Call Marg: 705-446-1762

There is a significant change ahead affecting real estate investors and tenants.  Bill 124, the Rental Fairness Act, 2017 received Royal Assent in May, 2017 and has brought forward some notable changes.  Among them:

  • A new standard lease form will be created by the Province and all landlords will be required to use it
  • Rental units previously exempt from the annual rent increase guidelines, such as those built post 1991, are now subject to the annual increase guidelines each year (1.5% in 2017)
  • Landlords who give notice to tenants specifying that they require the unit for their own or a family member’s use, will now be required to pay the tenant one month rent as compensation and will now be subject to new onerous rules regarding bad faith terminations
  • Landlords can no longer seek above guideline rent increases based on extraordinary increases in the cost of utilities
  • The rules for capital expenditure based above guideline rent increases have been tightened

There are additional changes which you can find here and here.   For additional details, watch this succinct video by author and real estate lawyer, Mark Weisleder.

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Marg Scheben-Edey

Real Estate Broker
Market Value Appraiser - Residential
Accredited Green Broker™
(designated by the National Association of Green Agents & Brokers)

RE/MAX four seasons
realty limited, Brokerage
Each Office Independently Owned & Operated
67 First Street, Collingwood L9Y 1A2

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 Direct: 705-446-1762

Prefer Text? 705-446-5066

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