Each year the Ontario Government announces the maximum allowable rent increase for residential properties in the province. These have been:
- 2011 0.7%
- 2012 3.1%
- 2013 2.5%
So, if your rent was $1,000, it can now go up by $25.00 a month for 2013.
But wait… here is something that is not very well known…
Rental apartments in buildings constructed after Nov 1, 1991 are totally exempt from this maximum rent rule. Yup, that right exempt! So, if you are the landlord of a Toronto condo suite you rent out in one of those recently built Toronto condo’s, you could increase the rent by as much as you’d like. You can increase it from $1,000 to $1,500, to $3,000 or to $5,000 – but I’d recommend staying away from unreasonably large jumps. The Landlord and Tenant Board could rule against you for acting in bad faith.
If you were trying to get an unwanted tenant to move out, by making a big jump in the rent, you might end up with a lengthy battle with the tenant over non-payment of rent and have no income from the suite for 6-months or more.
Now increases can only be done once a year, the landlord must be sure to use the proper forms and provide the tenant with at least 90-days notice. See more at the Landlord and Tenant Board site
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