Possible bad news to all Ontario investors - Your help is needed!

RandyDalton

Inspired Forum Member
Registered
QUOTE (housingrental @ Nov 22 2010, 12:48 PM) Hi

This could have a significant impact to anyone that owns (or rents) residential real estate in Ontario - More info here:

http://www.andrewcmacdonald.com/blog/2010/...-for-landlords/

Please take a minute to send an email.....

Hi Adam,

Thanks for bringing this to our attention. Rent controls cannot be good for landlords or tenants alike.

I went and sent an email to my MPP as should everyone on this board. Unfortunately my MPP is NDP so not sure if my email will make a difference.


Regards...Randy
 

EdRenkema

New Forum Member
Registered
I just talked to someone in my MPP`s office, who incidentally is Tim Hudak leader of the PC party. I was assured that this being a private members bill would almost certainly not go to second reading. Bill 112 was introduced by Cheri Di Novo - NDP who represents a lower income area of Toronto and is likely using it for some publicity within her riding and in the House. Private members bills almost never go any further than first reading and the liklihood of this going any further is slim to none. The Liberal party would be shooting themselves in the foot to endorse such a bill and if in fact it had any merit to them they would overide it and reintroduce the matter at a later time as one of their own intitiatives - again not likely at this point in time.
 

lrogers

New Forum Member
REIN Member
QUOTE (housingrental @ Nov 22 2010, 12:48 PM) Hi

This could have a significant impact to anyone that owns (or rents) residential real estate in Ontario - More info here:

http://www.andrewcmacdonald.com/blog/2010/...-for-landlords/

Please take a minute to send an email.....

Thanks for the call to action.

I was not aware that this Bill had been introduced. I immediately fired off a note to my MPP, and I would encourage all other REIN members with properties in Ontario to do the same.

Regrads,

Laurie Rogers
 

InvestorGabe

New Forum Member
Registered
Thanks for the great find. I love how sneaky these politicians are. I`ll be sending a note to my MPP as well.
"The Bill prohibits a landlord from increasing the rent charged to a new tenant by more than the guideline and abolishes landlord applications to the Board for above guideline rent increases where there has been a significant increase in the cost of utilities. This means no new rent increases to market rent beyond the guideline even when you have tenant turnover. This would effectively establish rent control in Ontario.
"

I understand that the government wants` to keep housing affordable but with these kinds of regulations can force investors to invest outside of Ontario.
 

housingrental

Frequent Forum Member
Registered
Thanks Ed
This is good to read!
It wouldn`t suprise me though if the liberals backed these changes or something very similar in the future...or even the conservative party at times ):
QUOTE (EdRenkema @ Nov 22 2010, 02:46 PM) I just talked to someone in my MPP`s office, who incidentally is Tim Hudak leader of the PC party. I was assured that this being a private members bill would almost certainly not go to second reading. Bill 112 was introduced by Cheri Di Novo - NDP who represents a lower income area of Toronto and is likely using it for some publicity within her riding and in the House. Private members bills almost never go any further than first reading and the liklihood of this going any further is slim to none. The Liberal party would be shooting themselves in the foot to endorse such a bill and if in fact it had any merit to them they would overide it and reintroduce the matter at a later time as one of their own intitiatives - again not likely at this point in time.
 

markl

New Forum Member
Registered
I really didn`t think this was going anywhere. As you are starting to see some purpose built Apartment buildings coming back into the landscape in Ontario again. They wonder why the stock is all more than 25 years old. Anyways I still think I am going to have a sit down with my MPP Cheri and see where her head is at or if she is just trying to be the next Jack Layton who will say or do anything to get on TV
 

EdRenkema

New Forum Member
Registered
QUOTE (markl @ Nov 23 2010, 09:24 AM) I really didn`t think this was going anywhere. As you are starting to see some purpose built Apartment buildings coming back into the landscape in Ontario again. They wonder why the stock is all more than 25 years old. Anyways I still think I am going to have a sit down with my MPP Cheri and see where her head is at or if she is just trying to be the next Jack Layton who will say or do anything to get on TV
This is your MPP??

Best get on top of things at your end son!
 

markl

New Forum Member
Registered
Ed I am seriously thinking of voting for the liberal candidate in my riding whomever it is just to get Cheri out. I won`t write my true opinion of her on a public website. But suffice to say I will help in a campaign to get her out of office.

Regards,
 
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