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Ontario Landlords Watch Out in 2013!

December 27th, 2012 · No Comments · Ontario Landlords Watch Out, Rent Increase Guideline Ontario 2013

December 26th, 2012

Ontario Landlords Watch Out Because Despite Increasing Costs You Can Only Raise the Rent 2.5% in 2013

As a landlord you face increasing fees each year.  2013 looks increasingly painful for Ontario Landlords.

1. Higher Taxes
Take a close look at your latest property tax bill. Notice anything? Yes, I’m sure you did. Your taxes are increasing fast! In many areas of Ontario your taxes are rising over 4%!
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2. More Expensive Insurance

Now take a close look at you house insurance. Notice anything different compared to last year? I bet you do: your rates have gone up. Insurance rates for rental properties jumped above other property rates in 2012 and it’s only going to get worse in 2013.

3. For Condo Landlords, Increased Condo Fees

Are you a landlord who rents out a Condo? You already know you have to pay a monthly or quarterly fee to the Condo corporation. You already figured that into your costs as a landlord.

Except have you noticed something over the past year? Yes, you did. Your condo fees have increased. In some cases over 5% and in many cases you now have to pay extra fees for roof repair or repaving the parking lot!

4. If  You Rent “Inclusive of Utility Bills” They are Going Up Fast

Do you pay for your tenants power usage? If you do you surely pay close attention to your cost for water, gas, and electricity. You know your costs are rising at a huge pace! In some cases over 10%. Renting out inclusive of anything can be very dangerous for an Ontario landlord.

5. Snow Clearing and Lawn Care are Going Up Fast
You know that Ontario landlords are responsible for lawn care and clearing snow. You are also aware that this year your lawn care company raised their rates over 10% and your snow removal company has raised their rates even higher.

6 .Maintenance
Ontario landlords are legally responsible for maintaining the unit. This means you have hired plumbers, electricians, furnace repairmen and others.
Have you noticed their increase in fees?  Sure you have! In many cases fees have risen over 10%.
It’s No Problem, I Can Raise the Rent in 2013 to Cover All These Costs!
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Sounds good. Except you can’t. The Ontario Landlord Rent Increase Guideline is only 2.5%!

Ontario Landlords Watch Out! You Can Only Increase the Rent in 2013 By 2.5% But What Are Your True Costs?

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