Wednesday, June 23, 2010

Ontario announces rent increase guideline

Ontario's rent increase guideline for 2011 will be 0.7%, this will have quite the impact to Ontario's rental stock and tenants. "This guideline is wholly inadequate to allow for proper investment in repairs and maintenance of Ontario's aging rental stock" said David Horwood, Assistant Vice-President of the Effort Trust Company.

This comes at a time when the PST and GST are going to be harmonized in a couple of weeks. "Rental housing providers are going to experience a 7 percent increase in costs next year largely due to the impact of the HST" says Vince Brescia, President & CEO of the Federation of Rental-housing Providers of Ontario.


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