Author: Limestone Property Management

St. Vincent de Paul Fundraising Initiative

Written by Limestone Property Management on . Posted in Community Outreach.

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St. Vincent de Paul Fundraising Initiative

Limestone Property Management is partnering with St. Vincent de Paul for the months of September and October in excitement to give back to the community! 

After a tough year and a half, we realize how difficult it has been for individuals and families who are dealing with financial issues, mental health and for some, limited resources on the essential items for everyday living. 

Our goal with this initiative is to raise over $3000.00 which would go towards helping St. Vincent De Paul with their everyday operations; from making homemade foods, to packaging canned goods, receiving warm clothes and blankets for the colder months, etc. 

Every little bit counts!

We hosted an event on September 18th 2021 at Spearhead Brewing Company which featured live music, 50/50 draws, and live auctions. Thanks to many local businesses who donated to the cause: 

  • Kassie Sullivan Real Estate
  • Reflections Training 
  • Anderson Landscaping 
  • Way To Recovery  Massage & Wellness Clinic
  • Spearhead Brewing Company 
  • Atkinson Home Hardware
  • Lakeside Dog Biscuits 
  • Awesome & Beyond 
  • Sandbanks Winery 

Interested in donating? Send your donation today to donations@limestonepm.ca

Any questions? Email us at claire@limestonepm.ca 

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More on SVDP

St. Vincent de Paul is a not-for-profit organization that has been a part of the Kingston community since the 1970’s. Their main goal is to help and support those in need. Five days a week, all year long they provide hot meals and pantry items for anyone to take home. On top of that they have a Wearhouse which offers free household items and clothing for anyone who needs it.

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Kingston, Ontario – Recently Named Best City To Move Near Toronto

Written by Limestone Property Management on . Posted in Uncategorized.

            Recently Kingston, ON, was named as the #1 city to move near Toronto for those looking to leave the big city life behind.  The article was published on the Huffington post website and made some pretty strong arguments. Namely a low unemployment rate, historic downtown core, and lower relative home buying price compared to other cities of the same size.

            Kingston has an unemployment rate of 5.7% (as per Stats Can) which is not only lower than Toronto’s rate, but also lower than the federal average of 6.7%, and the provincial average of 6.2%! This can be attributed to many factors but the biggest one is the large number of entry level and service positions that are available. Service industry positions are often available due to Kingston having the 2nd highest number of restaurants per capita in North America![1]

            Another often overlooked aspect of Kingston living is the large number of designated historical landmarks and buildings. In fact there are over 20 National Historic sites in the area, including 2 UNESCO world heritage sites at Kingston Penitentiary and Fort Henry.[2] Pair this with one of the most accessible public waterfronts in Ontario and this makes Kingston not only a great place to live, but a wonder to explore!

            Furthermore, Kingston has a surprisingly low cost for home buyers and renters compared to other cities of similar size and location. The average price of a house sold in Kingston in December of 2020 was just over $500,000[3]. Compared to Ottawa at $580,000 and Toronto at a whopping $980,000 moving to Kingston could save you anywhere between 15% and 95% in home purchasing costs. This means your investment can go a lot further.

            We think these factors make Kingston a great place to live, work, and invest. The beautiful waterfront, historic downtown core, and the relatively low cost of living make Kingston the obvious choice for potential home buyers, renters, and employers for years to come.

If you have any questions regarding investment properties, renting, or leasing your properties give us a call at 613-530-3340 or an email at info@limestonepm.ca

 

Sources:

[1]https://www.turnipseedtravel.com/blog/places-to-eat-in-kingston#:~:text=Today%2C%20Kingston%2C%20the%20first%20capital,in%20all%20of%20North%20America.

[2]https://en.wikipedia.org/wiki/List_of_National_Historic_Sites_of_Canada_in_Kingston,_Ontario

[3]http://karea.ca/statistics-2/

Six Indicators That It’s Time to Hire a Property Manager

Written by Limestone Property Management on . Posted in Uncategorized.

