Ontario Landlords Can Raise The Rent By 0% in 2021 (Rent Freeze!)
Ontario landlords are shocked at the announcement by the Minister of Housing that in 2021 there will be a “rent freeze” and small landlords will not be able to raise the rent at all!
According the Ministry:
Many Of Our Small Landlords Members Are Furious!
In our forums many of our members are furious at this. While our members understand the challenges tenants face, they are not happy to have their challenges put on our backs due to lack of government action:
“Why doesn’t the government just help out tenants instead of pushing their policy failures on the back of small landlords?”
“How about stopping our property taxes for a year? How about capping insurance rates and condo fees?”
“I haven’t raised the rent on my long term tenants for years. But now the idea of not being able to is total overreach and frightening for my business.”
How Did They Come Up With This Figure?
The Ontario annual Rent Increase Guideline has always been based on the Ontario Consumer Price Index (CPI). This is a measure of inflation.
It’s calculated monthly by statistics Canada.
So The CPI Is Zero Percent?
No, the 2021 rent increase guideline of 0%is purely political and breaks the current law!
OLA Member Predicted A Rent Freeze August 12, 2020
An OLA member with contacts in the bureaucracy and in the LTB stated this would happen as a political ploy to appease renters who are not getting the support they need in things such as interest free loans and grants.
The 2021 Rent Increase Is 0%. It’s Unjust and Unfair
Rents are now frozen.
Small Ontario landlords need to raise rents to continue to maintain our safe and attractive properties. Instead of helping tenants in this crisis, the burden being put on struggling small landlords.
This not only unfair, it’s cruel and we call for a re-examining of this ridiculous policy. If the aim is to get every small landlord/investor to sell their units as soon as they can evict their non-paying tenants, it’s great.
Get ready for the big sell-off
If government policy is to promote more great people investing in rentals across Ontario and creating more high quality, affordable housing, it’s a disaster.
Saner heads need to prevail.
If not it would seem to many of our members that small landlords are not welcome in the Province of Ontario.
Wasn’t the Ford PC slogan “Make Ontario Open For Business Again”?
Many landlords and investors are feeling betrayed. Feels like Bob Rae 2.0. And we know what happened during the next election for Rae in 1995.