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Rules are changing for Landlords / Tenants!

Last week we touched on the changing rules for foreign investors buying property in Ontario. But I’m sure that you’ve seen posts about the government changing rules for landlords / rental properties when it comes to “Rent Control”. So what does this mean for landlords and tenants?

 

One of the big changes is that there is a plan to bring all private rental properties under the province’s rent-control regime. This currently only covers buildings that were built before November, 1991. Now, rent hikes across the board will be held to around inflation and will be capped at 2.5% per year. However, though, landlords can still apply for special increases if they do renovations or upgrades that increase the properties value. If a landlord wants to raise the rent, they must wait until the tenant moves out.

 

Of course, tenants welcomed this change with open arms, but developers, builders, and landlords warned that it will quash the supply of much-needed rentals, a segment that is becoming more abandoned, as developers are more in favour of condos. If developers and landlords don’t think that they can make a profit off rent – they won’t build them / rent them.

 

So the government getting involved and putting a cap on rentals will reduce the number of rental properties available – making the situation worse!

 

Do you have any questions about this or any other real estate topic? Give me a call – I’d love to chat and answer! 519-624-5555 or faisal@homeshack.com
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Faisal Susiwala
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June 12, 2017
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Faisal's career in real estate began at the early age of 18. He consistently earned a reputation as a top producer from the outset. In 1994, he joined the sales force of RE/MAX Twin City Realty Inc. and has continued to be a top producer there for the past twelve years. Susiwala covers a large sector of the Cambridge and KW market and attributes his success to a strong marketing plan with extensive advertising, state of the art technology, an experienced support team and a loyal clientele base for the past 17 years of being in the real estate business.

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