Landlord and Tenant agreements can be difficult to understand – that is where I come in. Using an experienced agent, like myself, I will help you navigate the world of investment properties and tenant agreements.
Recently, newly proposed legislation in Ontario, put forward changes to the rules for tenants and landlords. Let’s review the top 3 proposed changes. Here we go!
Expanding rent controls on all properties.
Previously landlords owning property that was built after 1991 would be able to raise rents on existing tenants – without caps. With the new proposed legislation the cap for raising annual rent will be 1.5% plus the rate of inflation. This change positively affects tenants as rent increases will be controlled. This change also allows landlords to plan for their future knowing the allowable increases far in advance.
Developing a Standard Lease for all Ontario Tenants.
Developing a standard lease would prevent landlords from moving into a rental unit temporarily for the purpose of raising rents. The purpose of this legislation is to prevent landlords from evicting tenants for the pure purpose of increasing rents for the next tenant. The control would protect tenants from seeing drastically increased rents in desirable neighbourhoods.
Upgrading Elevator service and usage in rental buildings.
A common complaint among tenants is slow elevators that leave them waiting for extended periods of time. This complaint was addressed with proposed legislation to upgrade the number of elevators in new buildings and enforce hard rules on repair times lines in existing buildings. Both of these solutions would address tenant frustration and improve service.
If you own a rental property, or are considering becoming a real estate investor, contact me today with any questions regarding rentals and leases. I am always happy to discuss the options that are best for you.