Data in the private landlord space is difficult to pin down, but based on studies conducted over the last few years, it’s safe to say that millions of Canadians own at least one rental housing unit as an investment — including condos, townhomes, and single-family homes. Collectively, these private investors are, by far, the biggest owner of rental stock in the country. In markets like Toronto and Vancouver , privately-held units constitute around 30% of the overall rental stock.
Owners of small rental units also potentially face punitive taxes if they have an unexpected vacancy of more than six months, including the City of Vancouver Empty Homes Tax , the Provincial Speculation Tax , and possibly the Federal Underused Housing Tax . Together, the first two taxes would equate to more than $35,000 on the aforementioned rental until, assuming an assessed value of $1.05M.
In a persistently undersupplied, low rental vacancy housing market, can we really afford to disincentivize this form of real estate investment? Encouraging investment and flexibility for small rental investors will support both the quantity and quality of Canada's rental market. This would be a benefit to all.
As far as receiverships go, things have taken an atypical turn for the Ottawa Train Yards, which were involved in an appointment order in early June amid allegations of a $40M debt.The 67-storey tower was planned for 10227 King George Boulevard, which has become the subject of a new foreclosure, along with two other properties owned by AimForce Development Group.