Becoming A Country Home Or Cottage Landlord

By: Ross McLean, Broker | Lucy McLean, Sales Representative | Peter Steele, Broker

Becoming A Country Home Or Cottage Landlord

Many people choose to rent out their home or cottage, or a part of it, to tenants. This is often a worthwhile endeavor for homeowners because it allows them to generate extra income or pay off their mortgages.  But one of the more difficult parts of doing this in Ontario is that the provincial landlord tenant laws are favourable to the tenants, and much less so the landlords.
 
Currently one of the biggest problems is that after about two months of non-payment of rent, landlords might file to evict the tenant, but the process of eventually getting to a hearing and then appeals can take several more months, leaving the landlord owed thousands of dollars in rent payments that can be difficult to collect on even if they win.
 
Real estate lawyer Bob Aaron recommends:
 

One way to avoid renting to an unethical person is to conduct serious background and credit checks on potential tenants, even going as far as to hire a service that does this for you. This small investment is well worth it when it comes to protecting your larger investment.