Toronto Landlords Face Changing Conditions
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Toronto City Council recently approved a new ordinance. Initiative for enhanced apartment inspections and enforcementThe goal is to increase health and safety in addition to providing easy access online information about building conditions across the city. RentSafeTO, a company that oversees more than 3,600 apartment buildings, has approved the new rules in order to maintain maintenance standards.
The new regulations will target non-compliant property owners for inspections and engagement. In addition, the inspection fees for landlords who violate city rules will be increased.
All buildings will be assessed more frequently on a two year cycle, instead of a triennial one. Situations which will trigger focused enforcement action:
- The properties are substandard
- Landlords don’t address complaints sufficiently
- Landlords don’t complete required remedial work in two consecutive months
These cases may lead to municipal personnel visiting the unit to collect complaints from residents, as well as onsite information kiosks or door-to-door outreach to address tenant concerns. Owners will be billed $2,900 for the associated costs.
In extreme cases where a landlord is failing to address an order, the city can hire contractors to complete necessary repairs, and charge the costs to the owner’s property tax. This can include the city staff time, which is $86 per person to oversee this process.
Some renters are concerned that these fees may outpace inflation, and be simply passed on to them.
The Federation of Metro Tenants’ Associations has called for even more stringent, increased fines and penalties, and is asking for a move of the penalties system from provincial courts to the City of Toronto to expedite processes.
RentSafe Interactive Map: A new map will allow renters to see the city’s orders and violations at the beginning of this year.
Rent Increase Guideline 2024, the maximum amount that most landlords can increase a tenant’s rent without approval of the Landlord and Tenant Board, has been set at 2.5%.
You can also find out more about the following: Rent increase rulesThis limit can be reached only after a period of 12 months, provided that written notice has been given 90 days in advance, or when a new tenant begins their tenancy. There are exceptions, such as commercial properties.
In certain cases, landlords can ask the Landlord and Tenant Board to approve rent increases.
Rents and increases in average monthly rent
The average market rental numbers according to the City of TorontoDo indicate relatively high rates with consistent increases in values from 2014 to the current.
Average Rents in 2024
- Hostel/dwelling room: $1,117
- Bachelor/studio apartment: $1,427
- 1 bedroom apartment – $1,708
- 2 bedroom apartment for $1,992
- Apartment with 3 bedrooms: $2,241
- 4 bedroom apartment: $2.604
- 5 bedroom apartment – $2,912
- 6 bedroom apartment – $2,912
- 1 bedroom townhouse for $1,711
- 2 bedroom townhouse for $1,755
- 3 bedroom townhouse – $2,082
- 4 bedroom townhouse for $2,662
- 5 bedroom townhouse for $3,079
- 6 bedroom townhouse for $3,496
Rents have increased significantly for most types of dwellings since 2024. Rents will increase beyond RIG levels due to new tenancies, and other factors.
‘ Credit:
Original content by www.canadianrealestatemagazine.ca – “Changing Conditions For Toronto Landlords”
Read the complete article at https://www.canadianrealestatemagazine.ca/news/toronto-rentals-may-24/