Toronto’s rental market is booming! Let’s be honest. Who would’ve believed this when prices were starting to soar only a few years ago. As a landlord, your single biggest objective is to attain the highest rent possible year after year. Prior to September 1, 2017.
We’ve increased rents to keep up with the cost of rising utilities, taxes and insurance. We’ve raised the rent to preserve the quality of the property over time. We’ve, admittedly, increased the rent to deal with difficult payments.
But the situation has taken a turn.
As of September 1, 2017, Kathleen Wynne and her bandits just announced rent control
For starters – irrelevant of when your property was built, she has now capped the annual rent increase at the rent increase guideline.
Secondly, she implemented a clause where if you want to move back into your property, you must pay your tenants a one month’s rent penalty. We can’t think of anything more despicable.
There are a lot of other nonsensical changes in the Act.
However, with that said, hope is not over. We have tried and tested many ways of averting this – and it has worked. For reasons we cannot explain here, we have help many clients avoid this nonsensical penalty that the government has unnecessarily imposed on people who have made investments in real estate in Toronto.
The government should be focusing on ways to help landlords help the rental climate. Not punishing all of them as a result of a few bad seeds.
We are hoping to see major changes in the coming year or two balancing out the needs of landlords and the tenants.
We are hopeful that these recent changes will be rescinded and that landlords can keep their rents up to date with current rental values – preserving the economic conditions of our current rental climate in Toronto.
We are always there for our clients and take proactive measures to get them the best results.
We perform better than any other landlord out there.
To read the Rental Fairness Act, 2017, click the link. http://www.ontla.on.ca/web/bills/bills_detail.do?locale=en&Intranet=&BillID=4755