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Toronto Rental Cost (& AirBnB) Issues
- Thread starter jje1000
- Start date
Richard White
Senior Member
I have another company here going out of business because they will not have enough income to support themselves. They are not having enough bookings to make this work.
AlvinofDiaspar
Moderator
Richard White
Senior Member
Hell no. Care to share a glass of Dom Perignon?
Admiral Beez
Superstar
That has a dual benefit. Puts more houses onto the market for buyers and may also push surviving STR owners to move to LTR. There's no downside for the average Torontonian here.
Northern Light
Superstar
There's a lesson in the above not merely for STR owners............
Applies to business and personal alike...........try not to over leverage.
To be clear, some businesses or people could be carrying low debt and decent savings and the current circumstance could still run them aground.
But at least some portion of people and business in difficulty chose to leverage highly (go into debt) and chose not leave themselves a rainy day fund in the event of rain.
I have every sympathy for people in the above scenario where they had little to no choice (low income, out of work, surviving on a credit card etc.).
But people who have enough money, and education to be able to make responsible choices and then choose to be irresponsible...........
Applies to business and personal alike...........try not to over leverage.
To be clear, some businesses or people could be carrying low debt and decent savings and the current circumstance could still run them aground.
But at least some portion of people and business in difficulty chose to leverage highly (go into debt) and chose not leave themselves a rainy day fund in the event of rain.
I have every sympathy for people in the above scenario where they had little to no choice (low income, out of work, surviving on a credit card etc.).
But people who have enough money, and education to be able to make responsible choices and then choose to be irresponsible...........
AlbertC
Superstar
Coronavirus: Calls to suspend rent in Toronto get louder
A growing number of Toronto tenants call for a rent freeze as the big banks put mortgage payments on hold
BY SAMANTHA EDWARDS
MARCH 21, 2020
nowtoronto.com
A growing number of Toronto tenants call for a rent freeze as the big banks put mortgage payments on hold
BY SAMANTHA EDWARDS
MARCH 21, 2020
Coronavirus: Calls to suspend rent in Toronto get louder - NOW Magazine
A growing number of Toronto tenants call for a rent freeze as the big banks put mortgage payments on hold
nowtoronto.com
jje1000
Senior Member
Interesting note from Reddit (no surprise about Ice)- wonder if a longer-term economic shutdown may result in the liquidation of some portfolios.
Richard White
Senior Member
Interesting note from Reddit (no surprise about Ice)- wonder if a longer-term economic shutdown may result in the liquidation of some portfolios.
I work at one of these condos. Last week we had 5 requests for status certificates, all from STR units looking to sell.
One of our STR Committee members who has been a staunch supporter of rentals is even looking to sell. The STR rental market is drying up and by the time we come out on the other side of this crisis it will be too late to save it.
Admiral Beez
Superstar
Good. Very good. These property owners have strangled the inventory of permanent rental housing in this city. Force them to sell or convert to LTR. Why aren’t more STR property owners switching to LTRs instead of selling?
Richard White
Senior Member
Alot of them do not want to be landlords. They wanted to make money that's it.
There is a big difference between running a STR and having a long term tenant.
Admiral Beez
Superstar
Yes, the latter will still be there regardless of the ups and downs of the tourism business.
But besides, I thought Toronto’s new rules didn’t allow STR for non-primary residences? Even if this hasn’t been enforced yet, didn’t these STR property owners expect the rules to soon change? Sounds like none of them were prepared.
Richard White
Senior Member
They were hoping for the judicial review to go in their favor. Above and beyond that they were pretending the rules didn't apply to them for various reasons.
Admiral Beez
Superstar
Hoarding housing to remove rental stock is a nasty practice, let these STR owners eat what they‘ve earned.
Richard White
Senior Member
I just got word from a friend in the STR business that Ice Condos have temporarily banned ALL STR bookings until the current states of emergency are over with.
I saw the email from their management office so this is not a rumour. The thinking is that the STR guests present a risk of injury to the building relating to their potential infectious nature. In layman's terms the building is worried that STR Guests will spread the virus so they are banning them until this all blows over.
Does anyone here have a clear copy of the email sent out by TSCC 2510 management? I work at 65/55 Bremner Boulevard and was looking to forward it off to my management office as they wanted to do something similar but could not figure out how.
I saw the email from their management office so this is not a rumour. The thinking is that the STR guests present a risk of injury to the building relating to their potential infectious nature. In layman's terms the building is worried that STR Guests will spread the virus so they are banning them until this all blows over.
Does anyone here have a clear copy of the email sent out by TSCC 2510 management? I work at 65/55 Bremner Boulevard and was looking to forward it off to my management office as they wanted to do something similar but could not figure out how.