When a Tenant Walks Away From a 20K 'Cash For Keys' Offer 

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They create more homeless people

100%. There should be a rental sheriff like there is one for owners when they don’t pay the mortgage. Cut and dry. Time to move out? you leave or you are locked out.

@@Chris-se3nc There is one actually, but takes forever to get to that point

Canada has been broken for many years now and is getting worse with the liberals....

How, exactly? The tenant is not coerced. Furthermore, there is a legal channel that would have them evicted anyways (N12) so long as a buyer is patient enough to wait out the process.

Good luck selling your ball for what you think it's worth. Prices are on the way down

I'm in a similar situation. I have one unit in Toronto and the tenants are leaving to live in a different city. To be clear, they were getting the deal of the century in term of rent and in a few weeks I'll have my unit back. If it wasn't for the broken system (in Ontario) I'd rent it out again. Do I rent again and risk the BS that goes with renting or do I sell? Most likely, I will sell just to never ever deal with potential BS.

No cash for keys, just tell the tenant that you are you or a immediate family member is moving in and they have to leave.

It absolutely is extortion. We just aren't supposed to say it because that's "HoW tHe SyStEm WoRkS" with government and low income rentals leveraging social housing on the backs of investors and homeowners. The real kicker being that homeowners are still "the bad guy" in a discussion of said homeowners *actually being extorted* on the regular. I can't make it make sense. It just be what it be.

How is it extortion?

Tent

Yes I have trouble finding good tenants most of them peg me to rent them the place I refuse to them all I know they will give me trouble in the future

Yes and a bad tenant. There are very mean tenants out there especially in Toronto.

Likely but not always. Property could be cash flowing but owner has other insurmountable burdens that forces him to sell.

Then sell your rental property and allow the market to adjust.

​​@@CalCalCal6996dont own one. Im just stating the facts. For anyone with a business or high erner with mobility your better off not living in canada and just moving. If it was still SAFE then it would be worth it but its not safe anymore so your paying for nothing. Ps if i was a investor owning a rental property it doesnt chsnge the facts nobody should be entitled to something they didnt work for. Its like not paying for a rental car and the law allows you to keep it and drive for an extra 18 months.

​@@TWOB1GUNZyou nailed it with the rental car reference. I know someone who thought having a rental unit would be a nice long term investment for his kids. Due to interest rates and income tax he never broke even but figured even 1/2 towards the mortgage would be ok as someday he would move in or sell and make a small profit for his kids... 5 years later one tenant (who was only renting a single bedroom... the other tenant moved away) hasn't paid rent in 4 months, holding his condo unit hostage refusing access even to the building. He refused legal rent increase, is demanding $50,000 in compensation for "mental health" claiming the landlord locked him out disabling his fob (which is under the control of the property management of the condo not the landlord). Now this landlord, with one rental unit, 2 full-time jobs, cannot rent or sell or access his own property because of one unemployed bum. The tenant is also demanding to set his own rent rate ($400 in Toronto holding hostage a 2 bed 2 bath condo?) and wants a new lease agreement and has somehow obtained a lawyer (he has been month to month for over a year). The landlord is waiting on the LTB for over a year regarding several issues with this tenan and now may have to sell his family home just to afford not to go bankrupt. So the landlord could become a tenant because a tenant is abusing the system. Most "landlords" only own one or 2 units for long-term investment for family, retirement, kids maybe. Many have taken second mortgage against their homes to make downpayment for the mortgage on the property. Many pay the utilities themselves and have constant raising of interest, condo maintenance fees, property tax to contend with not covered by the rent. They all pay income tax on these properties and NO the mortgage isn't a write off so you pay income tax even if there isn't a profit.

​@@nilesandsammy parents are in their 70s they wanted some income and asked me if they should rent out their basement. I begged them NOT TO they've never had a tenant in their life fhey didnt listen. Long story short lady and her son paid 3 months then stopped and now it will be about 2 years before they can get them out. What sucks is theres nothing i csn to help them. Laws protect criminals. Aka free rental car! These laws make no sense.

