Searching for a new home in Toronto’s heated rental market? Here’s what you need to know

Are you searching for a rental unit in Toronto? It’s an increasingly competitive market out there, real estate players say, with some tenants offering extra rent upfront to edge out other applicants — though landlords can’t legally ask for that under Ontario’s Residential Tenancies Act.Here’s some questions prospective tenants should consider, according to York Region community legal clinic director Benjamin Ries.

“If they’re renting in a basement apartment that has its own bathroom and kitchen, and the owner lives upstairs and they have their own bathroom and kitchen, then they’re safe,” he said. But with a shared setup, or in a sublet situation, a renter doesn’t have the same protected rights.Is the unit rent controlled?

How old is the rental unit? In Ontario, any unit first occupied before Nov. 15, 2018 is covered by rent control — meaning there’s an annual cap on how much a landlord can raise a sitting tenants’ rent, unless they receive special permission from the Landlord and Tenant Board.But if a rental is in a newer building, completed and occupied after Nov.

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Prices are rising in Toronto’s rental market again — and so is the competition“Even super qualified applicants are having a hard time, because you have other super qualified applicants going head-to-head with you.' Prices are rising in Toronto’s rental market again and so is the competition It's hard too for even the super duper qualified applicants Have fun overpaying for that shoes box in Liberty village. 🤦🏾‍♂️ As the city get more and more populated and inflation keeps moving forward, it brings new standards. For anyone in an apt for the past 5 years, that apt has almost doubled the priced and there is no protection of you going homeless.
Source: TorontoStar - 🏆 60. / 55 Read more »