Yes you can raise the Rent!

By
Real Estate Agent with RE/MAX Realty Specialists Inc.,
Waterfront Condo Toronto Humber Bay Shore Beyond the Sea
Beyond the Sea, Humber Bay Shore

Are you an investor? Do you want to Buy and Rent Condo Units in Toronto? Then you should be aware of a few things.   We have something here called the Landlord Tenant Tribunal.

Ontario’s annual Rent Increase Guideline is based on the Ontario Consumer Price Index (CPI), which is a measure of inflation calculated monthly by Statistics Canada.  The rate of allowable rent increases for 2012 will be 3.1 per cent.
The guideline is the maximum amount that most landlords can increase a tenant’s rent during the year without making an application to the Landlord and Tenant Board.  It is based on the CPI, which is regarded as an objective, reliable measure of inflation, charting the change in the price all goods and services in the provincial economy.
In most cases, the rent for a unit can be increased if at least 12 months have passed since the tenant first moved in, or since his or her last rent increase. http://www.ltb.gov.on.ca/en/Key_Information/274235.html

Now, that in itself sounds simple enough.   DID you notice that word MOST LANDLORDS? If you are the owner of a condominium unit build after November 1st 1991  then there are no RENT CONTROL LIMITS. It is simply what the market will bear for you to charge.


Need proof?

Rules relating to rent(2)  Sections 104, 111, 112, 120, 121, 122, 126 to 133, 165 and 167 do not apply with respect to a rental unit if,
(a) it was not occupied for any purpose before June 17, 1998;
(b) it is a rental unit no part of which has been previously rented since July 29, 1975; or
(c) no part of the building, mobile home park or land lease community was occupied for residential purposes before November 1, 1991. 2006, c. 17, s. 6 (2).
http://www.e-laws.gov.on.ca/html/statutes/english/elaws_statutes_06r17_e.htm#BK5




So when you decide HOW MUCH  rent to charge and you would like an  increase next year because the property taxes, maintenance and hydro fees have increased, Yes you can pass that along to the Tenant. with the proper notice and they have a choice to stay and pay or seek alternate accommodations.


Toronto, currently has a Vacancy Factor of 1.1%


If you need Humber Bay Shore or Etobicoke Condo advice I would be pleased to meet with you. 

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