There have been a few articles this year that address new rules for landlords to follow. The Rental Fairness Act came into effect a few months ago and it is important for all landlords and tenants to check it out. I would recommend following the Ontario Landlords Blog to keep up to date with changes.
If you are a landlord, it’s important to note a few new points. According to the new Rental Fairness Act:
- If you need to evict a tenant so that you or a family member can move into the home/unit, then you must now pay your current tenant one month’s rent and you (or the intended family member) must move into the home and be there for a least a year
- There is no long a rent control exemption for homes built after 1991.
These are the two main points that caught my attention and I’m sure there will be a lot of discussion moving forward. This is excellent news for tenants, but it could make things difficult for some landlords. It’s extremely important to look into all of these rules before becoming a landlord, to make sure you’re ready for what you’re getting yourself into!
The Weber Team always enjoys hearing from you. If you have any questions or comments, feel free to contact us.
John Weber, John@WeberTeam.ca or by cell at 705-727-6111
Christie Bond, Christie@WeberTeam.ca or by cell at 705-220-1152
Kelli Gastis, Kelli@WeberTeam.ca or by cell at 905-251-2651