Contents: #1 - How Cannabis May Affect Real Estate #2 - General Housing Market Info (GTA) #3 - Pre-Construction Sales Burlington, ON (GTA) #4 - Pre-Construction Sales Markham, ON (GTA) #5 - What Did First-Time Home Buyers Do Before Buying?
In Ontario, there is a maximum amount that a landlord can increase rent of the tenant.
For 2018, the maximum rent increase is 1.8%
Example: Tenant pays $2000 per month to rent a downtown condo unit The landlord can increase rent by 1.8% (for 2018) maximum 1.8% of $2000 per month is $36 per month This means the new rent can be be as high as $2036 per month ($2000 + $36 increase)
You can find out the maximum rent increase at this website: www.ontario.ca/page/rent-increase-guideline
when can rent be increased?
Rent can be increased 12 months after the last rent increase or Rent can be increased 12 months after a tenant first moves in
Example: Tenant last rent increase was January 22nd 2017. Rent can be increased as early as January 22nd 2018 but could be later too. or Tenant moved in January 1st 2017. Rent can be increased as early as January 1st 2018 but could be later too.
A tenant must be given written notice of a rent increase at least 90 days before it takes effect.