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Photo: CIJnews

Condo Building in Downtown Toronto: The Rent Increased by 100%

Most condo renters are aware that landlords may raise their rent, but the tenants in one of the condo buildings in downtown Toronto were unpleasantly “surprised” by their landlord with an increase they had not expected at all, and now some are looking for alternative housing.

According to a report by CBC, the tenants in the condo building were shocked to discover that the landlord intends to raise their rent by 100%. Condo renters who have paid $ 1,660 a month will be required to pay $ 3,320 a month. In a letter sent to them, the landlord made it clear that if they don’t agree, they must vacate the condo before July, 2017.

The rental increase is legal for condo buildings that were built and occupied after October 1991. The owners of the condos are entitled to raise the rent by any amount they want, versus condo buildings that were built before October 1991 in which the owners are bound to the yearly rental increase guideline.

It should be noted, that during the past year the prices of condo apartments in Toronto have increased by tens of thousands of dollars and since investors are looking to get a return on their investment and an due to the limited supply of condo apartments for rent. Thus the increase in rental prices.

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About Annette Geitzen

Annette Geitzen
Annette Geitzen, Residential and Commercial Real Estate Broker, Team Manager, Forest Hill Real Estate Inc. Brokerage. Resale: http://www.thornhillrealestateteam.com/ Pre-Construction: http://newcondoinvestment.com/ Office: 905-709-1800 Cell: 647-833-4487

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