December 11th, 2011
The press release came last Tuesday. It shocked a lot of landlords in Ontario!
What’s the news?
Beginning in 2013, the Ontario government will cap annual rent increases to 2.5%, not matter how much inflation is.
Here’s the Ontario government propaganda:
December 6, 2011 1:00 PM
MCGUINTY GOVERNMENT PROPOSES TO STABILIZE RENT INCREASE GUIDELINE TO PROTECT TENANTS
Legislation to be introduced today would, if passed, ensure that the annual Rent Increase Guideline is capped at 2.5 per cent to protect tenants and families.
The proposed changes would also ensure that the annual Rent Increase Guideline never falls below one per cent.
Tenants would benefit from greater certainty that would ensure affordable and stable rents so they have safe and affordable housing. For landlords, this would ensure a fair return so they can properly maintain rental properties.
The guideline would continue to be based on the Ontario Consumer Price Index. If passed, the new guideline formula would take effect starting in 2013.
Ontario continues to build new affordable housing and repair existing units for families with housing needs. The province’s investments in affordable housing have created thousands of jobs and resulted in the construction and repair of 270,000 housing units and the provision of 35,000 rent supplements for Ontario families on fixed incomes.
What do you think, Alberta Landlords? In Ontario no matter what the inflation rate is, rents are capped.
To read more go to the Ontario Landlords Association website here Ontariolandlord.ca