May 10, 2022
Royal York in The News
RYPM
A Toronto-based property management company operating
across Ontario and Europe, Royal York Property Management, has
announced up to a $500 per month supplement for ‘struggling
landlords’. Founder and Global Director Nathan Levinson stated
that the offer was aimed at alleviating the stress of property investors amidst
a worsening economic environment.
Mr. Levinson said, “It has been a very difficult time
for most landlords. Property owners are concerned that the interest rates will
significantly increase within the next 18 months. This will cause an inevitable
drop in the real estate market, with many owners unable to make their mortgage
payments.”
Royal York Property Management is offering aid to property
owners who are unable to make ends meet. Royal York’s calculations
put the rental income for an average one-bedroom condo in Toronto at
approximately $2,145 a month. By comparison, the average ‘caring
cost’ for a property owner is reckoned to be $2,500 a month.
Starting at $39 a month, Royal York Property
Management will personally fund the shortfall up to $500 for as long
as they manage the property. The move is aimed at removing financial hardship
and also concerns about whether or not landlords will break even on their
investment properties.
When asked about the intention behind the
initiative, Mr. Levinson responded, “I see it as a means of
stimulating the investment market. Property investors can continue to acquire
real estate without concerns over breaking even. Our rental guarantee scheme is
already unmatched. This guaranteed financing offer simply solidifies our
dominance in the market.”
Long term, Mr. Levinson is an advocate for
economic reform. He explained, “The Ontario government should allow
landlords to serve an N2 Form versus an N1 Form, permitting an increase in rent
for properties built before 1991 like it was before the former premier
of Ontario, Kathleen Wynne’s announcement at Queen’s Park
on April 20, 2017. If this isn’t adjusted, landlords will only be able to
increase their rent by 1.2% as per Ontario’s 2022 Rent Increase
Guidelines. With what we are seeing, landlords will not be able to keep pace
with inflation and rising interest rates. While the cost of living, gas, and
mortgage rates have all increased, the rental market remains the same-this
calls for change.”
While the scheme is in its infancy, Mr. Levinson reports that the feedback from thousands of clients has been “wholly positive”. He and his team anticipate a large number of applications within the coming weeks.
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