Frequently Asked Questions

Yes. Tenant insurance should cover the cost to replace personal belongings if there is an insurable event for the renter.

For the owner, Tenant Insurance should be required as it will reduce the landlords personal liability. If the tenant has a visitor to the property and they subsequently get hurt on your property, you could be considered liable. Properly underwritten Tenant Insurance should cover the tenant’s visitors.

Roughly 30-33% of gross income for the month is recommended by CMHC. The maximum that should be spent on housing costs should be no more than 32% of an individuals average gross (pre-tax) monthly income. This percentage is known as your gross debt-to-income or gross debt service (GDS) ratio. All situations are different, and we recommend living within your means, taking into any other debts or loan obligations (such as vehicle loans, student debt, etc.) when calculating your own personal budget.

There is nothing more stressful on the relationship of a Property Manager/Landlord and a tenant that is having difficulty paying rent. You may get asked, “Is this rental unit affordable or is it within your budget”. If you have never set a budget, please follow this link

https://www.nerdwallet.com/article/finance/budget-worksheet

For more information on the Nova Scotia Residential Tenancies Program, go here.

Or copy and paste the following link into your browser:

https://beta.novascotia.ca/programs-and-services/residential-tenancies-program: