Toronto Condo Owners: How Leasing Protects Your Investment in a Soft Market

I know a lot of condo owners in Toronto are trying to decide whether to sell or lease their units right now. The dilemma is you’d like to liquidate and place the funds elsewhere, but the condo market is quite soft right now. Who wants to sell and leave future money on the table? In addition, while they’re trying to decide, bills continue to mount. Enter Mr and Mrs Tenant, lovely people who will help you wait out this soft market and keep that cash flowing. 

What’s wrong with leasing over the next 1 – 2 years? This really can be a great solution to protect your investment, and set you up for a strong sale when the time is right.

I’ve helped many tenants secure rentals over across a wide range of prices—from $5,000+ townhomes to $1,700 basement suites. I’ve come to learn what they value and what they need. And it is precisely this understanding of the tenant side of things that will be a great asset to you as a landlord.

Your condo may be “just a rental” for someone looking for a 1-year lease; however, it is one of your most important assets, and it deserves to be handled as such.

Finding a great tenant is not about jumping to take the highest offer blindly – it is about protecting your investment through careful tenant selection. Tenants offering over your asking price, or throwing in extra months to sweeten the deal, could be great for you! We’ll certainly take more money over less, but there are other factors to consider in overall tenant selection.

A bad tenant brings with them a ton of hidden costs, and I’m here to guide you in this delicate process of selecting the right one! I use very powerful AI tools, to iron clad the tenant qualifying and selection process for you. Their credit, documents and social presence is fully vetted to uncover any red flags, including their employment, social media presence, and rental history.

However, you also need someone who understands tenants, as people … from all walks of life. Combining my tech tools with the human touch results in a tenant who is not just financially solid, but also someone whom you would want in your property! 

In my experience, the Toronto rental market is quite competitive and fast-paced right now. I’ve seen this in basement spaces as well as three-bedroom townhomes. This is because many buyers are waiting on the sidelines, adding to the regular pool of tenants already looking. Chances, therefore, are high we’ll successfully find you a strong tenant in short order! That’s why there is no need to sell in a buyer’s condo market, for less than you’d ideally hope to net. Leasing for 1 – 2 years instead means you continue to grow your investment, all the while having the luxury of time in deciding when to sell.

There are many moving pieces in deciding to lease vs sell, to list, market and find a tenant or buyer.  I’m here to guide you through the process so you can make the best decision for yourself in a market like this.