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Discussion Starter #1
Hey guys/gals,

Recently, I purchased a rental property and it's a condo building that was constructed somewhere in 2015 and took occupancy shortly after. Are there laws as to how much I can increase the rent by to my current tenants? Some people say yes, others say no.. I called the Landlord and Tenant Board here in Toronto and the woman on the phone said, you may increase it to what the market allows for. Which after asking her to clarify that she had said that it could be raised to what others in the building and in the surrounding area are fetching monthly for rent. Although, something about her response was rushed, like she wanted no part in having this conversation.

They are paying well under market-value as per comps my realtor ran within the same building. The lease is up in July and I just wanted to get some info on whether or not I can increase the rent roughly $200 more per month or if there is only a certain set limit yearly (I've heard 1.04%, but that only applies to buildings occupied 1998 and prior). The property is in Toronto, Ontario if that should matter. I'm looking forward to the advice shared, thank you!

P.S: Let me know if you require any further information.
 

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It depends on the province, some provinces have rent control, others don't.
 

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In Ontario rental units first built or first rented out after 1991, have no rent control. You can set the rent wherever you like. I suggest, you make it a little on the low side, like $100 under market if you don't want the tenants to move. You should also give them plenty of notice, 90 days at least.
 

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Discussion Starter #5
Would you fill out the N1 or N2 form? Also, would you proceed verbally first before giving them a fair 90-days written notice?
 
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