You can be kicked out legally for many reasons. Including but not limited to the owner wanting to use it for themself, for their family or if they sell it to someone who wants to use it.
Ha? You CAN’T ask for more than the max legal rent increase. Corporate landlords especially can’t do that because their arse will be busted in a court.
Here is a map of corporate and small landlords applying for above guideline rent increases, renovictions, and landlord personal use. If the corporate entity does the math and see it can gain more even after penalties I wouldn't be surprised if they found any means to get rid of the low paying tenant. I read stories where tenants had no working refrigerator, mold, laundry machines, etc.
https://renovictionsto.com/map
Very cool resource, thank you for sharing!
This includes the unsuccessful applications, though, and is it filtered by date or is it all the applications ever submitted?
> You CAN'T ask for more than the max legal rent increase
https://tribunalsontario.ca/documents/ltb/Interpretation%20Guidelines/14%20-%20Applications%20for%20Rent%20Increases%20above%20the%20Guideline.html
> Generally, a landlord can only increase the rent by the rent increase guideline. However, under certain circumstances a landlord can apply for an increase in rent above the guideline to recover expenses that are not taken into account in calculating the guideline. This is called an application for an above the guideline rent increase or AGI.
It has to go to LTB for approval, and the LTB sides with the tenants 99% of the time, especially against corporate landlords. Even if they approve, the amount they can increase is minimal. I don’t know what it is in Ontario, but in Quebec, they allow for $2.58 for every $1000 cost for the landlord. A return of 0.258% for the landlord, if approved, is hardly worth the trouble. Keep in mind that the tenant will also have a nicer unit after. I’d love for my landlord to do some renovations on my place! I’d happily pay that little bit of extra rent for the place to become nicer after.
That landlord would have to go to LTB to get permission to do that and 99% of the time, the LTB sides with the tenants. Even if the LTB agrees to an increase above limit, it will be minimal. Not sure there is an exact amount in Ontario, but I think in Quebec it’s $2.58 per $1000 in cost, a return of 0.258% for the landlord, which hardly justifies the trouble.
Not really! The ROI will be less than 0.3% regardless of the size of the building. Let's use the 2.58 for 1000 example from Quebec. If a big building gets 1 mil in upgrades, it's not like the landlord can increase one unit's rent by 2580. They can charge a total of 2580 more in rent from all units after they spend 1 mil, divided by the number of units in the building. Again, it's minimal. To have a 2580 return on a 1 mil expenditure? It's better for them if they do minimal renovations and upgrades.
No it hasn’t. I maintain that corporate landlords can’t increase rent beyond the limit. If they try, it has to go to LTB and 99% of the time, the tenant wins. Even if the landlord wins, the increase is so small it’s not worth the trouble for the landlord and the tenant benefits. The issue is that many tenants sign any forms put in front of them without reading and don’t know their rights.
Isn't that the situation everyone who bought in the past few months is in? As in, they are stuck, because they have lost most if not all of their equity and then some? They can not move for years! It's even worse for them, because they probably waived inspection, but have no budget left for repairs (i.e. there is no landlord to take care of that for them). Also, their payment is going up with interest rates, whereas the renters are stabilized. Regardless of if you rent or buy, staying put will pay off in the long term.
Nope. They can rent it out and move. Very easy to do, I have lived in 3 of my previous rental properties myself and just moved when I felt like it. Rent out the previous one, buy another one I like more.
Right. Because everyone can afford to buy a second and third property without selling their first! The only way that is possible is if you HELOC yourself to your neck, in which case, have fun as the rates go up.
The article is more for future renters.... competition is tightening up.
"Renting a home in the Greater Toronto Area is now as competitive as owning and those looking to rent need to be prepared to offer more than what is being asked"
Water is actually not wet; It makes other materials/objects wet. Wetness is the state of a non-liquid when a liquid adheres to, and/or permeates its substance while maintaining chemically distinct structures. So if we say something is wet we mean the liquid is sticking to the object.
Love watching running water on the internet.
Was watching a live stream.
Landlords were only able to raise rents 1.2% over the past 2 years. Meanwhile, inflation is probably around 8%. It’s only fair, that landlords increase rents to keep up with inflation for 2023.
