Well, ordinarily you would think that you should be looking for good tenants. But, this is Ontario, and Ontario laws apply including the Residential Tenancies Act.
So, who owns your house?
In Ontario, the answer is simple:
- You, and
- Your tenant.
When you sell you have to give a pile of money to your tenant. It’s called “cash for keys”. It’s the only way to get them out.
You would think that if you had some great people, nice, polite, cared for the house, maintained the property and paid their rent on time, every month, month after month, then, they would absolutely be the best tenants that you could have.
No, that’s not the case. They may make great neighbours or great friends, but in Ontario, that’s not what you are looking for in a tenant.
Brian Madigan LL.B., Broker