__MAIN_TEXT__

Page 1

regional edition

WATERLOO

The regional market perspective for the Waterloo rental housing industry

2020


VISIT OUR NEWLY RENOVATED APPLIANCE SHOWROOM Huge selection of High End Appliances Appliances showcased in beautiful “Live” Kitchen Displays Commercial Pricing Nation-Wide Delivery Service

New “In-Store” Appliance Clearance Area AT BLOWOUT PRICES Reward Yourself - Ask about how you can earn Brick dollars for your referrals

SELECT REWARDS

OUR BENEFITS Commercial & Hospitality Pricing Easy, One-Stop Shopping Distribution Across Canada Extended Warranty & Repair Services Industry Leading Brands

PLEASE CONTACT THE BRICK COMMERCIAL 4250 DUFFERIN STREET (Dufferin St. and Steeprock Drive)

Willy Gnat Phone: 416-635-4832 Email: wgnat@midnorthern.com


ONE STOP

SOURCE FOR YOUR MAINTENANCE PRODUCTS

H&S Building Supplies Ltd. is one of Ontario’s premier maintenance supply

wholesalers. We specialize in the multi-unit residential space; providing quality products, competitive prices, on-time delivery, and product knowledge second to none. We carry over 14,000 products in stock daily.

96 Maplecrete Road Concord, ON L4K 1A4

sales@hsbuild.com

1.800.207.8325

1.905.738.7599

HSBUILD.COM

COMMERCIAL • MULTI-UNIT • RESIDENTIAL • INDUSTRIAL • INSTITUTIONAL


FOREWORD

Produced by RHB Inc., creators of RHB Magazine, RHB TV, RHB Newsreel, Perpetual Media Group (PMG) and Boldtv and in collaboration with the Canadian Federation of Apartment Associations (CFAA), theANNUAL delivers a complete market perspective for the rental housing industries of Ottawa, Hamilton, Waterloo and London. There are reasons why in-depth analysis and forecasting aren’t done in this form and on this scale for our industry! Time, resources and industry knowledge are required to deliver a comprehensive report respecting individual regional apartment owners and managers while allowing them to respond to market needs, size and competition. What you’ll find in this Regional Edition of theANNUAL: •  The State of the Industry Report, an in-depth look at the individual cities’ market conditions, based on CMHC and Stats Canada data. •  Realty Check, a look at multi-family sales and purchases in each of the four regional markets, with a special showcase of notable transactions and analysis from Joshua Perlstein of Lennard Commercial Realty, Brokerage. •  Association Report, from our partners at HDAA, LPMA, WRAMA and EOLO, an overview of what you need to know about each city and association.

2 – theANNUAL Waterloo

•  Neighbourhood Trends, information and stats you need to know showing what makes them trend! •  Delinqencies and Arrears, Jack Bryan of Suite Excel Collections Canada Inc shares his insight on how to handle delinquent tenants. •  Five Things You Should Know, some interesting tips and tools for managing the key aspects of your buildings provided by Snaile, Parity, Wyse Meter Solutions and Huebsch. The industry’s first vetted report of the Top Ten Owners, Managers and REITs for each area.

Associate Publisher Nishant Rai Associate Publisher Debbie Dollar-Seldon Contributing Editor John Dickie, President CFAA Art Director Scott Clark Office Manager Geeta Lokhram Owner Marc Côté

As Canada’s national voice for the apartment industry, RHB Inc. delivers the latest news and information. Therefore, we’d like to acknowledge the following people and companies for their help with this comprehensive guide: • John Dickie, CFAA and Eastern Ontario Landlord Organization (EOLO); • Arun Pathak, Hamilton and District Apartment Association (HDAA); • Lisa Smith, London Property Management Association (LPMA); • Andrew Macallum, Waterloo Regional Apartment Management Association (WRAMA); • Joshua Perlstein, Lennard Commercial Realty Brokerage; • Jack Bryan, Suite Excel Collections Canada Inc. RHB Inc accepts responsibility for accurately delivering relevant news to the rental housing industry. As well, we always want to hear from you, the people who make up the rental housing industry. Let us know your thoughts on what you’ve read and what you’d want to see next year in theAnnual, both at the National and Regional levels. All the best,

Nishant Rai

Associate Publisher

Subscriptions $59.99 Cdn

Opinions expressed in articles are those of the authors and do not necessarily reflect the views and opinions of the CFAA Board or management. CFAA and RHB Inc. accept no liability for information contained herein. All rights reserved. Contents may not be reproduced without the written permission from the publisher. P.O. Box 696, Maple, ON L6A 1S7 416-236-7473 Produced in Canada All contents copyright © RHB Inc. Canadian Publications Mail Product

INC.

Welcome to the 2020 Regional editions of theANNUAL. Not unlike our National edition, theANNUAL is a special industry specific periodical, delivering relevant, timely information and data with a single-minded approach; “What does the Apartment industry need to know!” With that as our goal, our research team reviewed extensive data from numerous sources to bring you the regional editions of theANNUAL. From CMHC, Stats Canada, association executives, Government sources and apartment owners, managers & REITs, we bring you the most complete and thorough industry guide that delivers regional specific information and data.

Canadian Publication Mail Products Sales Agreement No. 42652516


ER T I N S R EZ É S IN

WE’VE GOT YOU COVERED! ! ine ligne! onl n t us ous e i s i V -n com tez tic. Visi a m

na

coi

ged ama nt e or d en lacem able. l o t s nd ep ost, ct to r n-refu l s d Car subje d is no .com r h. e y La cas ndr t ar t ca nt. la like neglec s smar mylau pta d r om rsée si r ca e or to thi or fix c s t i leu on gen bou t th al us 972 l’ar s rem . La va trea norm loaded -561-1 . de a b ase 0 me sera p magée rsable Ple ough a value 1-80 m o u c o om ne thr s. The tions? arte carte u end n-remb rie.com c s e e e g o t r Qu cet cette truite est no uande cha r ter é e sb trai re su e, d puc u so llez onétai e, vol arte à 972 o i u Ve r m du tte c 561-1 r e u p vale te est sur ce 1-800 car hargé ions? c st e u Q

They’ll love their payment options. Ask us today about our coin, laundry card, and mobile payments options for your laundry facility. 1-877-755-5302 | www.coinamatic.com


TABLE OF CONTENTS

2 – FOREWORD

STATE OF THE INDUSTRY – 8

15 – REALTY CHECK

ASSOCIATION REPORT – 21

4 – theANNUAL Waterloo


TOO MANY PARCELS? WE MANAGE RES ID E NT D E L IV E R IE S

PARCELS | LAUNDRY | DRY CLEANING | REFRIGERATED snailelockers.com


TABLE OF CONTENTS

29 – NEIGHBOURHOOD TRENDS

TOP 10 – 35

47 – DELINQUENCIES AND ARREARS

5 THINGS YOU SHOULD KNOW – 55

6 – theANNUAL Waterloo


current population

617,870

Three Townships AVR: 1.4% 2BR: $899

Waterloo AVR: 1.6% 2BR: $1368 2

Three Townships AVR: 1.4% 2BR: $899

1 Cambridge Kitchener East AVR: 2.4%

AVR: 2.2% 2BR: $1209

2BR: $1166

Three Townships AVR: 1.4% 2BR: $899

Kitchener-Cambridge-Waterloo Statistics 1. Kitchener Central: AVR: 2.5% 2BR: $1176 2. Kitchener West: AVR: 1.6% 2BR: $1266

AVR= Average Vacancy Rate at October 2019 2BR= Average Rent of 2 Bedroom Suite

AVERAGE RENT SENIOR HOUSING - Standard Spaces

$77,263

median rental household income before taxes

8 – theANNUAL Waterloo

$3260 per month


24.0% Percentage of housing units are apartments

10.9% Percentage of housing units are part of a condominium

RENTERS STRUCTURE TYPE 10.4%

Single-Detached

15.9%

Semi-Detached

4.7%

Row

4.5%

Duplex

36.3%

Low-Rise Apt

27.9%

High-Rise Apt

0.3%

0

5

10

15

20

25

Other

30

35

40

theANNUAL Waterloo – 9


PROVIDING OUR CLIENTS WITH THE HIGHEST POSSIBLE ROI

THE APT PROMISE:

CAPITAL EXPENDITURES

Call us: 1-877-345-5351

.