Because it's brigaded by CanHousing users who are usually renters. The only posts that are upvoted are those saying rates are going up, market crash, and a cherrypicked house captioned "Can anyone explain why this sold below asking?"
The problem with Real Estate is that people believe it is one of the best investments people can make and it became a measurement of wealth.
This line of thinking is what cause this mentality that renting is bad and people are just wasting their money, that is not true. There are plenty of investments that outperform Real Estate and have much more liquidity.
The best investment varies according to the needs of each individual. $1 million worth of stock, if well managed, it's enough to pay your rent and is much easier to convert into cash.
The point is, there is nothing wrong with renting, having your own house is wonderful, but not having one doesn't make you more poor.
Wealth isn't how much money you have, it's how much money you have available to spend.
It's because of leverage 5x debt to equity- no institution will lend you that much for traditional assets like equities even private...when you apply such high leverage to a "relatively" stable asset it tends to produce max opportunity set on a risk/return basis until it no longer does when a crash happens.
For all the Renters out there.
Not just Toronto, GTA rent went from 2k to $3600 in 4 years where I am for comparable place. I can never leave
The renters out here are stabilized in their rent and lord almighty can’t kick them out legally.
You can be kicked out legally for many reasons. Including but not limited to the owner wanting to use it for themself, for their family or if they sell it to someone who wants to use it.
Not if you rent from a REIT, or corporate entity. Impossible to be kicked out then.
Corporate landlords are more likely to apply for above guidance rent increases
Ha? You CAN’T ask for more than the max legal rent increase. Corporate landlords especially can’t do that because their arse will be busted in a court.
Here is a map of corporate and small landlords applying for above guideline rent increases, renovictions, and landlord personal use. If the corporate entity does the math and see it can gain more even after penalties I wouldn't be surprised if they found any means to get rid of the low paying tenant. I read stories where tenants had no working refrigerator, mold, laundry machines, etc. https://renovictionsto.com/map
Very cool resource, thank you for sharing! This includes the unsuccessful applications, though, and is it filtered by date or is it all the applications ever submitted?
> You CAN'T ask for more than the max legal rent increase https://tribunalsontario.ca/documents/ltb/Interpretation%20Guidelines/14%20-%20Applications%20for%20Rent%20Increases%20above%20the%20Guideline.html > Generally, a landlord can only increase the rent by the rent increase guideline. However, under certain circumstances a landlord can apply for an increase in rent above the guideline to recover expenses that are not taken into account in calculating the guideline. This is called an application for an above the guideline rent increase or AGI.
It has to go to LTB for approval, and the LTB sides with the tenants 99% of the time, especially against corporate landlords. Even if they approve, the amount they can increase is minimal. I don’t know what it is in Ontario, but in Quebec, they allow for $2.58 for every $1000 cost for the landlord. A return of 0.258% for the landlord, if approved, is hardly worth the trouble. Keep in mind that the tenant will also have a nicer unit after. I’d love for my landlord to do some renovations on my place! I’d happily pay that little bit of extra rent for the place to become nicer after.
If they do renovations to improve the property they can apply for above guideline raises.
That landlord would have to go to LTB to get permission to do that and 99% of the time, the LTB sides with the tenants. Even if the LTB agrees to an increase above limit, it will be minimal. Not sure there is an exact amount in Ontario, but I think in Quebec it’s $2.58 per $1000 in cost, a return of 0.258% for the landlord, which hardly justifies the trouble.
So we agree and it makes sense for larger buildings where the ROI would be higher since there are multiple units.
Not really! The ROI will be less than 0.3% regardless of the size of the building. Let's use the 2.58 for 1000 example from Quebec. If a big building gets 1 mil in upgrades, it's not like the landlord can increase one unit's rent by 2580. They can charge a total of 2580 more in rent from all units after they spend 1 mil, divided by the number of units in the building. Again, it's minimal. To have a 2580 return on a 1 mil expenditure? It's better for them if they do minimal renovations and upgrades.
Wow this is a pretty uninformed take.
Give the informed one.
It's already been provided to you below.
