{"id":11799,"date":"2017-04-27T13:57:01","date_gmt":"2017-04-27T17:57:01","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/?p=11799"},"modified":"2017-04-27T14:13:07","modified_gmt":"2017-04-27T18:13:07","slug":"new-tenant-compensation-announced-in-fair-housing-plan-update","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/new-tenant-compensation-announced-in-fair-housing-plan-update\/","title":{"rendered":"New Tenant Compensation Rules Announced in Fair Housing Plan Update"},"content":{"rendered":"<p>The overheating of <a href=\"http:\/\/www.zoocasa.com\/toronto-on-real-estate\">Toronto\u2019s housing market<\/a> has become more than just a GTA problem, spreading all the way across the Golden Horseshoe. Smaller cities and towns in the surrounding area have become the only option for new buyers looking to enter the market while staying near Toronto, which has meant an increase in demand&#8211;and therefore an increase in market value &#8211; <a href=\"https:\/\/www.zoocasa.com\/blog\/toronto-house-hunters-searching-as-far-as-niagara-cmhc\/\">for homes as far south as Niagara<\/a> and all the way north up to Peterborough.<\/p>\n<p>There are a few issues at work here that the Liberal government is trying to address with the Fair Housing and Fair Renting Plans, a package of <a href=\"https:\/\/www.zoocasa.com\/blog\/ontario-to-get-foreign-buyer-tax-as-fair-housing-plan-revealed\/\">16 specific new measures<\/a> revealed last week. However, trying to pinpoint the cause behind Ontario\u2019s housing market woes is nuanced \u2013 there have been a few key factors experts have repeatedly pointed to as potential causes.<\/p>\n<p><strong>Here\u2019s a roundup of main issues the Ontario government is trying to address.<\/strong><\/p>\n<h2>The Need for Rental Protections<\/h2>\n<p>A scant supply of affordable units in Toronto, coupled with a two-tiered system that applied rent controls to properties built prior to 1991 but not after, had driven tensions in the city\u2019s rental market to new heights.<\/p>\n<p>A <a href=\"http:\/\/www.cbc.ca\/news\/canada\/toronto\/the-best-of-no-fixed-address-1.4022761\" target=\"_blank\">series from the<em> CBC<\/em> titled <em>No Fixed Address<\/em><\/a>, that profiled the plight of journalist Shannon Martin, who was forced to move out of her apartment after her rent was doubled, only fed growing public fury that more wasn\u2019t being done to improve rental housing security.<\/p>\n<p>The Wynne government is attempting to address this with the Fair Rental Plan, which will implement rent controls for all private units regardless of when they were built. The new legislation also proposes a rule requiring landlords to compensate tenants one month\u2019s rent should they evict them in order to occupy the unit themselves, or for a family member. Landlords will also need to provide a written statement to the Landlord and Tenant Board proving they intend to reside in the unit for at least one year.<\/p>\n<p>Prior to this change, landlords claiming they needed to use the unit for personal or family use could effectively evict tenants without recourse. This measure is in efforts to curb the practice of landlords making this claim to break a lease and relist the unit at a heightened rate.<\/p>\n<h2>A Lack of Supply<\/h2>\n<p>That there simply isn\u2019t enough housing to go around \u2013 and it\u2019s getting tougher to buy more &#8211; is a common refrain from market experts, including the <a href=\"https:\/\/www.orea.com\/About\/News-and-Press-Releases\/Press-Releases\/April-12-2017\" target=\"_blank\">Ontario Real Estate Association<\/a>. With so much red tape and fees, trying to build new property isn\u2019t as appealing as it should be. One of the measures proposed is a $125-million five-year plan that will encourage the construction of new rental buildings with a rebate on a portion of the development charges.<\/p>\n<p>The government has also promised to free up land they own to be used for rental housing development. Both the <a href=\"https:\/\/www.zoocasa.com\/blog\/is-the-ontario-government-responsible-for-soaring-gta-home-prices\/\">Room to Grow plan and the Greenbelt\u2019s anti-sprawl policies<\/a> have been holding up land for 10 years. The Growth Plan has forced cities to build more densely and only within their boundaries, while the Greenbelt has protected farmland around the GTA from being developed.<\/p>\n<h2>Foreign Buyers and Investors<\/h2>\n<p>Foreign investment has also become an issue. One of the new measures in play is a 15 per cent tax on buyers who never plan to step foot in the country. Many Canadians currently trying to buy in this sellers\u2019 market feel that this is not enough\u2014that the government should apply the rule Australia and Switzerland have\u2013where no foreign investment is allowed at all.<\/p>\n<p>Migratory demand also means that, beyond growth from immigration, those moving from smaller cities within the country to be closer to Toronto for better job opportunities are also increasing demand on the shrinking supply. Over 100,000 people move to the Golden Horseshoe area every year. One of the measures announced to combat this is the empty homes tax, which will allow city governments to tax homes and rental units that remain empty, encouraging owners to rent and sell instead of sitting on property.<\/p>\n<h2>On-Assignment\u00a0Speculation<\/h2>\n<p>Speculative activity is also at play\u2014meaning those with the means are buying up homes they aren\u2019t going to use knowing they can turn a quick profit in this market. One new measure listed in the government\u2019s plan includes taking a look at things contributing to excessive speculation like \u201cpaper flipping\u201d\u2014where a buyer enters into a contract to buy a pre-construction unit and sells it before closing so they can avoid paying tax on it.<\/p>\n<p>The problems seem to grow every year, and only time will tell if these new measures do anything to help those struggling to find reliable, affordable housing.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The overheating of Toronto\u2019s housing market has become more than just a GTA problem, spreading all the way across the Golden Horseshoe. Smaller cities and towns in the surrounding area have become the only option for new buyers looking to enter the market while staying near Toronto, which has meant an increase in demand&#8211;and therefore [&hellip;]<\/p>\n","protected":false},"author":54,"featured_media":11800,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[33,181],"tags":[],"class_list":["post-11799","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-news","category-toronto-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New Tenant Compensation Announced in Ontario | Zoocasa Life<\/title>\n<meta name=\"description\" content=\"Landlords can no longer evict tenants in order to personally use their units - 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