I am so sorry to hear this. Absolutely criminal and these people should be charged with theft, possession of stollen property (they have stolen it if they are not paying), and at the very least trespassing. Like what happened to Trespassing laws? I spoke to my friend I mentioned there, he says the "tenant" has lawyered up. How is this guy able to hire a lawyer but can't pay his rent. Absolutely crazy. They say that the landlord usually wins with the LTB in the end but the end is sooooo far away and what have they won other than getting the freeloaders off their property? Nothing :( Like your parents there have clearly lost time, money, have stress, probably legal expenses, and at 70 I am sure their health has been impacted... it is disgraceful and makes me so angry that "landlords" are all painted with a brush into some 1980's TV stereotype that rarely exists. I hope for the best for your parents @@TWOB1GUNZ ❤

No, you just aren’t very aware…it’s happening in California, Sydney (Australia) and other places with crazy house price bubbles

Exactly. I had a multimillionaire landlord offer me $ 11,000 to leave my apartment only to pay double elsewhere. His buyout wouldn't have lasted me even 3 months elsewhere. It's DELUSIONAL!

I don't think so. The agent was quick to mention lessons that the Landlord and Tenant should learn form this and have failed to mentioned what lesson he learned form this. That Win, Win that he speaks of is NOT a win, win. I like listening to his show, but I lost respect for him here as a negotiator. The outcome could have been had without all the stress he placed on the buyer and seller.

How is it stupid? How did it backfire? The tenant said no and they went the N12 route, which they would have done anyways if they hadn’t offered an N11 to the tenant…

agreed

I would come with a few buddies with questionable pasts and inform you you're moving out. I would however tell you .Not gonna live here 13x if you really wanted it.

It is surprising because there is a legal avenue to serve an N12 and evict the tenant for buyers own use. A purchase agreement was in hand and presented to the tenant. Clearly they did not respect this legal process enough to realize the 20k was a good deal.

Property rights do not exist in Canada. I only wish the same rules applied when banks foreclose on an owners home.

So the tenant will actually have to pay fair market rent instead of having his housing subsidized massively by his landlord. What an injustice 🙄

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Unfair

Ha good point

it's funny because the owner can move into the unit and the tenant gets nothing.............it is the tenant being greedy not the landlord. The reason rents are so high is because there are not enough landlords willing to put their $$ on the line dealing with you.... so supply is low... which leads to sub 1% vacancies.

@@GreenBeanGreenBean safe space. I sent you there yesterday. Some one needs to take your phone away from you.

@@jeffotoole4509 Cry more plz it's funny because your thousands of posts have amounted to a big fat nothing... nobody cares what you think.

@@jeffotoole4509 cry more plz

@@GreenBeanGreenBean who let you out anyhow? Please forward me their information. I would like to have a word with them. We can’t have clearly un hinged roaming the streets.

That's their problem

So do home owners

Nope - they can squat until the LTB formally issues them out (which can take up to a year), then you have to get a sheriff to get them out. All that time they can live rent free and damage your property with zero consequences.

That why I have trouble finding good tenants

If there’s no good paying jobs then you’ll get the brunt of the low earners living pay cheques to paycheques, unfortunately there’s not enough hours in a week to earn a living and then some.

Tenet got 3k (not 50)

Nobody will rent the house for you anymore

Well, the market only got him 3k

Easier to move in a "relative" for a year then re-rent the place. Then you get 1 month of the rent you're currently and face the reality that your greed has left you paying full market rate on a new place with nothing. That's what "a friend of mine did". It worked out perfectly for them.

That's dumb. Not that I condone it, but it's actually cheaper to pay the penalty for a bad faith eviction, so nobody with a functioning brain is paying anything over 30-40k. And now with timelines at Tribunals Ontario improving, the extortion amounts are quickly receding.

Tenant like you is the reason most of the good landlord pulling suite or house from renting out. Less house for renting will only drive the price up.

You definitely going places in life. Deadbeat clown

I’m selling one of my rentals (detached home converted to triplex). I’m selling it to buy another one for me and my family to live in. If I can’t sell it I’m going to move into it. If I do sell it it will be sold to an end user. Either way tenants will need to leave and will get one month compensation as per tenancy act. Like me, your LL has options

Why should you be paying someone's rent for a year?? LOL

This comment is a joke..

@@blurtam188 If you have a long term tenant that has been renting for a very long time and they have paid their rent always on time, chances are they are paying well below market value. So if they have to uproot their family and probably now pay double, maybe more. I think that has to be considered, and the fact that they could just decide to just refuse to leave and wait it out for a year. I know the system is broken for both tenants and landlords but at the end of the day everyone is looking out for themselves and their families.

Okay Tenant

@@kurts3779 Yes and I'm fine with it as my investments are much more cash flow positive than real estate. Good luck with the next decade of a flat or declining market.