Renters be aware !!!
 

https://www.google.ca/amp/www.cbc.ca/amp/1.4054056

Most people expect their rent to go up each year, but not by 100 per cent. So you can imagine the shock AJ Merrick and Jon Moorhouse experienced when they got a letter from their landlord.


Their two bedroom condo located near Liberty Village was going up from $1,660 to $3,320.

The notice outlined two options, either accept the rent increase or agree to vacate the unit by July 1.

Re: Renters be aware !!!
 

And Toronto, not Vancouver.

Re: Renters be aware !!!
 

That is what we have been experiencing for a few years out this way. Reason why we cant stay in one city and get stability.

BC technically has some rental control but landlords know all the loopholes and ways to get around it.

Our old place in Squamish we paid 570 in 2013 now they for 1050.

Re: Renters be aware !!!
 

That place is in the area where I work. I have a feeling 1660 for a two bedroom place is *very* good value. I pay near that for a one bedroom + 1 den in Oakville, so not at all shocked at 3200.

However, given the option of "pay this or get out" is somewhat out of order, and yeah, the landlord's greed is showing. They need to get rent control in place quickly.

Re: Renters be aware !!!
 

There is rent control in place in Ontario but only for properties occupied prior to November 1991

Re: Renters be aware !!!
 

Yup, a completely useless rule in this case !!

Re: Renters be aware !!!
 

An average 2 bed/bath in our building would rent out at around $3K per month. Almost $1K of that is eaten up by condo fees and property tax.

Re: Renters be aware !!!
 

?

From that CBC link in the OP

Buildings built after 1991 'the Wild West'

"It was introduced by the province two decades ago and allows landlords of any building constructed after 1991 to increase rent as they see fit.

"This is a very shocking example of how broken the system is," said Coun. Josh Matlow, who chairs the city's tenant issues committee. "Buildings in this province built after 1991 are sort of the Wild West."

Our son lives in Toronto a one bedroom apt in a building built in 1938 & has said no such increases of the magnitude in the CBC report

Re: Renters be aware !!!
 

Exactlly, except the bit that describes the exemption is in a different section of the legislation to the bit that describes the control. Many landlords have no idea about either section so selective cut and paste by an educated renter could work in their favour.

Re: Renters be aware !!!
 

Good heavens.

In my early landlord days I used to read a forum for landlords and came across so many hair raising tales for Ontario I was glad I wasn't doing it there.

Rent increases limited to a small % was something referred to often. :confused:

Re: Renters be aware !!!
 

It'll not actually rent for that.

They will now simply sell the unit.

All of the properties involved with Urban Corp received the same letter.

Rents in Toronto have gone up about 20 percent in the last two years since Air B'n'B gained traction reducing longterm rental inventory.

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1600 sounds good value but a lot of these new 2 beds can range from 600 square ft to 1200 square ft.

I'd expect this unit to be on the lower square ft side. A friend's sister also got the same letter and she was sharing a 700 square ft place. Her rent went from 1600 to 3200. I'd say the market dictates a price of about 2000 for her unit and a bit more if there is a locker/parking space.

It would only be worth near $3k if it was 1200 square ft with a parking space and locker. It would never pick up $3300 if advertised which it never will be.

Re: Renters be aware !!!
 

At a small tangent, did you ever see a condo with a floorplan like this?

https://www.realtor.ca/Residential/S...Ontario-N1L0E6

My first thought was that it was for packing in illegals.

Re: Renters be aware !!!
 

The Toronto rental market is at the peak of a bubble.

The Liberals are working on new rent control legislation and the City are reviewing ways to deal with Air B'n"B effectively.

Toronto also has a glut of empty units (99,000 to be precise) a fair percentage bought by overseas or out of province landlords who are kind enough to invest their money thanks to a system that places no checks on them.

Re: Renters be aware !!!
 

It looks nicer than the student digs I shared back in Hulme, Manchester.

Those Guelph kids have it easy although I don't see a bar in the corner of the building so perhaps not.