SUITE TURN-OVERS

.

ENERGY CONSERVATION

www.allprofessionaltrades.com


State of the Industry K-C-W area

Primary rental market

33,804

Secondary rental market

30,546 Total: 64,350

52.5% 47.5%

K-C-W’s important rental market facts Important things to know about KCW’s condo market

KCW’S Senior Housing Vacancy Rate

Total Condo Units in 2019 12,063 Average Rent Total Condo Units Used for Rental 2019 3,610 Percent of condo units used for rental 29.9% Vacancy Rate 0.6%

Total number of spaces Residents

12.4% $3260 2609 2481

theANNUAL Waterloo – 11


State of the Industry Info

Cambridge

Survey Date

Kitchener East

Total

Oct-18

Oct-19

Oct-18

Oct-19

Oct-18

Oct-19

Average Vacancy

N/A

N/A

1.4%

2.3%

1.4%

2.2%

2.9%

N/A

1.5%

2.2%

Average Rent

$732

$778

$966

$1,032

$1,171

$1,209

$1,043

$1,082

$1,103

$1,148

Survey Date

Bachelor

1 Bedroom

2 Bedroom

3 Bedrooms +

Total

Oct-18

Oct-19

Oct-18

Oct-19

Oct-18

Oct-19

Oct-18

Oct-19

Oct-18

Oct-19

Average Vacancy

N/A

N/A

1.8%

2.9%

1.3%

1.8%

N/A

N/A

1.8%

2.5%

Average Rent

$726

$774

$869

$959

$1,093

$1,176

N/A

$1,599

$975

$1,067

Info Survey Date

Bachelor

1 Bedroom

2 Bedroom

3 Bedrooms +

Total

Oct-18

Oct-19

Oct-18

Oct-19

Oct-18

Oct-19

Oct-18

Oct-19

Oct-18

Oct-19

Average Vacancy

1.6%

N/A

N/A

2.9%

2.7%

2.3%

1.3%

1.7%

3.4%

2.4%

Average Rent

$815

$752

$938

$979

$1,099

$1,166

$1,284

$1,353

$1,058

$1,118

Survey Date

Bachelor

1 Bedroom

2 Bedroom

3 Bedrooms +

Total

Oct-18

Oct-19

Oct-18

Oct-19

Oct-18

Oct-19

Oct-18

Oct-19

Oct-18

Oct-19

Average Vacancy

N/A

N/A

3.0%

1.2%

5.0%

1.9%

N/A

0.0%

4.1%

1.6%

Average Rent

$745

$797

$985

$1,046

$1,207

$1,266

$1,151

$1,188

$1,107

$1,171

Survey Date

Bachelor

1 Bedroom

2 Bedroom

3 Bedrooms +

Total

Oct-18

Oct-19

Oct-18

Oct-19

Oct-18

Oct-19

Oct-18

Oct-19

Oct-18

Oct-19

Average Vacancy

N/A

N/A

1.6%

1.4%

4.2%

1.8%

N/A

0.0%

3.1%

1.6%

Average Rent

$979

$1,060

$1,251

$1,205

$1,463

$1,368

N/A

$1,425

$1,375

$1,308

Info

Three Townships

3 Bedrooms +

Oct-19

Info

Waterloo

2 Bedroom

Oct-18

Info

Kitchener West

1 Bedroom

Oct-19

Info

Kitchener Central

Bachelor Oct-18

Survey Date

Bachelor

1 Bedroom

2 Bedroom

3 Bedrooms +

Total

Oct-18

Oct-19

Oct-18

Oct-19

Oct-18

Oct-19

Oct-18

Oct-19

Oct-18

Oct-19

Average Vacancy

N/A

N/A

0.6%

1.5%

N/A

N/A

2.9%

0.0%

1.8%

1.4%

Average Rent

N/A

$741

$986

$885

$908

$899

$1,068

$1,118

$951

$908

12 – theANNUAL Waterloo


State of the Industry Guelph

Info

Bachelor

1 Bedroom

2 Bedroom

3 Bedrooms +

Total

Survey Date

Oct-18

Oct-19

Oct-18

Oct-19

Oct-18

Oct-19

Oct-18

Oct-19

Oct-18

Oct-19

Average Vacancy

5.6%

3.1%

1.6%

2.0%

1.2%

2.0%

0.5%

0.4%

1.4%

2.0%

Average Rent

$775

$819

$1,034

$1,145

$1,157

$1,282

$1,264

$1,368

$1,109

$1,228

GUELPH’S Senior Housing Vacancy Rate

Average Rent

Total number of spaces Residents

4.1% $3614 1187 1211

RENTERS STRUCTURE TYPE IN GUELPH 14.5%

Single-Detached

15.2%

Semi-Detached

3.5%

Row

9.9%

Duplex

31.7%

Low-Rise Apt

25.0%

High-Rise Apt Other

0.1%

0

5

10

15

20

25

30

35

theANNUAL Waterloo – 13


Joshua Perlstein Associate Vice President, Multifamily Investment

Your commercial real estate partner. Joshua Perlstein* specializes in the purchase and sale of multifamily properties across Ontario. josh@lennard.com 647.993.5674

Lennard Commercial is an industry leading brokerage with over 120 employees across three offices in the GTA. Learn more about us at lennard.com *Sales Representative

200-55 University Avenue, Toronto 416.649.5920

lennard.com


Realty Check

The transactions of note in: Waterloo Cambridge Kitchener

Guelph

theANNUAL Waterloo – 15


16 – theANNUAL Waterloo


Realty Check

K-C-W & Guelph

Kitchener-Waterloo has consistently been viewed as a stable real estate market for investors and 2019 proved to be no different. With average rents increasing by 5.0%, strong demand for rental units saw vacancy rates decline to 2.1% for Kitchener and 1.6% for Waterloo. Notably, turnover rates declined to 14.2%. These market dynamics lead to vendors receiving multiple offers on their properties from real estate investment trusts, private investors and syndicates. We should expect cap rates to continue their compression from the mid-4% range into the high 3% range, on average, as investors count on large rental increases for long-term cumulative returns.

Since 2015, Kitchener-Waterloo has seen its population increase by roughly 12,505 people per year. Immigration of individuals aged 25-34 (typically young professionals) has seen the highest increase, applying further pressure to the rental market. Young professionals tend to prefer rental condominiums with onsite amenities commonly found in condominium buildings, which caused the vacancy rate in condos to reach its lowest since 2015, at 0.6%. Joshua Perlstein Associate Vice President Multifamily Investment Sales Representative Lennard Commercial Realty, Brokerage

Summary Table Weighted Avg $/Unit

Highest $/Unit

Lowest $/Unit

Highrise Cap Rate Range

2019 Vacancy Rate

$207,088

$250,000

$134,459

3.75%-4.75%

2.10%

* Unit prices, and cap rates derived from Realnet and Costar Research, Vacancy Rate from October 2019 CMHC report * Unit prices encompass only 2019 sales listed below of multifamily properties. Does not include student residences or seniors housing.

