What can I say, I got it off the net
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COVID and the housing market
- Thread starter mimico_polak
- Start date
If the market is sketchy why move if you don't have to? There are some bargains out there if you have the money but I suspect they are in a certain range. Will Rosedale and Forest Hill get hit as hard if the owner has old money?
Mad Mike
Well-known member
That’s in Arkansas, upside is not many of you dates will have teeth.
Are those, more likely to be a starter or near starter, a greater risk than a $2M home with the buyer coming into the deal with greater equity from a previous home.
A first time buyer could use some savings, a small inheritance and a RRSP cash out to get a few hundred down. That equity is gone.
The insanity continues…
So why didn't the LTB come up with this?
Privacy. It is idiotic that LTB findings are not public and easily searchable. I suspect the government doesn't want a searchable database as it will both show how inept government is handling these issues (delays and stupid decisions) and the tenant rights groups would lose their crap if nobbie was homeless because he has screwed over the last 10 landlords but everybody deserves a place to live and he was just down on his luck.
Mad Mike
Well-known member
I doubt this will last long. FICO, the financial services regulator in Ontario has rules regarding any form of consumer credit reporting and record sharing. These databases have appeared in the past, FICO has taken the view that sharing info related to tenant payment history cannot be disclosed or shared to anyone by licensed credit bureaus and courts without tenants' consent. It takes about a year to intervene and shut them down.
Perhaps they are turning a blind eye while the LTB is fiddling.
The possible avenue is if you report only LTB decisions. If the database includes self-reported information, privacy should kill it quickly. Now, I haven't paid attention to whether LTB decisions are protected confidential decisions or whether they are theoretically public information. Imo, they should be public for almost every reason, but government makes lots of dumb decisions so who knows.
Mad Mike
Well-known member
It's not easy. In a perfect world there would be a trusted source that operates similar to Equifax or Transunion.
Want some boring fun? Read a few of these then ask yourself if you'd like to be a small landlord in Ontario.
And those are decisions. The really infuriating ones are professional ahole tenants that pay their back rent the day before the case which wipes them off the docket and then they don't pay again. If you have a case, catching up on delinquency should be considered by the court but should not be an automatic end to the case. If you didn't pay me for 18 months, I want you out tomorrow even if you have caught up now. You have proven to be a dick.
EDIT:
Why are there 10+ resolutions a day early in the year and late in the year we are down to one a week or less?
My cousins had a non-paying professional renter for about 5-6 months. Day of the hearing, the tenant gave my cousin 1k and said he'll pay him the rest later. He paid another $200 by the end of the week. So that's $1200 to catch up on 5-6 months of rent.
Back to the LTB we go, only this time it took one month.
Same judge (?), saw the tenant and said 'what're you doing back here? thought you had this settled? Guess you're not interested, so out you go'.
2 weeks later the sheriff shows up and the tenant doesn't even wait for the knock. Opens the door, walks out, jumps into an Uber with his wife and kids, and leaves everything in the apartment for me and my cousin to clear out.
The system is a joke.
Jim Regan , the “professional “ tenant. Serial douche that took a year to get kicked out of a Toronto condo , rinse and repeat , I had a run in with him when he “joined” my yacht club. He just forgot to pay and once he scammed the gate and door codes just started squatting. Cost me a couple hundred in locksmith fees but worth it . And there are lots like him.
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Sent from my iPhone using GTAMotorcycle.com
For the tenants not paying or the ones playing games with paying (months behind) why does this not show up on a credit rating check? Are landlords just not filing the paperwork, checking credit when renting or is it somehow exempt??? If someone does not pay their credit card mins for a while it shows up, even if months later they make it right does it not still show up? My understanding it is the same for missed car or mortgage payments??? As I understand it....it is not there forever but is it not long enough to trip them up trying to get the next place?
When I was a renter they always did a credit check. I would think the above would raze a red flag would it not? Be it missed rent payments, low score or somehow defeating the system and having little to no credit history?
This does not catch other bad behaviour but why does it not trip up the professional non-payers?
When I was a renter they always did a credit check. I would think the above would raze a red flag would it not? Be it missed rent payments, low score or somehow defeating the system and having little to no credit history?
This does not catch other bad behaviour but why does it not trip up the professional non-payers?
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Here's a discussion of the complications involved with trashing their credit. TL: DR, they may sue you. Even if you win, you've lost in that case. Trashing their credit does nothing to help you and it can hurt you. How much are you willing to pay to help the next person (or inflict pain on the tenants)?
I would imagine any "bad" or otherwise tenant database would have the same problem. Threat or worry about being sued for posting it.
I believe rent payments don’t show up on any credit reports. Those are only from financial institution missing / late payments. But could be very wrong as it’s been a while since I researched.
EDIT: saw the posts while I was typing. Looks like you can but it could be a big hassle later for the person reporting. Stupid laws protecting deadbeats.
Interesting...happened to stumble upon this in a Reddit thread...registry of LTB that includes that bad landlords and tenants...
openroom.ca
Haven't had a chance to read through it, just mentioned in a thread quickly.
Openroom - A transparent Canadian rental ecosystem
Openroom - Help responsible Tenants and Landlords make informed rental decisions
Haven't had a chance to read through it, just mentioned in a thread quickly.
What a good idea and one I am glad I'll never have to use.Interesting...happened to stumble upon this in a Reddit thread...registry of LTB that includes that bad landlords and tenants...
Openroom - A transparent Canadian rental ecosystem
Openroom - Help responsible Tenants and Landlords make informed rental decisions
Haven't had a chance to read through it, just mentioned in a thread quickly.
But F those crappy tenants and landlords, the renting public should be made aware.
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