Renting in Ontario? Know Your Rights to Avoid Surprises
If you're a renter in Ontario, understanding current rent control laws is crucial. In this blog, we break down key information to help you navigate the rental landscape and avoid potential surprises.
Rent Control Basics
In Ontario, the rules around rent control can be a game-changer for tenants. Properties occupied and built after November 15, 2018, are exempt from rent control. This means landlords have the freedom to set any rent amount once the initial lease expires. It's a critical detail often overlooked by renters. Landlords can increase rent every 12 months, which is calculated either from the last increase or from when you initially moved in. In addition, landlords are required to provide at least 90 daysβ notice before implementing a rent increase.
Exceptions to the Rule
Certain situations, like adding a new unit to an older property, can exempt it from rent control after the lease ends. It's essential to be aware of these exceptions to ensure you're fully informed before signing any lease agreement.
Stay Up-to-Date
Before entering into any lease agreement, take the time to understand your rights as a tenant in Ontario. Don't let surprises catch you off guard. Knowledge about rent control regulations is a powerful tool that can help you make informed decisions and maintain financial stability in your rental journey. If you have any additional questions or looking to move-up to your dream home, donβt hesitate to contact us!
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