Owning a rental property is a great way to earn extra money, pay down a mortgage, and build equity. Whether you are just curious about purchasing a rental property, or already own one; you will hear a lot of horror stories, about the amount of work and stress a rental home causes. Thanks to Property Management companies (such as Limestone Property Management), it is now easier than ever to own a rental property. A good Property Management company will take away the stress of owning a rental property, by dealing with everything for you, for a reasonable fee. Here are six reasons that it might be time to hire a property manager.

Finding Qualified Tenants:

Properly screening tenants is a difficult process when you are trying to rent out your property. With the amount of people inquiring about a property, it is often hard to find the best candidates. Unqualified tenants might damage your property, not pay rent, or cause a number of other issues. If you have ever had even one bad tenant, you may want to look into a Property Manger. Property Managers will generally have “hoops” that applicants will have to jump through, and screening to pass before the applications are even brought to your attention. In the end, you have the final say of who is put into the home.

Unfamiliar with Municipal and Provincial Laws:

Tenants and Landlords have a certain Laws and Regulations mandated by the province that they must follow. Not following these rules can result in unpaid rent, lawsuits, and fines. If you are not familiar with your municipal, or provincial laws; you will want to consult with a Property Manager. A good Property Management company is familiar with all rules and regulations and will help you navigate difficult forms and filings.

Finance Troubles or Unpaid Rent:

Generally, the entire reason to buy a rental property, is for the extra money. If rent is not being paid on time, it can cause for a lot of frustration between landlord and tenant. The eviction process is lengthy, challenging, and very particular. Involving multiple steps that must be taken. One missed step can restart the entire process, costing several months of rent. If you find yourself having trouble managing the property finances, or collecting rent; its definitely time to find a Property Manager. Management companies are familiar with the eviction and collection process. They also provide a detailed monthly statement, collect the rent, as well as seamless eviction when required.

Difficulties with Upkeep:

All homeowners know that properties require a lot of upkeep. Some find it hard to keep up with maintenance emergencies, renovations, or just the general upkeep of the home. A Property Management Companies Provide maintenance services ranging from full renovations, all the way down to snow removal, making that one less thing for you to worry about.

Unfamiliar with Rental Market:

The rental market, much like the real estate market, fluctuates based on a number of factors. If you are buying a rental property in an area you are not familiar with, you could have trouble getting the best price for it. Many people have difficulties renting the property out quickly, which turns into lost revenue. A local Property Management company will know the different neighbourhoods, and markets all across the city. They will ensure that your property is rented quickly, and for market value.

Living in another city:

Living in another city, far from your rental property can cause a number of issues. If anything goes wrong with the home, or the tenant is locked out etc. you will need to travel this distance to remedy the situation. Your relationship with your tenants will suffer if they have to wait a long time for their issues to be resolved. Having someone nearby to handle any emergencies makes for just one less thing to worry about.

A Rental Property is a great investment, but can also be a lot of work. If you are having any of these issues above; call Limestone Property Management today to hear about the stress-free way of Property Management. For more information on our services, please contact us by phone (613) 530-3340, email at info@limestonepm.ca or visit our website . You can also reach us through our Facebook page.

How to Make Sure Your Home is Winter Ready

Written by Limestone Property Management on . Posted in Handyman Tips, Property 1.

Its that time of year again, the temperature is dropping, the wind is blowing, and snow could be falling soon. The winter offers a wide variety of challenges and it can be hard on everything including your car and your home. To make sure that your home, or rental property is ready for a Kingston winter; follow these few easy steps.

Turn off exterior water taps:

Shut offs are generally found inside the house, along the pipe leading to the exterior. This is important to shut off and drain to avoid the pipe bursting. The last thing you, or a tenant wants is a burst pipe over the holidays. Protect your rental property, and turn it off.

