman Global Head of Community

There comes a time in the lives of many when your current living situation just doesn’t suit your needs anymore. It happened to our very own Richard Silver just last year. Shortly before the pandemic, Richard and his partner made the decision to rightsize. 

Here’s how they did it. 

What Prompted Their Decision to Rightsize?

“We had lived in our house for 16 years,” Richard said. “When we moved in we did a ton of work, installing a new furnace and AC unit.” Since the typical lifespan of these appliances is about 15-20 years, Richard says he knew that they were coming up on the time to replace the units–a task that he was dreading. 

At the same time, he was re-assessing what was important in his life. With such a large home, Richard’s property had become the venue for many parties and events. And while he loved hosting friends and family on a regular basis, it was becoming a lot of work. 

“We had landscapers coming in every week,” he said. “It was a lot of maintenance and as I looked at the prospect of all the other things we would need to do in the next 2 years, I realized that I didn’t want to take it on.”

“We opted for a smaller footprint for more freedom,” he said. 

How Did They Do it?

Richard and his partner knew they wanted to make a change. They wanted the ability to pick up and go on vacation when they wanted, and not have to worry about maintaining a huge house. They knew that as they got older, it would become harder and harder to keep up with the maintenance, and the house just wasn’t serving them anymore. They wanted to make the changes when they were in control of the decisions. 

So, they contacted professional downsizers–stagers and decluttering experts–and got to work! They decided what items they would donate and what they could sell. Although, because of COVID-19, they couldn’t host yard sales, they were able to sell a lot of their unused furniture on Facebook Marketplace. 

They decided to relocate to a pre-construction condo. Since it wasn’t ready yet, they moved into a purpose-built rental building for the transition period. “We knew this rental would be a stop-gap for us, and our new condo is actually about 300 square feet bigger than our apartment now,” said Richard.

However, they have had to stay at the apartment for slightly longer than expected, as their condo construction was delayed due to the pandemic.

For everything, you need to know about rightsizing, read our comprehensive blog right here.

The Biggest Challenge? 

“It can be overwhelming,” said Richard. “Sure, you can do everything yourself, but if you outsource and get professionals to help you, downsizing can be so much easier.” 

His biggest piece of advice? “If you have a ton of stuff in your basement, and you know you’re going to move, why not sell it and get it out of there before listing your house?” He says that doing this is helping from a listing perspective and peace of mind. 

Start decluttering now by reading our blog all about it here.

The Results

Since rightsizing and moving into a purpose-built apartment building, Richard and his partner enjoy more freedom. “We can go away on vacation and not worry about the house, the land, the security, we feel free to come and go as we please.”

He also enjoys the amazing amenities at his current apartment. “We have a pool, a gym, party rooms, a restaurant downstairs, we didn’t have these things with our house,” Richard said. 

For Richard, an important part about rightsizing is knowing when to do it. “You have to be pro-active,” he said. “Be a leader, not a follower.”

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