2969 Kingsway Dr, Kitchener Purchaser: Homestead Stories: 17 Units: 468 Price/Unit: $232,692

Sold at

$108,900,000

195 Natchez Rd, Kitchener Purchaser: Heritage Park Properties Stories: 9 Units: 159 Price/Unit: $154,088

$24,500,000

Sold at theANNUAL Waterloo – 17


Realty Check 383 Albert St, Waterloo Purchaser: Park Property Management Stories: 9 Units: 108 Price/Unit: $250,000

46-56 College St, Kitchener Purchaser: Centurion Apartment Properties Stories: 3 Units: 46 Price/Unit: $200,000

$6,185,135

Purchaser: 1073297 Ontario Limited Stories: 3.5 Units: 30 Price/Unit: $200,000

Purchaser: Effort Trust Stories: 3.5 Units: 28 Price/Unit: $134,459

18 – theANNUAL Waterloo

$27,000,000

Sold at

48 River Rd E, Kitchener

58-64 Weber St E, Kitchener

Sold at

Sold at

$3,764,865

Sold at

$6,000,000


Recent Realty Transactions 137 Bridge St E, Kitchener Purchaser: Heritage Park Properties Stories: 3.5 Units: 15 Price/Unit: $200,000

221 Heritage Dr, Kitchener Purchaser: Heritage Park Properties Stories: 3.5 Units: 16 Price/Unit: $162,500

$2,600,000

Purchaser: C2C Development Holdings Inc. Stories: 3.5 Units: 20 Price/Unit: $134,547

Purchaser: 2695590 Ontario Inc. Stories: 3 Units: 12 Price/Unit: $149,167

$3,000,000

Sold at

21 Westmount Rd W, Kitchener

242 Avalon Pl, Kitchener

Sold at

Sold at

$2,018,000

Sold at

$1,790,000

theANNUAL Waterloo – 19


Mi Property Portal For Canadian property managers & landlords

Built per Canadian regulations

Fast Tenant Screening

Online Rent Collection

Accounting & Reporting

Lead Management

Lease with e-Signature

Automated LTB Forms

Maintainance Tracking

Property Inspection

www.mipropertyportal.com


Association Report

theANNUAL Waterloo – 21


Association Report PRESIDENT’S MESSAGE WRAMA - Become a member of WRAMA at www.wrama.com! The Waterloo Regional Apartment Management Association was formed to provide information and support to owners and managers of residential rental properties all over the Golden Triangle. The Golden Triangle includes Kitchener, Waterloo, Cambridge, Guelph and surrounding area. WRAMA’s constitution was formalized in 1989, with it operating informally for years prior. The board of directors are volunteers who commit to WRAMA’s core mission - to actively and positively develop and sustain the integrity of its members’ business – the provision of private residential rental accommodation. Waterloo Region continues to be a community where people want to live. “The region is the 10th most populous Census Metropolitan Area (CMA) in Canada, with 583,500 residents in 2016. The Province’s Growth Plan projects that Waterloo Region’s population will reach 742,000 by 2031, which makes it one of the fastest growing regions in Ontario.” (https://www.regionofwaterloo. ca/en/doing-business/demographics.aspx) As more rental-housing investment comes from outside of the Region, the Waterloo Regional Apartment Management Association continues to strengthen its voice as a credible leader among rental-housing providers. Celebrating WRAMA Events September 11, 2019

October 9, 2019

WRAMA Expert Panel Event sponsored by BDO and Scotia Wealth Management

WRAMA Education Event sponsored by ECNG and Chubb Fire & Security

Featuring:

Featuring:

• Master of Ceremonies AM 570 Kitchener Today’s Brian Bourke • Tara Brouwer-Sutton, Partner, DOMUS • James Craig, Senior Sales Associate, CBRE • Gail Kukor-Lang, Licensed Paralegal, Cohen Highley LLP • Kristin McCutcheon, Business Development Manager, First OnSite

• Paul Weingartner, Director Client Services at ECNG Energy Group • Elliott Jones, Business Development Executive at ECNG Energy Group • Al Bastien, Regulatory Agency Liaison, Chubb Fire & Security “The Cost of Non-Compliance with the Fire Code” • Jeff Nosal, Garland Canada Inc.

Live at the Tannery Event Centre

(l-r) Kristen McCutcheon; Gail Kukor-Lang; Celebrity MC Brian Bourke; James Craig; Tara Brouwer-Sutton; Andrew Macallum

22 – theANNUAL Waterloo


November 13, 2019 WRAMA Signature Event sponsored by CBRE and Habitat for Humanity

• John MacDonald, John MacDonald Architect (JMA) UPDATE: Region of Waterloo Multi-Residential Property Tax Review & Class Ratio.

Featuring: • Tom Bilieski, Community Outreach Association, Habitat for Humanity ReStore • John Dickie, President, CFAA “The Future of Rental Housing in Waterloo Region”

BMO Expert Panel

March 11, 2020 WRAMA Signature Event Sponsored by Cohen Highley Tom Bileski, Habitat for Humanity

John Dickie, CFAA

January 8, 2020 WRAMA Education Event Featuring: • Renee Charbonneau-Smith, RN, MSc.(N)/Public Health Nurse Healthy Living Division, Region of Waterloo • “Picture Your Property Smoke-Free! Smoke-Free Housing Initiative” • George E. Dube, CPA, CA, Tax Partner, Real Estate and Construction Industry, BDO Canada

Featuring: • Jennifer Tsao, Senior Economist Analyst at the Canadian Mortgage and Housing Corporation • “Rental Market Outlook Kitchener-Cambridge-WaterlooGuelph” • Joe Hoffer, lawyer and partner, Cohen Highley LLP • “What’s New For the Multi-Res Sector”

(l-r) Jennifer Tsao; Joe Hoffer; Andrew Macallum

May 13, 2020 WRAMA Exclusive Member Event: COVID-19 Impact on Residential Rentals Featuring: • Tony Irwin, President & CEO of the Federation of Rental-housing Providers of Ontario joining us live via Zoom. (l-r) Renee Charbonneau-Smith; Andrew Macallum

George Dube

July 29, 2020

February 12, 2020

WRAMA Virtual Event: Covid protocols, LTB and private agreements

WRAMA Signature Event sponsored by BMO

Featuring:

Featuring:

• Lisa Nadon, Small Matters Paralegal

• “Taking the Fear Out of Financing: Working With Your Bank to Build Your Business” • BMO Panel: Martha Deprosperis; Tony Maruna; Sid Pushpinder; Tara Conway; Marica Silveira

theANNUAL Waterloo – 23


Association Report WRAMA HIGHLIGHTS WRAMA was grateful to have attended the 2019 FRPO MAC Awards in Toronto. The event recognized excellence in the residential rental housing industry. A lifetime achievement award was presented to A. Britton Smith, founder of Homestead Land Holdings, which he accepted with a spring in his step at a mere 99 years of age!

Thank you to City of Cambridge Mayor Kathryn McGarry for taking time to speak with WRAMA and FRPO about rental housing issues in Cambridge. Discussion included local purpose-built rental housing successes and challenges such as the water billing approach that particularly impacts smaller rental housing providers.