Inspect all windows and doors for leaks:

In order to prevent heat loss, make sure your windows and doors are properly sealed. Check the weather-stripping around windows and door frames, and replace where necessary. Also check for drafts and caulk both inside and out where necessary, to keep the heat in and the cold out.

Keep your blinds closed when you are not home:

As crazy as it sounds, keeping your blinds closed when you are not home can save you a lot in utilities. Windows can let out a lot of heat from your home, having your blinds closed will add an insulating layer to help keep it in.

Keep salt and a shovel by the front door:

Every Canadian knows this trick. Its important to keep your shovel and salt by the door, so that when it snows, you have the option of digging your way out and salting accordingly. It is also important to make sure your rental property has shovels, and salt as well. If someone slips and falls at your income property, you could be held liable.

Keep your steps and driveway clear of ice and snow:

This is important for your own home, as well as any additional properties you might own. Speaking from experience, it is very easy to slip and injure yourself in the winter. No one wants to miss several days to a week worth of work due to injury. Any injuries that happen at your rental property could also be traced back to the owner.

Have an emergency bin ready:

Anyone who lived through the ice storm of 1998 will tell you that it is very possible to have a severe storm that knocks out your power for days on end. During the winter months, it is important to have an emergency bin and plan ready in case the power goes out. Owning a generator is a great way to be prepared for a major power outage. Things you should keep in your emergency bin include: Blankets, Warm Clothes, Flashlights, Batteries, Candles, Non-perishable Foods (Soups, Dried Goods and Canned Goods), Matches/Lighter, etc.

Following these six easy steps will ensure a safe, comfortable, and affordable winter for you and/or your tenants. This is the best way to keep your property safe from the cold, snow, and challenges of winter.

Increasing Kingston’s Vacancy Rate: How does it affect you and your investment property?

Written by Limestone Property Management on . Posted in Uncategorized.

With the start of 2020, many things are set to change in Kingston and the surrounding area. Promises and goals made, some accomplished and many broken. One goal that the City of Kingston is proud to boast is in relation to the recent increase to Kingston’s Vacancy Rate in the rental market. In 2018, Kingston’s vacancy rate was the lowest in Ontario for the second year in a row at .6%. The city made it their goal to increase the rate to above the provincial average of 2% and are hoping for a 3% vacancy rate by 2021. Recently it was announced that Kingston’s vacancy rate has gone up for the first time in five years, and now sits at 1.9%.

The CMHC (Canada Mortgage and Housing Corporation) report stated “This strong growth brought more balance to the market, alleviating some of the downward pressure on vacancy rates seen in the last few years. The number of vacant units more than tripled, generating the softest market conditions in the last three years.”

The city of Kingston states that there are more than 970 new residential units under construction, including almost 640 multi-unit buildings that will add to the rental supply this year and in 2021. With this statement, we can certainly expect the vacancy rate to increase yet again; but what does this mean for Landlords, Property Managers, and their investment properties?

Rental Market Stability for Tenants – with increasing supply of available units in Kingston, particularly downtown, the cost of rentals will stabilize and give tenants more options. This could certainly affect a Kingston landlord’s ability to be particularly picky about who they rent their property to.

Improved Quality of Housing for Tenants – tenants that are interested in renting a property in Kingston will have more options to choose from meaning that landlords may have to invest further into their property to make it more appealing to qualified tenants. Which property would a tenant choose given the opportunity of two properties? One with parking and laundry, the other with paid parking and coin operated laundry, for a similar cost.

Prepare for Your Unit to be Vacant – landlords will need to prepare themselves financially to have their unit potentially sit vacant, when otherwise they would never have to. Depending on the location and time of year a property comes available, a unit that has never sat vacant before very well could. This means that property owners will need to be able to cover the associated costs of their buildings or properties. In some of the slower seasons, such as January or February, a property may even sit vacant for multiple months.

