Monday, March 9, 2009

Apartment Building Evicts Tenants

No, this is not in Ontario, or even Canada.

But this is a huge example of the different protection that is offered to Tenants in both rental units and condominium owners in situations where the Landlord/ Building is in mortgage default.

I would be very surprised to see a situation like this in Toronto.

We love to hate government control but the Rental Tribunals and Banks follow Canadian law which is built on the concept of precedent (previous historic decisions).

Maybe thats why we have so few situations (less than 1% default on mortgages) that make the news in this fashion.

Your comments and contributions are appreciated

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