Toronto's rental market is a scary place right now, especially if you're looking for a somewhat affordable place to live in the city.
That's why the province of Ontario is amending the Residential Tenancies Act from 2006 with the new Rental Fairness Act.
Along with bringing rent control to all units, and not just those apartments and condos built prior to November 1991, there are new rules in the Rental Fairness Act, which is now in its second reading.
Landlords may have to start compensating tenants with one month's rent, or find them another suitable suite, if they evict tenants to take a unit for their own use.
Additionally, a "landlord must require possession for the purpose of residential occupation for at least one year," reads the Rental Fairness Act.
As Metro News notes, landlords will have to give the Landlord and Tenant Board notice in writing stating that they (or their family members) will be living in the unit in question for at least a year.
This mean landlords won't be able kick people out willy-nilly and then re-list units at a more expensive price point. Renters will probably be pleased. Landlords? Not so much.
by Amy Grief via blogTO
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