Condominiums that are purchased / constructed after 1998 are exempt from Landlord Tenant Board rental guidelines. The provisions of the RTA that deal with the maximum amount by which rents can be increased do not apply with respect to a rental unit if:
It was not occupied for any purpose before June 17, 1998
– meaning it is either in a new building (often a condominium building) built since 1998, or an older building with a new unit or never occupied, residentially or otherwise, before June 17, 1998
The average one-bedroom apartment rent was $1,662 in the first quarter – up 4.8 per cent compared to the same period in 2015. The average two-bedroom rent climbed by 8.9 per cent to $2,375 on a year-over-year basis.
Given the number of units that are being built; while everyone is concerned about a bubble, the rents increasing because they are being absorbed by the market.
Would you like to invest?
Call or Text