- Posts: 54
- Joined: May 30th, 2011, 10:06 am
I don't what to say in response to this other than everyone on these forums were right.
- Posts: 1696
- Joined: October 16th, 2009, 3:32 pm
You can increase the rent, by no more than the legally mandated maximum (2011: 0.7%; 2012: 3.1%) no earlier than every 12 months. It doesn't matter whether or not you have a written lease. It doesn't matter if you just bought the property -- an increase can happen every 12 months, regardless of whether the landlord has changed.shaer32 wrote:If you have a lease with your tenant, can you legally change the rates as long as you give proper notice?
In fact for landlords in the GTA this increase wont even keep up with:
-former mayor miller's new gargbage fees
-the city of toronto's annual 10% water rate hike
-mcguinty's smart meter costs
-mcguinty's higher time of day hydro surcharges
also keep in mind that this 3.1% increase
-comes after the liberal's gift to tenants of a ridiculously low 0.7% rent increase (the smallest in ontario's history)
-in many cases will NOT be given to tenants due to high competition in the current rental housing market.
I have about 10 of the best tenants a landlord could ask for, long term, and all about $100 a month below the going rate. I would not for a moment be sad to see them move.
I would gladly take a chance on the unknown knowing that I could raise all there rents a significant amount.
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