2012 Rent Increase Guideline Announced

[LandlordD]

Is it just me, or does anyone else think the bureaucrats have spent the past month working with the politicians to write the release and this Friday date was set long ago!

[thebobert]

http://www.therecord.com/news/canada/ar ... nge-system

I don't what to say in response to this other than everyone on these forums were right.

[BigFoot]

If you have a lease with your tenant, can you legally change the rates as long as you give proper notice?

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.

[Skitter]

keep in mind that this 3.1% increase will NOT be enough for many landlords to afford to make repairs or maintain their rentals.

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 HST
-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.