Source: National Post
Toronto, Ontario–(Newsfile Corp. – February 19, 2024) – In response to the increase in mortgage rates challenging small landlords across Ontario, Royal York Property Management, an industry leader in the property management sector, is introducing innovative measures to alleviate these pressures.
With a robust portfolio of over 22,000 properties valued at more than CA$10.1 billion, the company is at the forefront of supporting the small landlord community as they represent over 50% of its clientele. These landlords, who typically manage between 1 and 5 properties, are facing unprecedented financial strain as they struggle to balance the stringent legal responsibilities of being a landlord with personal financial needs.
Nathan Levinson, the founder and president of Royal York Property Management, is deeply committed to aiding these essential contributors to the Ontario real estate market during these critical times. Levinson expresses concern for landlords caught between adhering to higher regulatory standards and sustaining their livelihood. “The current financial landscape poses a formidable challenge to landlords, forcing them to navigate between their legal obligations and their families’ well-being,” Levinson remarks.
He highlights the unique position of Royal York Property Management in offering cost-effective, in-house maintenance services – a stark contrast to the industry norm of outsourcing at higher costs. This initiative covers a wide range of services, including plumbing, electrical work, HVAC, painting, and cleaning, thereby preventing potential disputes and legal issues with tenants.
Addressing the financial strain on landlords, Levinson has taken a remarkable step by launching a financing program that covers the cost of all necessary repairs, ensuring landlords can meet their obligations without compromising their financial health. This pledge is part of a broader commitment by Royal York to support the small landlord community holistically, recognizing their pivotal role in providing housing and contributing to Ontario’s economy.
Levinson’s dedication extends to financial assistance, as he is personally funding over CA$1.5 million in aid through a mortgage relief pilot program, building on Royal York Property Management’s successful track record in helping property owners keep up with payments. With an additional CA$3 million pledged over the next 12 months, Royal York Property Management continues to stand by Ontario’s small landlords, offering tailored solutions to ensure their sustainability in a fluctuating market.
As Royal York Property Management continues to set benchmarks in the industry by supporting small landlords, it reinforces the importance of community and resilience in the face of economic challenges. For more details on Royal York’s extensive services, including maintenance and financial assistance programs, please visit www.RoyalYorkPropertyManagement.ca or reach out 24/7 at 416-508-5288.
This strategic approach, emphasizing personalized support and financial relief, positions Royal York Property Management as a pillar of strength for small landlords. Through its new initiatives, Royal York Property Management continues to demonstrate its dedication to the financial recovery of small landlords and the long-term vitality of Ontario’s real estate sector.
About Royal York Property Management
Royal York Property Management (“RYPM”) is a property management and leasing company headquartered in Ontario, Canada. RYPM places a strong emphasis on innovation and technological advancements to provide efficient, swift, and dependable services.
Founded in 2010, the company boasts a diverse portfolio, managing over 22,000 properties across North America. RYPM has since broadened its reach beyond Ontario, establishing international offices in countries including Kosovo, Poland, India, and Germany. Committed to convenience and unparalleled customer care, the company operates on a 24/7 service model, ensuring landlords and tenants have continuous access to essential services at any time.
For more information or to request interviews, please contact us at [email protected] or visit us at: https://royalyorkpropertymanagement.ca/