<aside> 💡 Explore the legalities and strategies for landlords in Ontario facing rent arrears, with insights into the Landlord and Tenant Board's role in mediation and eviction proceedings.
</aside>
In Ontario, the intricate tapestry of the eviction process is carefully woven by the Residential Tenancies Act (RTA), with the Landlord and Tenant Board (LTB) ensuring its staunch enforcement. The LTB serves as a pivotal mechanism, mediating disputes, adjudicating claims, and issuing pivotal orders when the situation demands. Thus, landlords and property managers, in the context of commencing an eviction, must pivotally initiate their journey by lodging an application with the LTB.
Eviction, albeit generally approached as the final recourse, unfortunately, emerges as an inescapable reality in certain situations. Illuminated by recent studies, approximately 10% of rental contracts culminate in tenant eviction. Consequently, a notable fraction of landlords and property managers inevitably navigate through the turbid waters of eviction, grappling with the ensuing emotional and financial turbulence.
<aside> 📉 The Average Eviction Costs a Housing Provider $11,000
</aside>
The most common reasons to end a lease with a Tenant eviction include:
When confronted with a non-paying tenant, the financial and emotional burdens for a housing provider can escalate quickly. Thus, ensuring all rent payments (or lack thereof) are meticulously reported to Credit Bureaus becomes critical. Embracing rent reporting not only demonstrates a potential to slash delinquencies by a whopping 92% but also positively augments credit scores, in some instances, by up to 84 points.