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08/21/2008

Ontario Real Estate Investing -- Knowing The Rules About Rent Controls

An Ontario residential landlord can charge anything they want to a new tenant initially.

How much they can raise the monthly rent thereafter depends on the age of the property.

Ontario residential rent control law states that for properties built prior to November 1, 1991, a landlord can't raise the rent any more than the percentage guideline in the Ontario Residential Tenancies Act (RTA). This rate changes yearly but is usually around 2%.

A landlord can apply for an exception to this guideline, but only if certain types of improvements are made. Exceptions are seldom granted.

However, properties built after November 1, 1991 are exempt from rent control. Landlords can raise rents on these newer properties as much they want with their current tenants. Therefore, considering the strong Toronto real estate market, investment properties built after 1991 can be a considerably better investment than older properties.

The Residential Tenancies Act (RTA) heavily favours tenants over landlords. To build your investment portfolio, it's critical you are well informed on the RTA, or at least that you know a good real estate consultant who can advise you about property investing.

Not being well informed on the RTA can expose you to heavy fines and litigation from buyers and sellers.

Posted by on 08/21/2008 |

Comments

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Hey,
Thanks! Great post you have written on "Ontario Real Estate Investing -- Knowing The Rules About Rent Controls". Really I can say that your post is very informative, I'll come across your blog again when you will update it with new.
Thanks,
James
http://www.villavacations.com/

Posted by: James | 06/22/2011 at 06:24 AM

Real estate investment requires right decision to be taken.Investing on properties is always profitable as return of investment is guaranteed.

Posted by: Account Deleted | 07/23/2011 at 07:19 AM

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Posted by: Account Deleted | 07/27/2011 at 05:14 AM

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