Toronto getting expanded rent control
Earlier this year, two condo dwellers in Toronto were shocked when their rent increased 100 percent, from $1,660 to $3,320. Those types of rent hikes, however, might soon be a thing of the past.
That's because today, the provincial government introduced a Fair Housing Plan, which includes 16 measures to help cool the real estate market.
Along with the new 15 percent Non-Resident Speculation Tax (NRST), this proposal brings rent control to all units in Toronto (and across Ontario), and not just those built or occupied prior to November 1991.
Rent increases will be capped at 2.5 percent, however, in certain cases landlords will still be able to apply for exemptions to this. The province also plans to update the Residential Tenancies Act, by bringing in standardized lease agreements, for instance.
If passed as expected, those living in shiny new condos won't have as much to fear when approaching the one year mark on their lease.
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