Great Investment in Ajax, house just like a duplex, great tenant

This Beautiful 3 bedroom bungalow is renovated top to bottom, with a self contained legal 1 bedroom basement apartment. Tenant upstairs pays $1350 a month , Would like to stay for at least 4 yrs (AAA tenant). Basement Apartment. is vacant but rents for $850-$925 a month. (Basement looks like a brand new Condo). Purchase price is $275,000 with 5% down carries for around $1800 (includes. Mortgage, insurance, Taxes, and $300 utilities.) also has coin operated washer and dryer, income not included here.


Rent it out whole house and get a $400 a month positive cash flow or live downstairs for only $ 450 a month .

** All numbers are estimates only **

35 Year CHMC approved mortgage is OVER

As March 18 comes along the 35 year amortization mortgage is now over.  Will the market slow down, will be people stop buying? Probably NOT, it will probably continue to be a strong spring real estate market.  Call me to review all of your financing options.

Landlords in Ontario can increase the rent as much as they like!

If you unit (house, condo, basement apartment etc.) was built and occupied after June 18, 1998, it would mean that you are except from the provincial guideline, which for 2011 is 0.7 % percent. Most people don't know this, therefore you be end up at the tribunal proving your point. The information is available on line at the ministry's web site, but also review with the ministry to make sure that your unit falls in this category.

Ontario Residential Tenancies Act, 2006

Rules relating to rent

(2) Sections 104, 111, 112, 120, 121, 122, 126 to 133, 165 and 167 do not apply with respect to a rental unit if,

a) it was not occupied for any purpose before June 17, 1998

(b) it is a rental unit no part of which has been previously rented since July 29, 1975; or

(c) no part of the building, mobile home park or land lease community was occupied for residential purposes before November 1, 1991. 2006, c. 17, s. 6 (2).
......
Guideline increase

120. (1) No landlord may increase the rent charged to a tenant, or to an assignee under section 95, during the term of their tenancy by more than the guideline, except in accordance with section 126 or 127 or an agreement under section 121 or 123. 2006, c. 17, s. 120 (1).

Guideline

(2) The guideline for a calendar year is the percentage change from year to year in the Consumer Price Index for Ontario for prices of goods and services as reported monthly by Statistics Canada, averaged over the 12-month period that ends at the end of May of the previous calendar year, rounded to the first decimal point. 2006, c. 17, s. 120 (2).

Publication of guideline

(3) The Minister shall determine the guideline for each year in accordance with subsection (2) and shall have the guideline published in The Ontario Gazette not later than August 31 of the preceding year. 2006, c. 17, s. 120 (3).