Do you know how much RENT increase approved by Ontario Government.

There are several of this blog readers are renter in Ontario. In Ontario the Ministry of Municipal Affairs and Housing has released the province’s rent increase guideline for 2012. The 2012 guideline will be 3.1 per cent. The new rent increase guideline applies to a rent increase that begins any time between January 1, 2012 and December 31, 2012.

For previous years’ increase guidelines,

please see the table below.

A landlord may increase a current tenant’s rent once per year by an amount not to exceed the guideline

• 2012       3.1%
• 2011       0.7%
• 2010       2.1%
• 2009       1.8%
• 2008       1.4%
• 2007       2.6%
• 2006       2.1%
• 2005       1.5%
• 2004       2.9%

It establishes the maximum amount that a landlord can increase a tenant’s rent without making an application to the Ontario Rental Housing Tribunal.

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Basement Apartment are legal in Ontario.

For those home owners, who has finished basement and has been built according to building code and fire safety code, now you can legalize any second dwelling in a single family home.  Bill 140 was changed to accommodate above mentioned change.

This change to Bill 140 allows basement apartments to become legal and which can be rented out.  

Due to this change, those who likes to buy a house with basement apartment can show bank, their current income as well as expected income from renting out the basement apartment.

And definitely this change will drive the demand for the houses with basement apartment. 

Best regards,

Ritesh JoshiYour Next Door Realtor

www.riteshtherealtor.com

647-281-3424