Previously, when a suite became vacant, a LANDLORD could reset the market rent. Then Came the Rental Fairness Act
Lawful rent for new tenant
113 Subject to section 111, the lawful rent for the first rental period for a new tenant under a new tenancy agreement is,
(a) any amount that is equal to or less than the last lawful rent charged or that ought to have been charged to the previous tenant if the rental unit was previously rented in the last 12 months;
(b) with respect to a rental unit that has not been rented in the last 12 months, an amount that is equal to or less than the sum of,
(i) the last lawful rent charged or that ought to have been charged to the previous tenant,
(ii) all increases to the rent that the landlord would have been permitted to make under this Act if the rental unit had been occupied, and
(iii) all decreases to the rent that the landlord would have been required to make under this Act if the rental unit had been occupied; or
(c) the rent first charged to the tenant if the rental unit was not previously rented.
6 Section 113 of the Act
Now you will not be able to pass along excessive Hydro increases, or increases for property taxes or Maintenance fee increases.
Now rent increases will be the published annual increase from the Ontario Housing Tribunal, ( SJOC Social Justice Tribunals Ontario)
Rent Control Changes to the Residential Tenancies ActOntario has passed the Rental Fairness Act, 2017 which modifies the Residential Tenancies Act. Rent control now applies to all private rental units, including those first occupied on or after November 1, 1991. Any notices of rent increase given for these units on or after April 20, 2017, must be capped at the rent increase guideline. Notices given before April 20, 2017 are not affected by the changes.
Given that we have ** Number of Rental Units in Toronto 2016 *cmhc source
Row Housing 4,442
Apartments 257, 431
Will units for rent increase or decrease?
Do these measures deter you from becoming a landlord?
Retail Prices on condos increased about 10% in 2017; Is that enough return?
Will you be selling your rental inventory?