Many times, the relationship between a property owner and their tenant can be a little turbulent in the current rental market in Toronto because of the constant battle that exists for affordable housing and the scarcity of options available.
However, since last month, new regulations have come into force to help ensure a level playing field. Ontario’s Fair Housing Plan is an effort to ensure that residents have access to affordable housing and that tenants enjoy certain protections.
The proposal is pushed in order to calm those who are desperate to secure a rental home and do crazy things to attract the owners.
Of the many changes, one of the biggest is that the plan will extend rent control to all units built after 1991, including new and luxurious condominiums.
Another regulation that will take effect is the annual rent increase limit of 2.5%, taxing vacant properties, and working with developers to create units that accommodate a wider range of sizes. All this with the intention of expanding the market and alleviating the situation.
Also included is the Rent Equity Act, which is designed to provide new protections for Ontario residents. This means that it will be more difficult for landlords to evict tenants.
Homeowners must now provide financial compensation to any tenant they wish to evict with the reason that a relative is moving. In addition, this family member has to actually live in the unit for at least a year, making it more difficult for homeowners to use this clause as a way to break the rules.
These new rules and regulations will not fix the situation of the Toronto rental market altogether, but at least they should mean a benefit to all tenants.
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