The Tenant Protection Act is no longer the act that governs residential rental agreement in Ontario, Canada. It has now been replaced with the
Residential Tenancies Act with a few significant changes.
First, in the old act tenants were entitled to 6% interest on there last months rent per year payable each year. Now the interest has been reduced to the same as the consumer price index which will also be used in determining the rent increase amounts that landlords can charge yearly. This will, within reason , make a last months rent always equal the last months rent no matter how long you stay in the unit.
Landlords will now be allowed to inspect the unit for maintenance problems with 24 hours and the process for evicting tenants that have damaged their rental property ( either themselves or their guests) have been made easier. So be kind to your rental unit.
The Ontario Rental Housing Tribunal has been given a new name and there are supposed to be improvements to the process of dealing with issues between landlords and tenants. This new entity is called the Landlord and Tenant Board.
If you are, or want to be, a landlord or tenant you should read the new act and know your rights. Get your copy at
http://www.e-laws.gov.on.ca/html/statutes/english/elaws_statutes_06r17_e.htm its free and updated online if there are any amendments. Or at
http://www.mah.gov.on.ca/userfiles/HTML/nts_1_26923_1.htmlIf you are looking to buy or sell your home or investment property call me or contact me through my website at
www.YourAreaHomeTeam.ca
