Toronto Renters Forum
Common Tenant Problems => Above Guideline Rent Increases => Topic started by: Jojo on April 21, 2024, 11:54:51 am
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this CBC article about Above Guideline Rent Increases great!
Just a few big landlords come up, again and again, in analysis of Ontario rent hikes (https://www.cbc.ca/amp/1.7175254)
Newly released data from Ontario's rental housing tribunal analyzed by CBC News shows that fewer than two dozen corporate landlords filed most of the applications to raise rents above provincial guidelines for most of 2022 — which one Toronto housing lawyer says is a sign of the increasing concentration in the province's rental market.
CBC News found that 20 landlords filed over half of the 470 applications in the first eight months of 2022, with the top five filing over a quarter.
The findings "reflect the fact that rental housing is being concentrated … in the hands of financial investors who have this stated and admitted purpose of generating a profit," said Philippa Geddie, supervising lawyer of the housing division at Downtown Legal Services, a Toronto legal clinic.
Rent Increases above the Guideline (AGIs), are a common way to pressure longtime tenants to leave, allowing landlords to raise the rent to market rates for new tenants.