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Landlords in Mississauga: How Much Can Your Raise the Rent for New Condos, Townhouses, and House in 2014?

March 19th, 2014 · 1 Comment · How much can I raise the rent 2014?, Ontario Landlords Association, Rent

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Did you know you might be able to raise the rent without following the government guideline

Mississauga landlords started the new year on a positive note.

After all, our community is growing.

House prices are increasing and the vacancy rate is dropping compared to previous years.

We also have a growing economy and that means more renters are coming to our city. 

These are high quality people who come to our city to find jobs and raise their families.

They are ethical and hard-working and follow the rules. They want to rent for a few years and then buy their own homes. They might even want to be landlords in the future.

These are great renters for you and your rental properties!

Mississauga Landlords and Challenges in 2014

We also face challenges we must overcome.

For example, being on January 2nd the Mississauga government began to demand landlords get landlord licenses. 

You can see details on this at the City of Mississauga website.

We also discussed this and even had an interview with the City for more details to help landlords.

You can read the interview here.

You can only raise the rent by 0.8% in 2014

Landlords all over Ontario were shocked when we read the Toronto Sun interview Ontario Landlords Association members about how much residential landlords can raise the rent in 2014.

Most landlords agreed the rent increase guideline was far too low.

Some Ottawa landlords even discussed selling their residential rental properties.

They would then use their capital to invest in commercial rental properties where there is no government rent increase guideline.

It’s especially unfair because Alberta landlords can raise the rent to follow market rates without the government telling them what they can and cannot do.

Even British Columbia landlords are treated better by their provincial government. 

They can add an extra 2 percent to the rate of inflation for rent increases.This is because the government recognizes landlords have lots of extra costs to run their businesses in a professional manner.

You Might Be Exempt from the Ontario Rent Increase Guideline!

Most Ontario landlords are now aware there are clauses in the Residential Tenancies Act (RTA) that allow some landlords to avoid the annual Ontario Rent Increase Guideline.

The Ontario Landlords Association has a great post on this.

For example if your property was built after November 1st, 1991 you don’t have to obey the Ontario rent guideline.

This is because the government wants to support the building of newer rental housing and encourage more people to become residential landlords.

Mississauga landlords was your condo, townhouse, house or building built after 1991?

If so you might be able to raise the rent as much as you want.

Take a look at the Ontario Landlords Association report called “How Much Can You Raise the Rent For New Buildings“.

It’s more excellent information for new landlords.

We highly recommend the OLA site.

They are an excellent resource for landlords as you can see by this Toronto Landlords Review of the Ontario Landlords Association.

How Much Are You Going To Raise The Rent in 2014?

Knowledge is power.

Did you know about this rent increase exemption before? 

Are you going to raise the rent by more than 0.8% in 2014?

Read more and discuss landlord and tenant issues at the Ontario Landlord Forum.

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