Toronto landlords have notoriously raised rental prices between tenants by any amount the market will bear. Sometimes that means increases of 1 to 2 hundred dollars or more per month in rent.
But are those days soon coming to an end?
For many people in Toronto, buying a house or condo is just way too expensive, so they’re forced to turn to apartment and condo renting instead. But Toronto rent prices have been skyrocketing lately with the average price for a 1-bedroom apartment $2,500 a month.
The city of Toronto is currently considering a suggested rule to keep rental prices affordable, even between tenancies. This rule would place a hard limit on how much landlords can raise the monthly price on a unit, not just for current tenants which already exist, but also between tenants. So when a unit becomes vacant, the landlord might only be legally allowed to raise the rent by a certain amount dictated by the government and not by the market.
Clearly all landlords will hate this rule if it comes into affect, essentially limiting them from pricing their units for any amount they want. Whereas tenants will love the opportunity to find more affordable units in Toronto in their price range and a place to live without spending more than half their pay cheque to do it.
Who will win this rental battle? Stay tuned.