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A growing number of tenants claim their landlords are forcing them out with higher rent. In Toronto, tenants in at least two condo buildings have seen their rent doubled.
Currently, annual caps on a rent increase only apply to units constructed before November 1991 but for the buildings constructed after that time frame, tenants are subject to unregulated rental hikes. In some cases across the GTA rent increased from $1 600 to $3 300 a month .
Real estate agent Dan Golfi specializes in rentals and says if the unit was built after 1991 there’s only one way tenants can protect themselves.
“Signing into a longer term lease, but most landlords do not want to sign into a long term lease just in case rent does go up and they need to turn over those tenants.”
This loophole allowing landlords to increase the rent in buildings built after 1991 not only applies to apartment buildings but townhomes and homes as well.
The cut-off date was set years ago by then Ontario Premier Mike Harris in the hopes of encouraging more construction of rental units. But a housing lawyer says it’s time for changes to be made and she’s calling on the Federal government to create a national affordable housing strategy.
The Liberal government says they’re developing a rent-control reform but Wynne refused to say if any new rent-control measures will be in her government’s spring budget expected this month.
According to a national rent report Toronto’s average rental rates jumped nearly 5% last month alone. In Hamilton, the city saw a 2.2% increase and it’s currently the 13th most expensive city for rental properties across the country.