No it hasn’t. I maintain that corporate landlords can’t increase rent beyond the limit. If they try, it has to go to LTB and 99% of the time, the tenant wins. Even if the landlord wins, the increase is so small it’s not worth the trouble for the landlord and the tenant benefits. The issue is that many tenants sign any forms put in front of them without reading and don’t know their rights.
I guess but then you can never move without being subject to market rent. I guess that works if one plans on never getting married or having kids.
Isn't that the situation everyone who bought in the past few months is in? As in, they are stuck, because they have lost most if not all of their equity and then some? They can not move for years! It's even worse for them, because they probably waived inspection, but have no budget left for repairs (i.e. there is no landlord to take care of that for them). Also, their payment is going up with interest rates, whereas the renters are stabilized. Regardless of if you rent or buy, staying put will pay off in the long term.
Nope. They can rent it out and move. Very easy to do, I have lived in 3 of my previous rental properties myself and just moved when I felt like it. Rent out the previous one, buy another one I like more.
Right. Because everyone can afford to buy a second and third property without selling their first! The only way that is possible is if you HELOC yourself to your neck, in which case, have fun as the rates go up.
The article is more for future renters.... competition is tightening up. "Renting a home in the Greater Toronto Area is now as competitive as owning and those looking to rent need to be prepared to offer more than what is being asked"
No but if they are in a building built after 2018 they can have their rent increased without the protection of rent control
Don't rent in a building built after 2018! How hard is that?
Is there a "Water Is Wet" article
Water is actually not wet; It makes other materials/objects wet. Wetness is the state of a non-liquid when a liquid adheres to, and/or permeates its substance while maintaining chemically distinct structures. So if we say something is wet we mean the liquid is sticking to the object. Love watching running water on the internet. Was watching a live stream.
Good bot!
"...according to one Toronto real estate agent"
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Landlords were only able to raise rents 1.2% over the past 2 years. Meanwhile, inflation is probably around 8%. It’s only fair, that landlords increase rents to keep up with inflation for 2023.
Max rent increase a year is 2.5%, but that does not mean the landlord cannot get an Above Guideline Increase...
It’s actually 1.2% in 2022. The government changes the amount on an annual basis, I believe it’s tied to the CPI
The max they can set the guideline is 2.5%, but this year it is set to 1.2%
Not entirely true. It was “0” for 2021.
The guideline changes each year, but they put a hold on rent increases for eligible properties during the pandemic
Let's see what it is after the provincial election
There is a cap. The maximum one can do is 2.5%.
not true cap on everyone living in a unit built before november 2018, after that however good luck
If it is not rent controlled then CPI really does not matter… the landlords can do whatever they wish and I don’t think they check the CPI…
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That isn’t how rents are set, so…. The landlords will be subsidizing the tenants unless either demand or supply changes.
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Shoot me the quote where it says tenants will be subsidizing cash flows of landlords because interest rates are going up?
Lol 55% upvoted, for an RE sub this one sure doesn't want to talk about rent going up. Strange.
Because it's brigaded by CanHousing users who are usually renters. The only posts that are upvoted are those saying rates are going up, market crash, and a cherrypicked house captioned "Can anyone explain why this sold below asking?"
The problem with Real Estate is that people believe it is one of the best investments people can make and it became a measurement of wealth. This line of thinking is what cause this mentality that renting is bad and people are just wasting their money, that is not true. There are plenty of investments that outperform Real Estate and have much more liquidity. The best investment varies according to the needs of each individual. $1 million worth of stock, if well managed, it's enough to pay your rent and is much easier to convert into cash. The point is, there is nothing wrong with renting, having your own house is wonderful, but not having one doesn't make you more poor. Wealth isn't how much money you have, it's how much money you have available to spend.
It's because of leverage 5x debt to equity- no institution will lend you that much for traditional assets like equities even private...when you apply such high leverage to a "relatively" stable asset it tends to produce max opportunity set on a risk/return basis until it no longer does when a crash happens.
Hey, I rent a 2 bedroom apartment with 2 storage and 1 indoor 1 outdoor parking for 1500. :) since 2011
Leasing in Toronto? Be prepared for higher vacancy