The real estate market in Kingston is very intertwined with the rental market. For years, the affordability of Kingston homes has made it a great spot to purchase an investment property for locals and non-locals alike. With the recent and ongoing increase in the vacancy rate, and the potential stabilization of rent costs; the cost of houses in Kingston will need to stabilize as well. The real estate market in Kingston has been booming for the last several years, no doubt a ripple affect of Toronto’s booming market, as well as, the low vacancy rate in Kingston. If the real estate market continues to climb, and rent stabilizes, it will no longer be viable to own an investment property because rent will not cover the overall costs of owning the house.

All that said, rent costs in Kingston still increased in 2019 as Kingston has the fourth highest turn over rate in Ontario; allowing landlords to increase the rent more than the provincially mandated amount whenever their unit comes available. For the time being, Kingston is still a great market to invest in and may well continue to be for years to come.

It is important to stay informed with the city of Kingston’s plan for the vacancy rates, below you will find a link to a very useful document provided by the City of Kingston.

You can also find Kingston’s Strategic Plan 2019-2022 here: https://www.cityofkingston.ca/apps/councilpriorities/

City of Kingston’s information report to City Council – https://www.cityofkingston.ca/documents/10180/32824678/City-Council_Meeting-10-2019_Report-19-065_2018-Vacancy-Rate-Implications.pdf/49d393d4-99b3-416b-8580-526268028ad2

References used for this post:

The Whig Kingston

City of Kingston

Canada Mortgage and Housing Corporation

Photo Credit Steve Brule: https://www.flickr.com/photos/39860197@N02/9100819613

Ontario Energy Board Announces Hydro Rate Increase

Written by Limestone Property Management on . Posted in Uncategorized.

On Tuesday, Oct 22nd, 2019, the Ontario Energy Board announced new electricity prices for households and small businesses, effective November 1st, 2019. What does this mean for Ontario Homeowners, Property Managers, Landlords, and Tenants?

The Time of Use (TOU) prices are set to increase as of November 1st, and this will have an impact on many Homeowners, Landlords, and Tenants. Those most heavily affected will be landlords that own all inclusive rental properties. The old and new amounts can be found below:

Off Peak (Weekdays from 7:00PM – 7:00AM, All Day Weekends and Holidays)
Old amount – 6.5¢/kWh – New amount – 10.1¢/kWh

Mid-Peak (Weekdays 11:00AM – 5:00PM)
Old amount – 9.4¢/kWh – New amount – 14.4¢/kWh

On-Peak (Weekdays 7:00AM – 11:00AM and 5:00PM – 7:00PM)
Old amount – 13.4¢/kWh – New amount – 20.8¢/kWh

Ontario still has it’s Ontario Electricity Rebate which should help offset the costs for users averaging around 700 kWh per month, but the increase of 55% across the board could be alarming for Property Owners and Landlords alike. It is now more important than ever to ensure that your tenants, friends, and family members living or visiting your house abide by the TOU schedule. With the effective date of November 1st just around the corner, you may want to take the time to discuss and remind family members and tenants of the time of use (TOU) schedule and how to best abide by it. If you are a landlord that owns an all-inclusive rental property, it may be time to consider switching your property over to exclude utilities, or manage your tenants and their electricity usage diligently.

For more information: please visit our source:

https://www.oeb.ca/newsroom/2019/ontario-energy-board-sets-new-electricity-prices-households-and-small-businesses

Six Tips For Making Sure Your Home or Rental Property Is Ready For Winter

Written by Limestone Property Management on . Posted in Property 1, Uncategorized.

Its that time of year again, the temperature outside is dropping, the wind is blowing, and snow could be falling soon. The winter offers a wide variety of challenges and it can be hard on everything including your car and your home. To make sure that your home, or rental property is ready for a Kingston winter; just follow these six easy steps:

Turn off exterior water taps – Shut offs can generally be found inside the house, along the pipe leading to the exterior. This is important to shut off and drain to avoid the pipe bursting. The last thing you, or a tenant wants is a burst pipe over the holidays. Protect your rental property, and turn it off.

