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Guideline Amount Released for 2012 - 3.1%

From The Canadian Press:

Ontario's governing Liberals say if they are re-elected this fall they will change the way the province's rent increase rate is set after it took one of the biggest jumps in years Friday.

Municipal Affairs and Housing Minister Rick Bartolucci made the promise after announcing the rate by which landlords would be able to increase tenants' rents in 2012 would be 3.1 per cent.

That's more than four times higher than the 2011 rate of 0.7 per cent. An organization that represents tenants, the Federation of Metro Tenants' Associations, would like to see the new legislation address the issue of vacant unit rate increases.

The 2006 legislation made it so landlords could boost rents as high as they wanted when their units become vacant.

"Rents have actually been increasing higher than inflation" because of this, said Geordie Dent, the group's executive director.

The federation's board would like to see legislation that puts a cap on rent increases for new tenants and old tenants so that the rate of increase isn't as high as 3.1 per cent.

The board would also like to see other factors taken into consideration so that major rent increases only take place when unemployment is low and tenants can afford them as a result.


    

August 01, 2011

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