FRPO President & CEO Tony Irwin in conversation with Certified Superstar Bryan Baeumler

WRAMA was honoured to attend an event organized by the City of Stratford Social Services on recognizing rentalhousing providers that have engaged with supportive housing programs. WRAMA president Andrew Macallum had a chance to meet Gordon Milak, President of the Chatham-Kent Landlord Association and Maggie Clayton, Caseworker, Supported Housing of Perth Program. It was an opportunity to hear about how other regions approach best practice in rental housing (l-r) Maggie Clayton; Gordon Milak; Andrew Macallum provision. WRAMA was very fortunate to be included with Region of Waterloo staff as a panelist at the HUQUA Housing Forum as a credible voice in the provision of private residential rental accommodation. There were many questions about the rights and obligations for both providers and tenants; along with an opportunity to speak to CMHC data reflecting vacancy rates, rent increase guidelines and market conditions locally, provincially and federally.

(l-r) Asquith Allen, FRPO Director, Policy & Regulatory Affairs, City of Cambridge Mayor Kathryn McGarry; Andrew Macallum

Financing for Real Estate Investors: Navigating COVID-19 • George E. Dube, CPA, CA, Tax Partner, Real Estate and Construction Industry, BDO Canada • Treasurer, Waterloo Regional Apartment Management Association Obtaining financing during the COVID-19 period has become increasingly complex and uncertain for real estate investors. Through discussions with investors and financing professionals, we’ve seen specific trends in the marketplace that real estate investors need to navigate. Phase 1: Prepare and respond Initially financial institutions addressed urgent needs with mortgage deferrals and emergency loans, understandably. This forced investors to take a back seat. But now, how can investors begin to address their financing needs? The key is to find the real estate investor-focused financing professionals –that exceptionally small group of people who are able to get results. Relationships are key. What’s at stake? COVID-19 has had a devastating impact on many areas of the economy, and real estate investors need to be prepared for further repercussions. For example, we are seeing student rentals in peril as colleges and universities announce online learning for fall semesters. Current financing issues The current environment is creating stress for investors around the following issues:

Andrew Macallum in conversation with HUQUA members

24 – theANNUAL Waterloo

• Having to defer debt refinancing as not all banks are processing in a timely fashion for investors • Declining valuations as indicated by appraisers and valuators


Proven Professional Paving Services Commercial • Industrial • Residential Bonded • Insured

Over 60 Years of Experience (905) 842-4141

www.awesleypaving.com


Association Report • Declining rental incomes as some rent payments become suspect or deferred, decreasing financing opportunities • Uncertain job, income, and economic conditions, which will put downward pressure on rental income, while also limiting ability to access financing • Investors who are cash poor, but asset rich, will rely on refinancing to build a war chest to take advantage of opportunities in real estate, stock markets and business acquisitions, or ride out the recovery, however financing delays or denials is limiting this ability. Add to this scenario weak government support for commercial rent, residential rent support that varies between the provinces and territories but is, generally speaking, relatively minor, and tenant groups that are discouraging tenants from paying rent. Rent and mortgage deferrals Mortgage payments and guarantees won’t go away. Mortgages may be deferred, but compound interest is accruing. However, if tenants defer, they cannot be evicted right now. Likely it will be very challenging to replace commercial tenants in the short-term while many residential tenants may be unable to catch up on deferred rent. On the positive side, March and April residential rent collections have been very strong so far across the country with May looking good, despite some rents being collected later in the month than normal. Commercial, however, has been hit and miss. Many proactive providers are putting significant efforts into communication with tenants, working with them as needed, and finding collections are very close to normal. However, what happens when the government funding programs end? What happens as businesses reduce their employees or even stop operating. What will the impact be on rent collections? On financing opportunities? Time may not be an ally. Landlords are typically operating on very small margins. An October 2019 survey indicated that 50% of landlords were cash flow negative. Clearly, cash flow from struggling tenants will provide an additional challenge. The biggest cost, however, may be the inability to manage through recovery and eventual growth opportunities by losing access to financing. Financing challenges will not only impact investors. The impact may include declining repairs and maintenance, inability to pay for safety measures, and fewer people who want to build rental units or acquire existing ones to improve tenant conditions. Paying the rent when employment income is reduced is challenging. It is even more challenging for a real estate investor to cover the rent for 10, 20, or 100 plus families. Phase 2: Recovery As Warren Buffet notes, when the tide goes out, you see who was swimming naked. The tide is going out. Some

26 – theANNUAL Waterloo

investors and co-venturers will have different reserves than others. Some owners will be getting tired and frustrated. Keep in mind this isn’t just relative to investors who may be more aggressively leveraged. Whether you’re in year 1 or the last year of the amortization schedule, your payments are the same. If you’re not able to extract some equity to buy some time and comfort, you may be in trouble. Keys to remember Some interesting points to consider as you move through recovery phases that I have picked up in speaking with financing professionals from both the big banks and boutique mortgage brokerages: Relationships are critical. A senior individual at one of the big five banks emphasized how important it is to have a relationship with the bank. They were not interested in starting a new business relationship until at least the fall, unless through a very warm introduction. On the construction side, they really were not looking for additional business at this time. They are looking to push out deals as long as possible to receive more comfort regarding valuation. Take caution with mortgage deferrals. Initially, the message was that the deferral is not an issue for credit. But, we’ve now heard several stories about mortgage deferrals interfering with deals, including: Affidavits being sworn at closing that none of the investors had requested a deferral, or the deal would collapse A closing falling through because the guarantors – the parents of the purchasers – had asked for a deferral Borrowing minimums. It is my understanding that, practically speaking, minimum borrowings of $5 million are needed to get a commercial product placed in a bond offering. Otherwise, there is little interest in doing the work. This can be attractive for medium-sized investors – one example was less than 2% interest for a 10 year term. It might be time to consider grouping some properties and putting a blanket mortgage on them. Mixed messages on new deals. Some real estate groups in national banks are very open for business, but many I have spoken to have been much more reserved in their appetites for new deals. Expect a lot more due diligence. For example, one of the deals I was involved with wanted to know the address of the settlor of a family trust created years ago. In a number of cases the current address tends to be a cemetery. Phase 3: Growth… I believe that many opportunities will exist for real estate investors who can survive the next 6 to 24 months. Good investors will create win-win relationships. The challenge will be in obtaining financing acceptable to the financial institution and with right terms and timelines for the real estate investor.


“Through my capacity as Realty Asset Manager for the City of Surrey, I have contracted the services of Canadian Tenant Inspection Services Ltd for the last 10 years. CTI Services has looked after the inspection services for our rental portfolio. I have had no concerns when dealing with CTI Services during our contractual arrangement and know that any request will be completed in a prompt professional manner. In summary, based on the level of service CTI Services has provided for me, I would have no concerns recommending them for inspection services.” –Ken Woodward, Realty Asset Manager, City of Surrey

Canadian Federation of Apartment Associations

2019

“New Service of the Year”

PROTECT

your real estate investment one inspection at a time!

