'This is egregious': Sisters shocked when Toronto landlord raises rent to $9,500 a month
'This is egregious': Sisters shocked when Toronto landlord raises rent to $9,500 a month
Two sisters were shocked when a Toronto landlord raised their rent by $7,000 per month.
The landlord had told them he wanted to raise the rent to $3,500 and when they complained he decided to raise it to $9,500.
“We know that our building is not rent controlled and this was something we were always worried about happening and there is no way we can afford $9,500 per month," Yumna Farooq said.
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But… aren’t rent raises limited to 2.5%?
Only if the place you are renting was built before 2018.
You should read the article
Not sure why you are down voted. If people know why this limit is not viable in this case they should tell. Us.
From that person's link:
The guideline applies to the vast majority – approximately 1.4 million – of rental households covered by the Residential Tenancies Act. It does not apply to rental units occupied for the first time after November 15, 2018, vacant residential units, community housing, long-term care homes or commercial properties.
Because they can't bleed their tenants dry otherwise.
It's not enough to have someone else paying your mortgage for you, you need to be cashflow positive each month as well.