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Oshawa Landlords – How Much Can You Raise the Rent?

April 13th, 2014 · No Comments · Ontario Landlords, Oshawa Landlords, Rent, Residential Tenancies Act

The story in the Toronto Sun on the Ontario Rent Increase Guideline upset small residential landlords across the province.

After all, being allowed to raise the rent by only 0.8% just didn’t make sense.

As a member of the Ontario Landlords Association explained in the Sun story good landlords want to maintain their properties and that costs money.

Taxes are going up more than 0.8% and so are the expenses good landlords pay to hire professional contractors, elections and plumbers.

The Ontario landlord quoted in the Toronto Sun article said many landlords are selling their rental properties and investing in other things besides investment properties.

What other business or industry has the government commanding they cannot even cover their expenses?

It just doesn’t make sense

Especially since British Columbia landlords have a system that ensure they have some security to maintain their rental properties.

You see, like Ontario, BC landlords can raise the rent according to the rate of inflation. However, that that rate has an added 2% to it for landlords.

It’s even more fair for Alberta landlords. They can raise the rent as much as the market will bear.

Is Your Property Exempt from the Ontario Rent Increase Guideline?

There is a very import post that all Ontario landlords should read.

Make sure you click on: How Much Can Your Raise the Rent For New Buildings

Under the Ontario Residential Tenancies Act, some rental properties are exempt from the government Rent Increase Guideline.

Twenty years ago with Bob Rae and the NDP ran the province, investment into rental properties shrank fast.

So Rae and the NDP created these rent increase exemptions in an attempt to spur new investment in rentals.

You and your rental property might be exempt if:

1.         It was not occupied for any purpose before June 17, 1998

-This means it is either in a new building (often a condominium building) built since 1998, or an older building with a new unit or never occupied, residentially or otherwise, before June 17, 1998;

2.         It is a rental unit no part of which has been previously

            rented since July 29th, 1975

– This means only the owner has used or occupied the unit since 1975; or

3.         No part of the building, mobile home park or land lease

            community was occupied for residential purposes before

            November 1, 1991

-This means the building was probably commercially used before 1991 and then was converted to residential use.

Oshawa Landlords How Much Can Your Raise the Rent?

Is your rental exempt from the Rent Increase Guideline? It’s very important for every Ontario landlord to see if you do.

If so, how much are you going to raise the rent for your condo, townhouse, single family home, duplex, triplex or other rental property?

If you are exempt make sure you read the rules for increasing the rent carefully at the Landlord and Tenant Board website.

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