(778) 846-9125 www.ctiservices.ca


A refreshingly simple way to manage your properties

“ You can’t go wrong with Yardi Breeze. It will make your life so much easier! ” – Joni Butterfield GF Property Management Group

Property management software for smaller portfolios See for yourself at YardiBreeze.ca | 888.569.2734 Multifamily | Commercial | Mixed Portfolios


Neighbourhood Trends Latest information on some of K-C-W’s neighbourhoods in…

Kitchener Cambridge Waterloo

Hespeler Kitchener South-East Waterloo North-West Woolwich & North Dumfries

Guelph

theANNUAL Waterloo – 29


Neighbourhood Trends K-C-W Tenant income distribution

Less than $20,000 before taxes - 11,620 $20,000 to $39,999 before taxes - 17,590 $40,000 to $59,999 before taxes - 14,300 $60k – $79,999k before taxes - 9,250 $80k – $99,999k before taxes - 5,540 $100k+ before taxes - 6,055 0

617,870 K-C-W population

5000

10000

2.1 PEOPLE 30 – theANNUAL Waterloo

20000

19.3% of rental households include at least one senior

32.1% The average household size in K-C-W is

15000

of K-C-W’s private homes are rentals

24.5% of rental households are run by 25-34 year olds


Kitchener-Cambridge-Waterloo NUMBERS ARE THE TOTAL OF STARTS (ACTUAL), UNDER CONSTRUCTION, AND COMPLETIONS IN 2019 ACROSS ALL INTENDED MARKETS (* INDICATES 2020 NUMBERS)

STARTS (ACTUAL)

Central, East, West

apartments

row houses

South Central

South East

6

186

row houses Kitchener South

0

46

Woolwich & North Dumfries

row houses

0

557

apartments

apartments

South West

0

row houses

160

apartments

UNDER CONSTRUCTION

0

Waterloo Uptown

Central, East, West

apartments*

South Central

South East

33

221

row houses* Kitchener South

327

row houses*

179

apartments*

COMPLETION Hespeler

Kitchener South- East

Waterloo North- West

row houses*

416

apartments*

50

row houses

92

row houses

7

row houses

South West

0

row houses*

744

apartments*

42

apartments

32

apartments

89

apartments

theANNUAL Waterloo – 31


Neighbourhood Trends Guelph Tenant income distribution Less than $20,000 before taxes - 3,315 $20,000 to $39,999 before taxes - 4,450 $40,000 to $59,999 before taxes - 3,980 $60k – $79,999k before taxes - 2,525 $80k – $99,999k before taxes - 1,565 $100k+ before taxes - 1,835

0

150,025 Guelph population

1000

2000

of Guelph rental households include at

29.8%

2.1 PEOPLE 32 – theANNUAL Waterloo

4000

5000

17.2% least one senior

The average household size in Guelph is

3000

of Guelph’s households are rentals

77.9% of Guelph rental households are childless.


Guelph NUMBERS ARE THE TOTAL OF STARTS (ACTUAL), UNDER CONSTRUCTION, AND COMPLETIONS IN 2019 ACROSS ALL INTENDED MARKETS (* INDICATES 2020 NUMBERS)

STARTS (ACTUAL) Guelph South

Guelph East

Guelph West

UNDER CONSTRUCTION Guelph South

Guelph East

Guelph West

24

row houses

22

row houses

24

row houses

12

row houses*

28

340

apartments

0

apartments

0

apartments

521

apartments*

0

row houses*

apartments*

30

0

row houses*

apartments*

93

36

COMPLETION Guelph South

Guelph East

Guelph West

row houses

18

apartments

242

row houses

apartments

16

52

row houses

apartments

theANNUAL Waterloo – 33


EXCEED EXPECTATIONS, EVERY LAUNDRY DAY. EXPERIENCE THE DIFFERENCE WITH HUEBSCH® COMMERCIAL QUALITY LAUNDRY EQUIPMENT. Commercial-grade strength and durability makes ownership hassle-free. Energy efficiency saves you money.

Quantum® Gold controls provide more cycle choices and revenue opportunities.

Faster spin speeds and shorter dry times deliver resident satisfaction.

To see how Huebsch® exceeds expectations, visit huebsch.com/exceed.


Top 10 Kitchener-Cambridge-Waterloo’s top ten private landlords by size

theANNUAL Waterloo – 35


Top 10

Owners, Managers & REITs

Accommod8U

Category:

Owner/Asset Management

Number of suites

Website:

accommod8u.com

3460

Drewlo Holdings

36 – theANNUAL Waterloo

Category:

Owner/Asset Management

Number of suites

Website:

drewloholdings.com

2694


Don’t let your profits drip away! Hidden leaks

Old, inefficient fixtures

High water consumption

Leaks and poor water efficiency can cost you hundreds of dollars per unit each year. But there’s a solution. The Region of Waterloo’s WET Program can boost your bottom line with water efficiency upgrades. We offer: • $15 rebate for each toilet flapper replaced • free showerheads and aerator upgrades • funding for building-wide toilet, showerhead and aerator upgrades • funding for audits or sub-metering to bill fairly and encourage repairs and conservation • water softening and conditioning solutions

Save up to

$250 to $500 per unit per year.

Contact us to learn more.

theANNUAL Waterloo – 37

www.regionofwaterloo.ca/conservation | 519-575-4400, TTY: 519-575-4608


Top 10

Owners, Managers & REITs

Homestead Category:

Owner

Number of suites

Website:

homestead.ca

2248

Starlight Investments

38 – theANNUAL Waterloo

Category:

Owner/Asset Management

Number of suites

Website:

starlightinvest.com

2095


Smart and Sustainable We know your world has become more uncertain. Increased competition for residents. Escalating costs. Desires to become more sustainable. You require a partner who understands those challenges and offers solutions.

Wyse is an industry-leading submetering provider committed to you and your residents. With the goal of helping you achieve utility efficiency through our superior submetering and utility billing programs, Wyse is the partner for tomorrow you need today.

TALK TO US ABOUT YOUR PROJECT.

1.800.672.1134 2020

SUPPLIERS COUNCIL MEMBER OF THE YEAR

SALES@WYSEMETER.COM | WWW.WYSEMETER.COM


Top 10

Owners, Managers & REITs

Centurion Asset Management Inc. Category:

REIT

Number of suites

Website:

cpliving.com

2090

Domus Student Housing Category:

Owner

Number of suites

Website:

domushousing.com

2000

EIWO Canadian Management Ltd

40 – theANNUAL Waterloo

Category:

Manager

Number of suites

Website:

eiwocanadian.com

2000


from thE foundation up…

Before

After

considEr your Building takEn carE of Before

After

Balcony | Building EnvElopE & parking garagE rEhaBilitation

50 Ritin Lane, Unit 4, Concord, ON | EmaiL: info@citrex.ca | WEb: www.citrex.ca


Top 10

Owners, Managers & REITs

Timbercreek Asset Management Category:

REIT

Number of suites

Website:

timbercreek.com

1819

Greenwin Inc. Category:

Manager

Number of suites

Website:

greenwin.ca

1726

Balnar Management

42 – theANNUAL Waterloo

Category:

Manager

Number of suites

Website:

balnar.com

1657


Energy Management as a Service for Rental Buildings • Increase Asset value • Reduce Operating Costs, Guaranteed Under Contract • Attract and Retain Tenants through Improved Suite Comfort At Parity, our energy management platform analyzes gas and electricity usage for your entire building and looks for efficiencies. We’ll save on utility costs, increase the value of your investment and at the same time ensure tenant comfort by measuring demand as accurately as possible. “ Parity's energy management solution is simple, effective and adds value to the bottom line of your multi family investment, while adding a level of granularity to a buildings operations so we can operate our assets more efficiently. ” - Trevor McLeod, Project Manager (Starlight Investments)

It’s easy to get started, call 1-833-372-7489. www.paritygo.com


44 – theANNUAL Waterloo

Honourable Mentions

KW4Rent (Asset Maintenance Pros)

ZEHR GROUP

Northview REIT

Morguard

KW4Rent/Accomod8U

Joylife

HOFFACO Property Management

Colonia Truehand

Rentcorp Property Management

Williams and McDaniel

Steeves and Rozema

Boardwalk REIT

Victoria Community Homes

Sifton Properties Limited

Larlyn Property Management

Park Property

DUBRICK

Effort Trust

Grand River Properties

Skyline Apartment REIT

Owners, Managers & REITs


One Total Solution.

The Home Depot is redefining your property maintenance experience with the power of One Total Solution.

