Landlords Are AVOIDING the Rent Cap in Nova Scotia

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Күн бұрын

In this video, local Halifax REALTOR®, Andrew Stephens of Team Stephens and EXIT Realty explains how Landlords Are AVOIDING the Rent Cap in Nova Scotia
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I help people buy and sell real estate in the Halifax / Dartmouth area in Nova Scotia, Canada. I specialize in listing homes, working with investors and helping first time home buyers.
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**The opinions expressed herein are solely that of Andrew Stephens, not EXIT Realty or the NSAR and should not be misconstrued as advice or the basis of an agency relationship whatsoever. Please consult your professional advisor prior to taking action on any decisions relating to the matters discussed in these videos. This communication is not intended to solicit buyers and sellers currently under an agency agreement. This is not financial advice.
0:00 INTRO
1:01 PERIODIC VS FIXED-TERM
3:06 THE LOOPHOLE
4:37 TENANTS VS LANDLORDS
6:48 CHANGES COMING?

Пікірлер: 8

@AndrewStephens 5 ай бұрын

Should fixed-term leases be abolished?

@philipbarton2056 5 ай бұрын

Personally as a HRM landlord I think that fixed term leases should stay but with a rent cap added to them. So the landlord has the protection of knowing they're not stuck with a bad tennant but they can't just keep jacking up the prices. The rent could be capped at a 5% increase for the next tennant unless you can show you've made significant improvement to the property.

@vhateverlie 4 ай бұрын

The protections for terrible tenants and the protections for terrible landlords are so ridiculous. I can't blame landlords for finding ways to skirt the rent cap.

@raymondspencer3332 5 ай бұрын

First we should address why vacancies are 1% and this is due to lack of housing and not sure why this is going to get any better considering superficial increases in property height to 12 meters from 11 meters in ER-3 zones for example. Second, nobody can afford to build at interest rates exceeding 6%. Third, it generally costs between 0.5 to 1.0 months rent to place a tenant meaning that it is not as simple as replacing tenants as you also need to refresh the unit and will lose time here and of course everyone wants great tenants. Fourth, tenants can as for 2 year terms and I do this. Fifth, not sure what the problem is with charging market rents as this is essentially $2300 in Halifax to offset the close to $4,000 carrying costs also using an average for purchase cost in Halifax. Sixth, if you try to charge over market rent you will get no tenants. So it goes back to supply and more liberal changes needed for zoning stating that they are not doing enough here.

@Sandaesa 5 ай бұрын

Govt by crooks to support the crooks

@TheTS42 5 ай бұрын

I understand how landlords want to get the maximum money they can, but I don't know why they would at the expense of getting of a good tenant. Kicking them out will pretty much guarantee you lose at least a months rent during turnover, and then you take the risk of your new tenants not being as good as you expected them to be. If you have good tenants, your property is cash flowing well already, why kick them out? You're only adding risk to yourself and you probably wont even make much more after you account for the vacancy. Keep your rent below market value so that you have the absolute best pickings for tenants, and keep them in there. You make money, your mortgage is paid, and you have almost no stress. Why would anyone want any different?

@ms.m5896 5 ай бұрын

I believe investors can get creative with fixed price leases with option years. Having seen so many landlords be taken advantage of and stuck with squatters and thousands of dollars in losses there needs to be a middle ground. That’s where fixed leases with option years comes in; such as prime + 5% for example so tenants know the increase and the increase is based on interest rates set by BoC. Just my thoughts and I’m not an investor. I’m a homeowner whose worked hard for over 30yrs for what I have and it’s a shame people out there think its okay To live rent free in someone’s home. Stories I’ve seen mainly in Ontario. Not sure if that’s an issue in NS

@AndrewStephens 5 ай бұрын

I believe there is some middle ground where it’s better for all parties but I also am aware that this is difficult to achieve based on the tenancy act, etc