It can seem natural to just leave any faulty item as is, so long as it is still functioning. For instance, if a tenant calls a landlord about a heater making clanging sounds, a landlord might be tempted to leave it be so long as it is still keeping the unit heated.
Property management is a major responsibility for landlords, and can be both time consuming and costly. But there are some common traps that landlords can fall into, which can compound the issue.
The construction industry has historically operated on very thin margins, and the pervasive inflation being experienced across virtually every industry has led to many construction companies facing even tighter margins, or even losses.
In the fall of 2022, the Ontario provincial government passed the More Homes Built Faster Act (Bill 23), which aims to meet the province’s ambitious goal of 1.5 million new homes over 10 years.
Presently, landlords have a wide array of options for communicating with tenants. The difficulty is in finding the most effective ways to communicate specific information and issues to suit the needs of both the landlord and tenants.
The COVID-19 pandemic has disrupted many aspects of daily life, and even now that the health impacts of the pandemic have lessened, the economic impacts have persisted.
Millennial and Gen Z have become the dominant age group in the rental market. Significantly fewer people in this age group are purchasing homes when compared to previous generations at the same age.
The unit turnover process is a common issue for landlords and property managers, as any time a unit spends without a tenant is time the unit is losing potential revenue. This process tends to have some redundancies involved, such as performing multiple inspections of a unit and adding work to the scope for the turnover.
For the first year since 2013, Ontario’s rent increase guideline is again meeting this maximum threshold of 2.5% for 2023. For reference, had the current rent increases been able to follow the rate of inflation, the 2023 increase would have been 5.3%, according to the Ministry of Municipal Affairs and Housing.
On this episode of the we’re joined by Robert (Bob) Gauvreau, who is a Chartered Professional Accountant. He is also the Founder and CEO of Gauvreau Account & Tax Advisory, plus a best-selling author, a speaker, and a business coach. Throughout the episode, we cover topics such as hedging your business operations against inflation, why Bob finds the vast majority of business owners are paying more tax than they should be, and much more.