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Newmarket and Aurora Landlords: Ontario Rent Increase Guideline 2014

January 5th, 2014 · No Comments · Aurora landlords, Newmarket landlords, Rent Increase 2014

 Newmarket Landlords Aurora Landlords Rent Increase 2014

With A Low Rent Increase Guideline Newmarket and Aurora Landlords Must Be Careful and Screen Carefully in 2014

We wish all landlords in the area a happy New Year.

2013 was a challenging year for landlords

There were lots of opportunities in the past year.

However, anyone who has invested in Newmarket or Aurora residential rental properties know there were also some big challenges.

1. The Town of Newmarket created a program to register your accessory dwelling

Lots of people who have invested in quality rental properties in jumped at the chance to make sure they took part in the program to create safe and legal units for their tenants in Newmarket.

At the beginning it looked like the Town of Newmarket got it right.

After the province mandated all municipalities to create a way for landlords to ‘legalize’ their basement apartments, secondary suites, and in-law suites Newmarket seemed to get it right with their “N” plate program.

Then the problems started to become clear.

While lots of good landlords invested thousands of hard earned dollars to make their units ‘legal’ there were lot of others who didn’t bother and ignored the laws.

We were amazed that nothing was being done to enforce the bylaw.

Because of a lack of enforcement Newmarket is still filled with dangerous rental properties.

The Town of Newmarket seems to have their eyes closed as bad landlords ignore the law and laugh as nothing is done.

Lots of landlords who are true stakeholders in Newmarket are wondering what’s going on and look forward to the next election.

2. Lots of Bad Tenants Out There

You only need to take a drive through neighbourhoods that have rental properties.

What will you see?

1. Lots of vacant properties and boarded up windows

2. Large garbing bins (those big green ones) on the driveways as landlords clean up

3. Lots of “FOR SALE” signs in the area.

It’s because the Ontario Residential Tenancies Act favors tenants over landlords and there is a large group of tenants who abuse and manipulate the system.

We recommend all landlords and potential investors take a good look at the Ontario Landlords Association to learn what is happening with bad tenants.

New Challenges in 2014

You may have seen the report in the Toronto Sun.

Ontario landlords face a ridiculously low Rent Increase Guideline for 2014.

Newmarket and Aurora landlords can only raise the rent 0.8% in 2014

Many Newmarket and Aurora landlords think this is too low.

And not only in here.

Take a look at what some Ottawa landlords and some Barrie landlords have to say about the low rent increase.

With taxes going up so much in both Newmarket and Aurora this small increase comes nowhere near our growing costs.

Newmarket and Aurora Landlords 2014

Landlords have invested a lot of money in our towns.

We have challenges and with such a low rent increase guideline in 2014 these challenges are bigger than ever.

Make sure you screen your tenants carefully and voice your concerns to the government to make change.

We will continue to help landlords with news, advice and networking in 2014.

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