The Premier, the Minister of Finance and the Minister of Housing spoke at the press conference on April 20th. The weather was a bit wet and the sparrows were making sure their chirps where heard (as the Housing Minister noted at the press conference).
Our community networked and lots of us viewed the Ontario Premier’s YouTube Channel to watch the press conference. We were eager to find out what the new rules would be to help make the housing market more stable to help tenants and landlords and improve the Ontario rental industry.
Among the changes was a 15% foreign speculation tax, changes to allow municipalities to discuss creating their own vacancy taxes, and allowing some surplus lands be made available for rental property construction.
There was also talk of of big changes to the way landlords can do business in Ontario under what is called Ontario’s Fair Housing Plan.
The announced changes included:
1. Newer Rentals Will Covered By the Rent Control Guideline
If your property was built after 1991 your property will now be covered by the rent increase guideline.
This means you can no longer raise the rent as much as you want to cover your costs. The 2017 rent increase guideline is only 1.5% New condo owners will now be covered by the rent increase guideline.
2. Utilities Can’t Be The Reason For Your Above Rent Increase Guideline Application
So it utilities go up a lot you can’t raise the rent for this reason.
3. Own Use Application Will Mean You Have To Pay Your Tenant 1 Month Of Rent
You can also offer them another acceptable unit to rent.
4 Standardized Rental Documents
The government will prepare and distribute certain documents that landlords will be required to use.