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apartment rental in Mississauga

Discussion in 'Housing' started by paiting, Apr 24, 2018.

  1. The laws are very different for airbnb and longterm rentals. Airbnb has some form of insurance under the platform I believe. Obviously you should always carry insurance on your own income property but your airbnb tenants will not have renter's insurance like a longterm tenant should have. You can't vet your airbnb tenants like you can with a longterm tenant where you can do a credit check, ask for job or banking info, ask for ID, references or get a co-signer. Under the landlord and tenant act the default ruling is always in the tenants favour. Much harder for the landlord to evict a tenant. Tenants are given numerous chances.
     
  2. That said, much easier for the tenant to break a lease? If so, why do you often suggest people to come and see property before signing for a long term lease?
     
  3. No it is not easy to break the lease legally. Often it is not worth the landlord pursuing legal action if the tenant doesn't have the funds to pay for the remainder of the lease. I suggest that people look at rentals before signing a lease so they can look at an apartment/house, look at the area where it is located, etc. A landolord will only highlight the positive aspect of the property. Also good landlords want good tenants so they usually want to meet them in person. When things go wrong, like the tenant not paying rent, the landlord and tenant act does not allow you to evict a tenant quickly. I can take many months.
     
  4. What do 1bed/1bath apartments go for in downtown toronto and GTA generally?
     
  5. $1500+. Also depends on what is included and what you consider downtown. Would look at viewit.ca which lists many of the older rental buildings and kijiji to get an idea of what is available. Because of weather and school May 1st and Sept 1st are the busiest and most competitive times to secure rentals but also the time where there is the largest supply of available units. Canadians avoid moving in the winter if possible!
     
  6. What are the usual requirements for buying a condo?
     
  7. All depends on your Canadian credit history. As a newcomer many banks will not offer you a mortgage without a very large deposit. You wold likely have to use alternate lenders. Over 20% down payment but probably more and interest rates higher than the posted rate. Also the amount you will be allowed to borrow will be based on your Canadian income and proof that you have maintained that income for a few years while you build up credit. Would recommend you figure out where you want to settle for 10 years at least before purchasing in case of market fluctuations and due to the high fees associated with buying and selling a house.
     
    Wolverine17 likes this.
  8. If no mortgage, you can pay by cash but have to observe all the condo bylaws.
     
  9. Unfortunately thats gonna be very difficult
     
  10. I'd focus on passing your exams while renting because the gta is saturated with dentists and you will likely move. Initially you'll have to work for someone else and then save up to buy or buy into a practice. Buying a property when you don't know where you will be living or working in 2 years doesn't make sense unless you can carry the property and buy another place and a business. There are a lot of fees involved in buying and selling a house in Canada.
     
    Wolverine17 likes this.
  11. Hi Jakev...which area did u find the condo...n at wat price
     
  12. Scarborough for 2k
     
  13. Thanks for the update. I would be arriving with spouse and 2 kids.

    I am in the process of deciding and shortlisting a good family friendly neighbourhood.

    How this place Scarborough. How far from Toronto? I have heard good schools for kids...
     
  14. This is the same question I answered in another thread for you, and you said you were looking at Toronto. I later clarified then that Scarborough is in Toronto as opposed to Brampton.
     

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