Fair Rent Control for All Ontario Tenants
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Current exemptions under the Residential Tenancies Act, 2006 mean that Ontario currently has no rent control regulations for condo-apartments and dedicated rental units built after 1991. According to Urbanation, a real estate consulting firm, since the above rules came into effect, approximately 902 condo projects have been built in the city of Toronto, with a total of 185,654 new units. About 50% of these units are bought up by investors, who then turn them over to tenants. The Canadian Mortgage & Housing Corporation further estimates that the current vacancy rate in the Toronto rental market is 1%.
In an era of low vacancy, high real estate prices and young workers seeking to enter the Toronto job market, the lack of reasonable rent controls for condo-apartments and dedicated rental units built after 1991 is unacceptable. Landlords of post-1991 units are able to arbitrarily adopt 10%, 15% and even 30% increases in rental rates. This compares with the pre-1991 rent control guidelines mandating a maximum 1.5% increase in 2017. This disparity is unacceptable and causes undue pressure on renters, both young and old, in the volatile Toronto market. We call on the Ontario government to review this legislative loophole and adopt reasonable solutions that balance the needs of renters and landlords alike.
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