- Joined
- Sep 27, 2011
- Messages
- 37
Hi everyone,
I came across this article by Tony Miller about Bill 144 and it got me really worried. As he mentions, this bill has not had the same media attention as bill 124 (Rental Fairness Act)
You can read the whole text here:
http://www.ontla.on.ca/web/bills/bills_detail.do?locale=en&Intranet=&BillID=4959
"Section 113 of the Act is repealed and the following substituted:
Lawful rent for new tenant
113 Subject to section 111, the lawful rent for the first rental period for a new tenant under a new tenancy agreement is,
(a) any amount that is equal to or less than the last lawful rent charged or that ought to have been charged to the previous tenant if the rental unit was previously rented in the last 12 months;
(b) with respect to a rental unit that has not been rented in the last 12 months, an amount that is equal to or less than the sum of,
(i) the last lawful rent charged or that ought to have been charged to the previous tenant,
(ii) all increases to the rent that the landlord would have been permitted to make under this Act if the rental unit had been occupied, and
(iii) all decreases to the rent that the landlord would have been required to make under this Act if the rental unit had been occupied; or
(c) the rent first charged to the tenant if the rental unit was not previously rented."
Here is my question to the veterans and experts: Other than contacting our MPP with our concerns about this bill, what else can we do as real estate investors? How do we prepare and adjust if the government of Ontario keeps pushing the balance in favour of tenants?
Cheers,
Andrés
I came across this article by Tony Miller about Bill 144 and it got me really worried. As he mentions, this bill has not had the same media attention as bill 124 (Rental Fairness Act)
You can read the whole text here:
http://www.ontla.on.ca/web/bills/bills_detail.do?locale=en&Intranet=&BillID=4959
"Section 113 of the Act is repealed and the following substituted:
Lawful rent for new tenant
113 Subject to section 111, the lawful rent for the first rental period for a new tenant under a new tenancy agreement is,
(a) any amount that is equal to or less than the last lawful rent charged or that ought to have been charged to the previous tenant if the rental unit was previously rented in the last 12 months;
(b) with respect to a rental unit that has not been rented in the last 12 months, an amount that is equal to or less than the sum of,
(i) the last lawful rent charged or that ought to have been charged to the previous tenant,
(ii) all increases to the rent that the landlord would have been permitted to make under this Act if the rental unit had been occupied, and
(iii) all decreases to the rent that the landlord would have been required to make under this Act if the rental unit had been occupied; or
(c) the rent first charged to the tenant if the rental unit was not previously rented."
Here is my question to the veterans and experts: Other than contacting our MPP with our concerns about this bill, what else can we do as real estate investors? How do we prepare and adjust if the government of Ontario keeps pushing the balance in favour of tenants?
Cheers,
Andrés