The Residential Tenancies Act, 2006 is the framework that governs the tenant side of the equation, setting notice periods, deposit rules and how rent increases have to be delivered, and it applies the same way whether the building is in North Park or anywhere else in the city.
Financing sets the other half. A non-owner-occupied property needs 20 percent down, and a lender will only credit rent backed by an actual signed lease, which means an optimistic rent estimate from a listing agent does not help you qualify for the mortgage.
Ask for the lease, the permit file for any secondary suite and two years of expenses before you compare one neighbourhood against another. Get your hand-reviewed valuation from Joel Dyck.