Inspect all windows and doors for leaks. – In order to prevent heat loss, make sure your windows and doors are properly sealed. Check the weather-stripping around windows and door frames, and replace where necessary. Also check for drafts and caulk both inside and out where necessary, to keep the heat in and the cold out.

Keep your blinds closed when you are not home – As crazy as it sounds, keeping your blinds closed when you are not home can save you a lot in utilities. Windows can let out a lot of heat from your home, having your blinds closed will add an insulating layer to help keep it in.

Keep salt and a shovel by the front door – Every Canadian knows this trick. Its important to keep your shovel and salt by the door, so that when it snows, you can dig your way out and salt accordingly. It is also important to make sure your rental property has shovels, and salt as well. If someone were to slip and fall at your income property, you can be held liable.

Keep your steps and driveway clear of ice and snow – This is important for your own home, as well as any additional properties you might own. Speaking from experience, it is very easy to slip and injure yourself in the winter. No one wants to miss several days to a week worth of work due to injury. Any injuries that happen at your rental property could also be traced back to the owner.

Have an emergency bin ready – Anyone who lived through the ice storm of 1998 will tell you that it is very possible to have a severe storm that knocks out your power for days on end. During the winter months, it is important to have an emergency bin and plan ready in case the power goes out. Owning a generator is a great way to be prepared for a major power outage. Things you should keep in your emergency bin include: Blankets, Warm Clothes, Flashlights, Batteries, Candles, Non-perishable Foods (Soups, Dried Goods and Canned Goods), Matches/Lighter, etc.

Following these six easy steps will help to ensure a safe, comfortable, and affordable winter for you and/or your tenants.

Ten Simple Steps To Being The Best Roommate Ever

Written by Limestone Property Management on . Posted in Uncategorized.

Living with people is never easy, especially if it’s for the first time. With so much going on in our lives, who has time to figure this stuff out ourselves? That’s why we have scoured the internet to find the top complaints from housemates to compose a list of Ten Simple Steps To Be The Best Roommate Ever.

Do your own dishes – This had to be the most common complaint from all roommates. It seems simple enough, but without a dishwasher and/or mom and dad, some people prefer dish Jenga over getting their hands wet. You dirty it, you clean it. Everyone stays happy and you always have clean dishes!

Eat your own food and use your own stuff – This is seemingly another obvious one; if it isn’t your food, don’t eat it. If it isn’t yours, don’t use it unless given permission. If its 2:30 AM and you are eyeing up your roommates pizza leftovers; just order your own or make something yourself. The cold pizza isn’t worth the argument.

Don’t leave passive aggressive notes – So your roommate isn’t listening to the first two points in the list. Communicate calmly and openly, face to face, to your roommate and let them know. Sticky notes saying, “If you did your dishes, that would be grrreeeaaatttt.” with a smiley face are rarely accepted well.

Replace the toilet paper roll – If you empty the toilet paper roll, replace it and throw the old one in the recycling; not the floor, the recycling.

When it comes to chores; divide and conquer – The best way to ensure your living space stays clean, and everything gets done, is to divide up the chores and establish a schedule. Post the schedule where everyone can see. You can also set a day and time that works for everyone to do the chores together. If you do what you are supposed to, everyone will stay happy. Someone not carrying their weight? Add a reasonable and enforceable penalty for those who don’t do their chores; like not including them for the next two Taco Tuesdays.

Discuss each others’ schedules and routines – Communication is key, knowing each others’ schedules and being mindful of them will ensure everyone remains civil. Discuss visitors with your roommates to make sure the timing is right.

Pay your fair share – If everyone in the household is splitting the utility, internet, and TV costs; make sure you pay your fair share promptly. Your roommate shouldn’t have to chase you for money you agreed to pay.

It’s the little things –If you are doing your dishes and your roommate has two dirty plates, just clean them. Leaving for the weekend? Make sure your alarm clock isn’t set to 6:00AM with your door locked. Light a match in the bathroom when you are done. If your roommate has a lot of work and/or studying to do, plan to have your pancake kegger at your friends. Little things can go a long way.

Relax a little – Don’t sweat the small stuff. It’s important to follow the rules set with your roommates but if someone is having a busy week, let the Kraft Dinner covered bowl and fork in the sink slide. If it becomes a larger issue over time; talk it over.

Living with a bad roommate – Share this list with them because you think its “funny.”

Follow these rules and your roommates will always remember you as a great person to live with, and it will make your time living together much more positive and stress free.

Six Indicators It’s Time To Hire A Property Manager

Written by Limestone Property Management on . Posted in Property 1.

Owning a rental or income property can be a great way to make additional money, pay down a mortgage, and build equity. Whether you are just curious about acquiring an income property, or already own one; you will hear a lot of horror stories, or deterrents about the amount of work and stress a rental home can cause. Due to the existence of Property Management companies, such as Limestone Property Management; it is now easier more than ever to own a rental property, or expand your property portfolio. Property Management companies take away the stress and headaches of it all by dealing with everything for you, for a reasonable fee. If you have never used a Property Manager, here are six indicators that it might be time.

Unqualified Tenants – Properly screening tenants can be very difficult during the time you are trying to rent out your property. With the amount of people inquiring about a property, it can be difficult to find the best candidates. Unqualified tenants can destroy your property, not pay rent, and can cause a lot of issues. If you have ever had even one bad tenant, you may want to look into a Property Manager. Property Managers will generally have multiple “hoops” that perspective tenants will have to jump through, and screening to pass before the applicants are even brought to your attention. In the end, you have the final say of who is put into the home.

Unfamiliar with Municipal and Provincial Laws – Tenants and Landlords have a certain guideline of Rules and Regulations mandated by the province that they must follow. Not adhering to these rules can result in unpaid rent, lawsuits, and fines. If you are unfamiliar with your local municipal rules, or provincial laws; you may want to consult with a Property Manager. Property Management companies are extremely versed in all laws, rules, and regulations.

Finance Troubles or Unpaid Rent – Generally, the entire purpose of a rental property is for income. If rent is not being collected, or paid on time, it can cause for a lot of frustration between landlord and tenant. The process of eviction is lengthy, challenging, and very particular, involving multiple steps that must be taken. One missed step can restart the entire process, costing several months of rent. If you find yourself having difficulties managing the property finances, costs over income, or rent collection; it is definitely time to consult a Property Manager. Management companies are familiar with the eviction and collection process and can insure clean income statements monthly, paid bills and rent, as well as seamless eviction; should it be required.

Difficulties with Upkeep – All homeowners know that properties require a lot of upkeep. If you are finding it difficult to upkeep with maintenance issues or just general upkeep of the home, a Property Manager would be able to regularly maintain your property without any of the issues being laid upon you.

Unfamiliar with Rental Market – The rental market, much like the real estate market, fluctuates based on a number of factors. If you are purchasing an income property in an area you are unfamiliar with, this may cause you to under or over charge for your rental. You may also have difficulties renting the property out which can turn into lost revenue. A local Property Management company will know the different neighbourhoods, and markets all across the city. This will insure your property is rented, for exactly what it is worth.

Living in another city – Living in another city, far from your rental or income property can cause a litany of issues. If anything goes wrong with the home, or the tenant is locked out etc. you will need to travel this distance to remedy the situation. Your tenants will also get very frustrated with response time; which will strain your relationship.

A Rental or Income Property is a great investment, but can be a lot of work. If you are experiencing any of these issues above; call Limestone Property Management today to experience the stress-free way of Property Management. For more information on our services, please contact us by phone (613) 530-3340, email at info@limestonepm.ca or visit our website at www.limestoneresidential.ca

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