CAPREIT and rent increases above government guidelines in Ontario
I'm a tenant in Ontario and need more information about a REIT (real estate investment trust) that owns an apartment
and increasing the rent above government guidelines. When they make a formal application, what is the process? What time-frame is
involved and when can the general public view the formal application?
I'm aware of 90 day notices for rent increases. The company has started elevator renovations and is making the capital investments
required to go above government guidelines to increase rent.
We fear rental increases that are unsustainable. CAPREIT, the REIT involved, has a history of increasing rent 4 times, 6 times *above* the government guideline in Ontario.
There will be a lot of homeless people in our neighborhood if that happens, since fixed income seniors, the disabled, and many people
unable to afford this rent increase will be forced to move.
My questions are:
1. What is the formal application process like? What are the details, time-frame? When can the general public view it?
2. What is the current government guideline on rent increases in Ontario? I heard it was 2%, and then I heard 9%. I haven't looked
at the CPI.
3. What's the best way to get the market value of my apartment unit online? What's the most accurate way, best way?
Last edited by DairyQueen; 2012-08-16 at 12:06 PM.
Reason: Added question