More Products. More Services. More Programs. More Convenience. For more information, visit: www.homedepot.ca/pro

Proud Strategic Partner


Delinquencies and Arrears

theANNUAL Waterloo – 47


Delinquencies and Arrears Dealing with tenant delinquencies and arrears Knowing and understanding eviction guidelines and collection procedures is essential, especially as we deal with a pandemic and the government making impactful decisions affecting our industry. While staying up to date is important, understanding and interpreting the new regulations can make the difference in your success and profitability. This year, theANNUAL reached out to Jack Bryan, Managing Director Sales of Suite Excel Collections Canada Inc., who for more than 20 years has specialized in property management, overseeing some of the largest portfolios in Canada. We asked Jack to share his expertise in dealing with delinquencies. theANNUAL is pleased to bring you his insight. We hope the information allows you to implement some guidelines that will help you with tenants and your business. Landlords and property managers depend on tenants regularly paying their rent for their income. Despite best efforts to find good tenants, some will end up being delinquent or fall into arrears, and you’ll have to take steps to recover the bad debt when the tenancy concludes. The pandemic will only make this process more difficult as vacancy rates climb and new Residential Tenancies Act (“RTA”) provisions call for repayment plans to be negotiated with existing delinquent tenants prior to commencing legal actions. Some people look at rental properties as an investment, and treat them like stocks that can either pay off or lead to losses. When an investor loses money on the stock market, it’s “not that bad” because it’s a paper investment – there’s no personal interest in the investment. However, landlords and property managers have a vested interest in their property, as they put a lot of time and effort into maintaining their investment (i.e., the rental property). It’s also more than an investment, as landlords and property managers take pride in providing safe, clean, and affordable housing to their tenants. It’s more of a personal insult when someone does not pay you for the hard work you put into providing them with a home. As a landlord or property manager, it’s up to you to protect your investment to the best of your ability. That involves finding the right tenants who have the ability and desire to pay their rent regularly and treat the property like their home.

Managing the interview and application process Your relationship with a tenant begins during the initial interviews. You’ll need to develop a sense of

48 – theANNUAL Waterloo

their character, which should come with experience. Over time, you’ll probably develop a sixth sense about who would make a good tenant for your rental property. You should periodically check that you are not letting conscious or sub-conscious biases affect your judgment. Generally, tenants are responsible and simply want a safe and affordable place to live, and have every intention of fulfilling their financial obligations when they sign the lease agreement. Escalating vacancy rates will also compel property managers to adjust their criteria for acceptable tenants and their usual vetting process. Most tenants will pay their rent and maintain their rental unit. However, you have to do your due diligence to screen out potential tenants who are either unwilling or incapable of regularly paying rent, or who would be a risk to your building and other tenants. The screening process will provide background on the prospective tenant, such as sources of funding, employment status, rental history, and other important information. Collecting the required facts will help you with making a reasonable and informed decision on whether to enter into a rental agreement with the applicant. Every potential tenancy begins with the prospect filling out a rental application. Make sure they fill it out in its entirety and their writing is legible. There have been cases of tenants skipping out or being evicted for non-payment of rent, and the landlord was unable to recover the funds because the initial application was either incomplete or contained illegible information. Always ask the applicant to provide a legal form of identification, such as a driver’s license. You could ask for a date of birth and Social Insurance Number,


So now you’ve rented your unit after screening the tenant, who passed all the tests. Then the first payment is a few days late, the next month’s rent is a week late, and the third one hasn’t shown up. but the applicant is not legally obligated to provide this information. The legal identification is essential, as it will confirm the applicant’s identity, date of birth, and current address, which should match the information provided on the application. It will also help to prevent identity fraud. There have been cases where someone rented an apartment with a fake ID, ran up rental arrears, and had an order from the Landlord and Tenant Board (LTB) set aside by swearing an affidavit that someone used their ID fraudulently. The application should include the names and contact information of the applicant’s previous landlords and employers. Call previous landlords to find out if the applicant owes back rent or if they were problem tenants. If the applicant is employed, contact the employer to confirm the applicant has a current source of income and will be able to pay rent monthly. The applicant should also provide a signed document from their bank that indicates how much money they have in their account, how long it has been open, and whether they have any missed debit payments or NSF cheques, which are good indicators of their fiscal responsibility. The applicant should provide emergency contacts and references. It’s important to be able to contact someone in case of an emergency situation involving the tenants, as well as when you need to track down the tenant should they skip out on their rental obligations. A friend or relative of the tenant would be able to provide a new address or location for the tenant under these circumstances. A credit report is also useful, as it will provide a history of the applicant’s ability to pay their bills and maintain financial obligations. However, a poor credit report should not automatically disqualify a potential tenant. Depending on where your rental property is located, you might have high vacancy rates and competition from other landlords. It can be difficult to find the “perfect” tenant, so you should have some flexibility when dealing

with people who have poor or incomplete credit histories. Some younger tenants might have bad credit or no credit. Requiring them to provide a guarantor, such as a parent or other relative, will provide a layer of security in the payment of rent.

What to do when the rent is late So now you’ve rented your unit after screening the tenant, who passed all the tests. Then the first payment is a few days late, the next month’s rent is a week late, and the third one hasn’t shown up. This is not the time to panic. People make mistakes and might encounter temporary financial hardships. Rather than getting upset and starting an adversarial relationship with your tenant, try to determine why their payment is late. In most cases, the tenant will be more than willing to explain why they’re having difficulties keeping up with payments. They might have just lost their job or had unexpected expenses. Now is the time to figure out how you can work with the tenant to resolve existing issues and avoid future problems with paying rent on time. If the rent is late once and the tenant is currently short of funds, you can ask how much they can apply to their rent owed and what they can commit to catch up on the rent. Giving the tenant a chance to cooperate with paying their rent is a good approach. However, you can only be accommodating for so long and cannot give a series of second chances. The goal is to keep the tenant in the unit so the rent gets paid and the income flows regularly. But you’re also running a business, and you have to ensure that if the tenant cannot handle their commitments, you are prepared to take the next steps to mitigate ongoing losses.

Dealing with delinquent tenants After trying to work things out with the tenant, the situation might become adversarial. The tenant might refuse to pay their outstanding rent,

theANNUAL Waterloo – 49


Delinquencies and Arrears While the LTB may rule in your favour, and the adjudicator may agree the tenant owes you back rent, it will not collect the owed funds for you. or the deadline for catching up on the rent will have passed. At this point, you will have to take the situation to the next level, which normally commences with the delivery of an N4 Notice to End Tenancy for Non-Payment of Rent. However, the pandemic has led to the RTA being amended to add new requirements for landlords. Landlords must attempt to negotiate repayment arrangements with tenants who fell behind this year, prior to filing an application and show proof of the attempt before proceeding with the application at the LTB. To meet that requirement, include a letter with the N4 Notice inviting the tenant to reach out to discuss a repayment plan. If possible, mention some community resources, such as a rent bank to assist them. If an agreement for repayment of arrears is reached, the LTB has a new payment form that details the repayment plan, which must be signed by both parties and filed with their office. If an agreement cannot be reached or the tenant does not respond to an offer to repay, proceed to make your application to the LTB. If the tenant makes good before the LTB makes a ruling on the filing, you can thank them for fulfilling their obligations and re-establish the non-adversarial landlord-tenant relationship.

owed. There are two ways to recover the debts: get the tenant to voluntarily enter a repayment arrangement or enforce the LTB’s order through a garnishment. Even though the tenancy has been terminated, you can request the delinquent tenant to start paying you back. Send a letter or email that lays out what will happen if they do not fulfill their duty to pay back the owed funds. Consequences of taking further action may include garnishing their wages, reporting their debt to the credit bureau, or hiring a collection agency to recover the owed funds. Voluntary repayment enables the delinquent tenant to avoid these consequences. However, it is likely you will have to take action to enforce the LTB’s order of repayment. The usual approach is to issue a garnishee to the tenant’s employer or on their bank account. This typically involves filing the LTB order at Small Claims Court in the jurisdiction in which the debtor lives. Filing a garnishee request involves a fee on your part. Before you submit the paperwork, make sure the delinquent tenant is still employed at the company listed on the application. You must list the correct legal name of the place of employment. For example, you cannot garnishee someone at Tim Horton’s, as it is a trade name; the legal name of the franchise where the tenant works might be something like 12345678 Ontario Inc. or Jack’s Donut Dream Inc.

