Ontario’s Fair Housing Plan, What It Can Do For You
Ontario’s Fair housing plan is a great tool towards debt protection. With Toronto’s unbearable renting market, this couldn’t come soon enough.
A 1 bedroom apartment in Toronto is around $1800.00 per month which works out to $21,600.00 per year. Based on the average hourly rate of pay in Toronto, an individual can earn around 30,000.00 per year. This means that the average rent in Toronto makes up 72% of an individuals’ basic income
Ontario’s Fair Housing Plan
Ontario’s Fair Housing Plan introduces measures the give residents the ammunition to battle the tyrant called rent. These measures will assist people in finding affordable homes, increasing supply, protecting renters and overall stabilizing the renting market.
Ontario standing up for the little guys.
Part of the plan is a legislation that introduces a new 15 percent Non-Resident Speculation Tax (NRST). Basically, any individual who is not a citizen or permanent resident of Canada will now pay an additional 15 percent tax on the purchase of a single-family residence. A single-family residence includes detached homes, semi-detached homes, town-homes and condominiums.
Previously, there were no limitations on the amount a landlord could increase rent for buildings first occupied on or after November 1, 1991. Now, the Ontario Fair Housing Plan prevents landlords from increasing the rent above the set provincial guidelines.
Landlords can still increase rent above the set guidelines, but to do so, the need to apply to the Landlord & Tenant Board. The rent increase in Ontario is set at 1.5 % for 2017.
Another legislation being introduced will offer protection to tenants by ensuring the predictability of landlords. This will involve creating a standard leasing agreement with consistent explanatory information in several different languages.
The legislation will also create set standard for evictions regarding the “landlord’s own use.” If a landlord request an eviction under their own rule, they need to ensure that the tenant is adequately compensated.
In Debt, Don’t Wait!
The new measures introduced by the Ontario Fair Housing Plan are great for preventing debt. If you are already in debt, then its best the you focus on getting out of debt. There are many solutions that can help you prevent debt, but the best solution for getting out of debt, is to seek professional advice.
We are Licensed Insolvency Trustees with the knowledge and experience in addressing the financial issues mentioned above. Our expertise can address any financial challenges you may face, including managing credit and most importantly finding a way to reduce or eliminate overwhelming debt.
If you need help, contact us by emailing info@dodicklandau.ca or call us at 416 736 4357 (HELP). You can also book a free consultation with no obligations by filling out the contact form on our home page.
Make an appointment today for a custom-tailored solution specific to your situation. We look forward to assisting you.