New Rental Rules after Fair Housing Plan!
New Rental Rules Landlord Need to Know
For Landlord and tenant, there is a Bill 124! it’s a more protection for innocent tenant and more alarming for an arrogant landlord. First, Sep 8, 2017, is the starting date of New Rental Rules!
What are the key points:
Second, if the Landlord decides ends a tenancy for personal use of the rental unit, or for themselves or family member, landlords must provide one month’s rent to the tenant, or offer the tenant another acceptable rental unit.
In addition, landlords must express intent and/or evidence that they will be occupying the unit for at least a year; otherwise, if they re-rent or convert the unit into a short-term rental within a year of terminating a tenancy, landlords could face a fine of up to $25,000.
Bill is after the introduction of the Ontario’s Fair Housing Plan back in April 2017, several measures included in the 16-point plan focused on the rental housing market, becoming Bill 124, the Rental Fairness Act, 2017.
Despite these strict new eviction rules, the government continues to support vacancy decontrol as an incentive for landlords to continue to invest in rental housing. Vacancy decontrol permits landlords to establish rents that reflect market conditions upon turnover of the unit to a new tenant.
These new rent control rules will have an impact on the current Agreement of Purchase and Sale and standard lease agreement. As these implications are being reviewed and scrutinized, TREB will provide further information and updates in the coming weeks.