If the tenant does not follow through after an application has been filed or hearing has occurred, you must continue the process and engage the sheriff to provide an eviction date. Evicting a tenant is never a good situation but you must protect your investment, and get a paying tenant back into the unit. Once you reach the point of eviction, you have agreed to terminate the relationship with the tenant.

Note that other garnishees might take precedence over yours, such as a family support garnishment. The ex-tenant might have to pay family support, which means you will not see any payments, or they might be delayed for years.

While the LTB may rule in your favour, and the adjudicator may agree the tenant owes you back rent, it will not collect the owed funds for you. Many landlords mistakenly think that a trial judge will force the delinquent tenant to pay what you are

Trying to garnishee bank accounts can also be an exercise in futility. If the tenant has bounced a number of rent payment cheques, and you’ve evicted them, they will have to come up with first and last month’s rent for their next rental. Therefore,

50 – theANNUAL Waterloo


THE PERFECT STORM! A pandemic along with new government regulations have have created created the the perfect perfect storm! storm! regulations

In todays’ environment protecting your asset

has never been more important

Knowledge is power and now applicants can’t hide from their history Instantly Verify Employment Income

Average Closing Bank Balance

Consistent Rent Payments

Identity and Address

Average Monthly Debt Payments

Overdraft Percentage

… And Much More

Rentify the legal and comprehensive tenant screening solution that uses bank statement analysis powered by the Canadian banks. Protect your asset, find long-term tenants and significantly reduce evictions

Get

Rentify

Other benefits include: Reduce verification time from 2 hrs to 5 mins on average

Save up to 50% when compared to a traditional credit check

Rentify does not leave a mark on an applicants score

Bank Statements predict a tenants predispositions better than a credit score

Save Thousands by reducing your evictions

For More Information And To Book Your Demo visit www.rentify.house


Delinquencies and Arrears The statute of limitations, or length of time in which you have to bring a court action in a civil (i.e., financial) matter, is two years from the last acknowledgment date. it’s unlikely they’ll have the bank funds to cover what they owe you. The end results of pursuing a bank garnishment might not be worth the effort. Note that Small Claims Court does not follow up on garnishees. You are responsible for ensuring that the debtor’s company has received the garnishee and will make regular payments. Some companies have not followed through due to mistakes on the part of the payroll person or failure to understand what the garnishee meant. In these cases, refer the company to Small Claims Court for an explanation of the employer’s obligations. One drawback to dealing with the LTB is its failure to address lost future rental income due to early lease termination, damages to the unit, and unpaid or outstanding utility and other bills that are now your responsibility. To recover these debts from the delinquent tenant, you will have to file a second claim with Small Claims Court to make up the shortfall in the LTB’s order. Alternatively, you can send the account for collections for the amount owed for rental arrears, lost future rental income, damages, and other charges owed. When the tenant skips out on the rent, or the LTB terminates the tenancy, the landlord is responsible for mitigating the loss. For example, if the tenant leaves two months into a one-year lease, you cannot simply sue the tenant for the remaining 10 months on the lease. The Small Claims Court requires you to take “reasonable” steps to release the unit in a timely manner. This typically involves advertising the unit for rent and keeping a record of prospective tenants to show the court you are doing what is required to fill the unit.

Working with a paralegal or collection services Choosing to work with a paralegal or collection agency depends on your level of expertise and circumstances around the arrears. Some landlords

52 – theANNUAL Waterloo

and property managers are experienced with preparing documentation, appearing before the LTB, and attending Small Claims Court, Others might benefit from hiring a legal representative to handle LTB action until the tenant has either paid their debts or vacated the unit. If you have an easily attachable asset for a garnishee, such as an employment, you might want to issue a garnishee on the ex-tenant after obtaining an order and recover you funds instead of paying a fee to a collection agency. However, if you do not have the opportunity to garnishee or are unsuccessful in your efforts, consider hiring collection services to collect the debt. If you do not have the former tenant’s contact information or they have skipped out on owing money, you might want to retain outsourced collection services. Under these circumstances, you do not need a Tribunal Order or Small Claims Court Judgment to pursue your monies. As long as the funds are owed to you, a collection agency can attempt to recover these monies on your behalf. How long you have to collect the monies owed will depend on different factors. The statute of limitations, or length of time in which you have to bring a court action in a civil (i.e., financial) matter, is two years from the last acknowledgement date. This is usually the last payment date or the date of the agreement if no payment was made. If you obtain a court order from the LTB or Small Claims Court, this will extend the period the debt is owing to six years from the date of the order. An unpaid account will remain on an individual’s credit report when it is listed with Equifax and TransUnion for seven years. Some collection agencies will attempt to collect a debt after the statute of limitations has run, but to have the best chance of success, it is always better to act sooner than later.


“OUR EXPERIENCED TEAM CAN ASSIST YOU WITH DESIGNING TO COLOUR MATCHING, FROM OFFSET PRINTING TO PHOTOCOPYING” COMPANY

NAME

SLOGAN H ERE

Lorem ipsum dolor sit amet, consect adipiscing elit, sed diam nonumm etuer tincidunt ut laoreet y nibh euismod dolore magna volutpat. Ut wisi aliquam erat enim ad minim veniam, quis nostrud exerci tation ullamco rper suscipit lobortis

Lorem ipsum dolor sit amet, consect adipiscing elit, etuer sed diam nonum my nibh

Lorem ipsum dolor sit amet, consect adipiscing elit, etuer sed diam nonum my nibh euismod tincidun t ut laoreet dolore

Regard Lorem ipsum dolor 941wall street

Art Director

www.yourwebsi

te.com

BUSINESS CARDS BROCHURES FLYERS REAL ESTATE SIGNS MANUALS BUSINESS STATIONARY ENVELOPES

MAGNETS DOORHANGERS CALENDERS NCR FORMS BOOKLETS COIL BINDING FOAM CORE MOUNTING

BLUE PRINT & PLAN PRINTING INVITATIONS FORMS POST CARDS BANNERS POSTERS


Watch

with

e n o s a m o T a c i s s e J RHBtv.ca


5 things you should know Five things every property manager should know about submetering – Page 56 – By Wyse Meter Solutions

Five tips on energy management – Page 57 – By Parity

Here are five key ways a smart parcel locker can help streamline parcel management: – Page 58 – By Snaile, Canada’s Parcel Locker Company

Five tips on maintaining your building’s laundry room – Page 59-60 – By Huebsch

theANNUAL theANNUAL theANNUAL Waterloo Waterloo Waterloo – 55 – 55 – 55


5 things you should know Five things every property manager should know about submetering – By Wyse Meter Solutions We know your world has become more uncertain. Increased competition for residents. Escalating costs. Desires to become more sustainable. For many developers, submetering has provided much-needed stability in these areas. Here are five questions I get asked most often about submetering:

1 Aren’t rental increases enough to keep pace with utility costs? No. In Ontario, rent increases are frozen for 2021. Even if they thaw in the future, it will likely never be enough. We’ve seen that electricity rates have outpaced guideline increases each and every year over the past decade. Managing utility expenses is key to your property’s success.

