I decided to do a post on airbnb because people keep asking about it. The rules in Toronto are still a bit fuzzy so I am going to speak on my view of the situation. So on July 1st a ban was supposed to be implemented by the city on no basement apartments, the unit had to be your primary residence, only 180 days a year you could book. There would be a $1 a night booking fee, $5000 registration fee of your unit/home with the city and I believe a year $1000 renewal fee. I have a lot of clients that use their investment properties as airbnb and so far I have not seen any of these things implemented and it is August 15th. Also on the airbnb site there is nothing posted saying that any of
Archives for August 2018
Today I would like to talk about Furnished Rentals. I myself work with a lot of athletes and find myself constantly searching for high end furnished. As the years have gone on there seems to be less and less inventory for high end furnished options. When I say high end most of these clients are looking for A) Luxury buildings (ie. St. Regis, The Ritz, Shangri La, Four Seasons etc.) or B) It can be in a regular building but the unit itself is outstanding (ie. completely high end renovations, PH units etc.) It seems most people that own these types of units either live in them themselves or they have a enough money that they dont care to lease them out and its not worth the headache.
In about another month the Fall market will be upon us. Typically the Fall is a great time of year for Sellers. We are hoping that this year isn't any different! Families really do control the housing market and when the families arent thinking about real estate it typically slows down. Once kids get out of school generally this is when the slow down begins which is the end of June. July it continues to slow and August is usually dead. People are going away to cottages, going on vacation, going to weddings and in general trying to pack in their summer for the few good hot months we have in Canada. As we inch closer to the end of the summer (August) things really slow. We find people