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Many have been quick to trot out an old argument that rent control deters the building of new purpose-built rental. This argument doesn't hold water.
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In a step to support renters with rent stability and some measure of protection for rental rights, the province of Ontario has officially passed new rental legislation on May 18, 2017. The Rental Fairness Act, 2017, resolves significant issues that renters have been battling.
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In most Canadian cities -- and many smaller communities too -- renters are increasingly being priced out of the market. It's no secret, real estate is hot hot hot, and it's not just the prices of homes and condos that's gone off the chart, as part of the active market, rental prices have also skyrocketed.
2016 was a monstrous year for Canadian real estate, and it's hard to imagine what the effects of another record-setting year will have on the red hot rental market. To put things in perspective, the CREA Home Price Index jumped from 184 to 208.9 by the end of last year. The total number of home sales increased by 6.3 per cent year-over-year and anyone who tried to buy a home or condo is fully aware of what these figures meant for the price of homes.
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Yes, thanks to insane prices and eroding affordability in Toronto, Hamilton - just 60 kilometres away - has been quietly building a reputation of its own as an up-and-coming real estate market.
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Renting is a very particular experience that comes with its own set of idiosyncrasies -- every renter is sure to recognize these -- and there are many, many more.
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It's happening a fair bit: great tenants with no intentions of moving are being served N12 forms by their landlords, a legal notice which provides them with 60 days' notice to vacate the premises. And it's entirely lawful for the landlord to do this, as long as they meet some very specific conditions and act in "good faith."
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If you can't picture what that looks like, a quick drive down the Gardiner Expressway will make it very clear. Interest rates are low, renter demand is high and investors are looking for alternate income streams. These combined factors create the perfect condition for purpose-built housing projects to thrive.
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It's hot. It's not just hot, it's very hot. It's a mid-summer heat wave and it's relentless. And when it gets this hot, many people start to ask whether the landlord has an obligation to keep residents cool. Is there a maximum permitted temperature in apartment buildings and rental homes?
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While nearly everyone has rented housing at some point in their lives, if you haven't had to search for a new place lately, you will certainly be alarmed at the limited options available, regardless of what your budget may be. Unlike much of the rest of the housing market, there are no foreign investors to accuse of over inflating the cost and demand for rental. In Vancouver there simply isn't enough rental inventory for the people who want to live here.
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If you've ever rented before, especially in a building, you might remember (either fondly or with hate) that one spot where everyone left their disregarded items. They weren't necessarily unwanted items, in fact oftentimes they were great household objects that someone just didn't need anymore.
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It's interesting to note that as we're seeing record-high prices and pricing increases in the buying and selling of residential real estate, we didn't see a translation of that to the maximum rent increase allowable. Instead we saw something towards the middle of the possible 2.5 per cent.
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While some associations feel that the Ontario Residential Tenancies Act currently favours tenants (although associations representing tenants will disagree), there are proposed changes being debated that could shift the power back into the hands of the landlord.
Landlords normally know what they want -- a good, clean tenant that pays on time and doesn't destroy the rental unit. You know what you want if you're looking for your own place. But when you're selling yourself as a roommate, it's a little harder.