Wednesday, August 28, 2013

Rental increases for properties built after 1991 - NO LIMITS!

Tired of rent only increasing by 1% or less annually?  For buildings built after 1991, rent controls do not exist, please read the article below.  90 days notice is needed to raise rents, without percentage based increases.

Here is the form to fill out to start the process - remember the lease has to have expired 

When looking for an apartment or condo to rent, there’s a typical list of questions we ask the prospective landlord.

How much is parking? Any problems with bugs? Coin or card laundry?

But there’s one question we never ask but always should: When was the building built?

A loophole in rental law, courtesy of former Ontario Premier Mike Harris, says that if a rental unit was built or first occupied after November 1, 1991, rent increase rules simply don’t apply. The buildings and their tenants are unprotected by provincial rent control laws.

Every year the Ontario government sets a maximum percentage for rent increases. For 2013, it’s 2.5 per cent. But the guideline only applies to units built before November 1991.

Ontarians living in a new rental, often a condo for rent by the owner, often discover that a landlord can increase the rent by however much they want, as explored in two articles in April by The Toronto Star.

It means your $1,500 rent for a downtown Toronto one-bedroom condo could suddenly turn into $1,800 a year later. Or $2,000. Or $2,300. It’s enough to force some people out of their homes.

Click here to read the complete article

Here is another great article


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