Existing tenants questions

[23994]

Hi,

I am looking for a few investment properties and one question I come up is what are the options do I have to do with the current tenants if we buy the property, e.g.

1. put a clause to ask the seller to evict the current tenants
2. can I increase the rent after closing or have to wait for their current lease contract expires?
3. if we are not happy with current tenants, what are the approach we can evict them? renovation etc
4. If we increase the rent, do we have to follow the Ontario's policy of rent control or we can start new rent as our own?
5. if there are long term tenants with much lower rent, but we want to increase the rent to market level, what can we do?

we live at Ontario and these are properties on Ontario...

Please share your experiences and tips...

appreciated!

Sue

 

[Thomas Beyer]

You cannot evict them, nor can the seller, and you cannot increase rents more than the prescribed annual rent increase cap which is currently sub 2%/year. There are a number of exemptions, mainly for newer buildings/condos.

Welcome to the Socialist Republic of Ontario.

More on this on numerous sites, such as those listed here: https://search.yahoo.com/yhs/search?p=rent+control+landlord+tenant+act+ontario

Oh yes, this just in, in time for the environmental conference in Paris, to make Ontario more "green": http://www.am980.ca/2015/03/26/hydro-rate-increases-expected-for-most-ontario-households-due-to-program-changes/

 

[23994]

sadly, it is very hard for being landlord in Ontario...I have found the following statement on website:
Rent control in Ontario only applies to units that were first built or occupied before November 1, 1991.[9] If the rental unit is in an apartment building constructed (or converted from a non-residential use) after November 1, 1991, then the rent control provisions of the Residential Tenancies Act, 2006 do not apply.[

can anybody explain it please? does it mean if it was built after November 1, 1991, then we do not need to follow the rent control in Ontario,correct?