This article covers a couple of recent changes that will affect owners and purchasers of income properties.
As you are probably aware, the province of Ontario has recently mandated the use of their leases for all landlords and tenants. Failure to provide the lease, if requested by a tenant, will result in you having to provide one month free rent. You can access the lease in the link below.
Additionally, I have been asked if the lease specifically addresses cannabis. The Ontario Real Estate Association has just provided us with clauses that a landlord can add to a lease, regarding the growing and use of weed in your building.
See the 2 New Clauses below:
The first is in regards to dealing/harvesting:
"The Tenant and any occupants of the premises and, including without limitation, any visitors, guests and business invitees shall not sell, distribute, cultivate, propagate or harvest any cannabis plants within the meaning of the Cannabis Act, S.C. 2018 c. 16 and the Cannabis Act, 2017, S.O. 2017, c. 26 as amended from time to time, anywhere in or upon the premises rented by the Tenant, the building where Tenant's premises are located or in any of the common areas or adjoining grounds of such building."
The second is regarding smoking:
"The Tenant and any occupants of the premises and, including without limitation, any visitors, guests and business invitees shall not smoke anywhere in or upon the premises rented by the Tenant, the building where Tenant's premises are located or in any of the common areas or adjoining grounds of such building, except for the designated smoking area(s) noted below:
For purposes of this provision, the term "smoke" or "smoking" means to inhale, exhale, burn or have control over a lighted cigarette, lighted cannabis cigarette, cigar, pipe, hookah pipe or other lighted smoking implement designed to burn tobacco or any other substance, including without limitation, cannabis as defined in the Cannabis Act, SC 2018 c16 as amended from time to time for the purpose of inhaling or tasting of its emission. Contravention of this provision shall be deemed to be a material breach of the lease. "
If you're looking to buy any type if Investment Property in the area, work with an Agent who knows all the rules!
Have a look at our inventory of Income Properties for sale