2 What is the financial impact of submetering on my new development? Submetering is essential to a well-managed building of the future, with potential savings of $1,800 per suite per year in building financial performance.

3 What type of organizations are embracing submetering in their projects? Submetering providers work with a range of partners, including institutional investors, international investors, family offices, real estate income trusts, as well as boutique and large-scale developers.

56 – theANNUAL Waterloo

4 Can I submeter for water in existing buildings? Absolutely. Wireless technology now exists to retrofit for watering. It is a great way to incorporate water meters into each suite during the suite turnover renovation process.

5 How do residents feel about submetered units? More than 3-in-5 Canadian tenants prefer to have their suite metered and pay only for the utilities they use, according to a 2019 Informa survey.


Five tips on energy management – By Parity

1 Investing in Energy management solutions that reduce energy costs can pay higher dividends in the long run compared to traditional investment strategies

2 Insurance premiums are on the rise due to an increase in climate change related natural disasters. (flooding in particular)

3 Rental multi family building Co2 levels can have a dramatic impact on resident wellness and the transmissions of COVID 19. Lower is better, anything over 800ppm in common areas should be investigated.

4 Parity’s Energy management as a service solution is geared towards looking at Energy Waste in HVAC systems. Even if your building already has a BAS running, there are still savings to be had in almost all cases.

5  According to a recent US survey (4800 residents surveyed), 80% of rental residents believe that Energy saving initiatives are beneficial to their and the planet’s well being.

theANNUAL Waterloo – 57


5 things you should know Here are five key ways a smart parcel locker can help streamline parcel management – By Snaile, Canada’s Parcel Locker Company

1 AVOID COSTLY CLUTTER

Fire code violations can be costly. In 2019, legislation was passed enabling even steeper fines for subsequent offences, bringing the cap for a second infraction to $1.5 million! By requiring that deliveries are deposited to a smart locker, lobbies and hallways are kept clear and hefty fines can be avoided.

2 GO CONTACTLESS

The arrival of COVID-19 has resulted in carriers waiving signature requirements and property managers prohibiting carrier foot traffic throughout buildings. A smart parcel locker allows carriers to deposit multiple parcels within minutes, without going past the designated delivery area. QR code scanning for contactless parcel pickup and the bank-grade touch-screen terminal, along with the flat steel surface of the lockers themselves, allow the units to be cleaned and disinfected with ease.

3 FACILITATE THE NEW WORK-FROMHOME NORM As apartments and condos are doing double-duty as the new 9-to-5 workspace, the number of deliveries is increasing accordingly. When a deposit occurs to a smart parcel locker, the recipient is notified the instant the compartment door closes. This allows for timely collection, clearing the compartment for subsequent use, and means that time-sensitive deliveries are flagged right away so no time is lost in a resident’s important workday.

58 – theANNUAL Waterloo

4 PREVENT THEFT AND DAMAGE

The way we now shop means that valuable items are coming to us, rather than being picked up in store. StatsCan says yearover-year ecommerce revenue is up 110% between May 2019 and May 2020. Items such as phones, computers – as well as sensitive documents that could lead to identity theft – should never be left unattended. Property managers can avoid the liability concerns around theft and damage by ensuring that all deliveries are made to an industrial grade smart locker where parcels are safely contained until the resident has an opportunity to collect them.

5 RELIEVE EMPLOYEE STRESS

Happy employees are more productive. By streamlining parcel deliveries, concierge and security staff will no longer spend countless hours managing incoming deliveries and tracking down recipients. Surveys show 1 parcel takes 10 minutes to log, store and dispatch. Instead those human resource hours can be directed to other, more important endeavours and your team can get back to dealing with people, not parcels.


Five tips on maintaining your building’s laundry room – By Huebsch A clean, well-lit laundry room is a valuable amenity for your apartment building. Not only does an inviting laundry area make a positive first impression on potential renters, it gives current residents a sense of security when laundry day arrives. Here are a few ideas to help you make your apartment building the rental of choice with a welcoming, community-focused laundry room.

1 Communicate COVID-19 guidelines During these times, most residents are likely concerned for their health. Keep a safe space by encouraging residents to avoid hanging out in the laundry room while they’re waiting for their loads to finish. Limit the number of people who can be in the laundry room at one time and hang a sign to let other residents know if they can enter.

2 Make sure you have enough machines Having sufficient commercial washers and dryers is crucial to a successful multihousing laundry room in an apartment or condominium. Constantly having to wait for machines can spur animosity between residents and overall dissatisfaction throughout your building. Angry, annoyed and unsatisfied tenants are probably not going to be as apt to get to know their neighbors, embrace a community vibe or re-sign a lease in your building.

3 Make the space bright and inviting It shouldn’t come as a surprise that residents won’t want to do their laundry in a room that’s dark, cold and uninviting. Even with spending less time in laundry rooms because of COVID-19, an inviting laundry room is important to residents. With that in mind, brightening up the shared laundry area and making it homier and welcoming is a natural way to build that community feel. Consider windows and natural light, natural light lamps and live plants, a fresh coat of paint, and other fun design and decor items.

theANNUAL Waterloo – 59


5 things you should know 4 Showcase the community What better way to build the community than to feature the people and news that’s important to your residents? Shared spaces in apartment buildings, such as the laundry room, are a great place for a bulletin board that features residents of the building, important local news and events, and other relevant community information. Especially at a time where many people are isolated from each other, it’s the perfect opportunity to learn more about their neighbors and feel like they’re part of a community. If residents are allowed to add pictures and notes to the board, it’s also a great way for landlords and property managers to get to know the tenants better.

60 – theANNUAL Waterloo

5 Secure the room: No one is going to want to do laundry in a place they don’t feel safe. Securing the entrance to your laundry area helps assure the space is only accessible to residents, giving everyone a little peace of mind. Security cameras can also help you better monitor the space and make sure that tenants are treating others and your equipment respectfully. Hopefully, these tips will help you and your residents get more out of the laundry area and the building overall. With a little attention and TLC, a shared laundry room can be an incredibly valuable space in your apartment complex.


Find ongoing savings with energy-efficient upgrades Free in-suite incentives: • Low-flow showerheads • Heat reflector panels

Free expert help, from start to finish

We provide up to $200,000* in incentives to help affordable housing providers and eligible market-rate housing providers with low-income tenants in Ontario upgrade to high-efficiency equipment. Get up to $8,000 for an energy audit to uncover savings in your building. Start today by contacting an Energy Solutions Advisor for free, expert help.

What equipment is eligible? Boilers

Water heaters

Control systems

Make-up air units

ERVs and HRVs

Custom solutions

Lasting benefits

Reduce energy consumption and greenhouse gas emissions.

Lower ongoing operating costs mean increased reserve for other improvements.

Enhance comfort and well-being for residents.

enbridgegas.com/affordable Connect with an advisor. 1-866-844-9994 energyservices@enbridge.com

© 2020 Enbridge Gas Inc. All rights reserved. * HST is not applicable and will not be added to incentive payments. All incentive offers are available to Enbridge Gas Inc. customers, including those formerly served by Union Gas Ltd. Terms and conditions apply. Visit website for details.


INC. Canada’s One-Stop Source for the Rental Housing Industry

Profile for Marc Cote

theANNUAL Waterloo 2020  

theANNUAL, Waterloo, WRAMA

theANNUAL Waterloo 2020  

theANNUAL, Waterloo, WRAMA

Advertisement