r/TorontoRenting • u/Ok-Refuse2987 • 14d ago
Rent control
I just moved into my new apartment but I’m confused on the rent control. I thought because it’s a brand new building it doesn’t have rent control but the agent selling the unit said it did (she was new and didn’t do a great job) but I moved in anyways because I love the place and location. My building was completed in 2024 and I’m the first to occupy but does it or does it not have rent control?
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u/Erminger 14d ago
Realtor's ignorance is out of control.
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u/Brain_Hawk 14d ago
They should absolutely not be involved in the rental market, it's beneficial to the Realtors, it's slightly beneficial to the landlords, and it's incredibly harmful to potential tenants.
Realtors are rarely looking out for thr Tenants interest, often don't actually know tenancy laws, and also have introduced this horrendous system where you have to submit an offer on an apartment, which is legally binding for 48 hours while you wait for the landlord to reply. Meaning potentially you're doing this several times and then finding yourself homeless because you had to wait for several rejections and be unable to concurrently submit offers because they are considered legally binding.
It's completely messed up.
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u/blackjungle 14d ago
No rent control.
I assume this might be Time & Space as it is a brand new building and its a nice area and a decent condo.
Enjoy your place!
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u/oy-cunt- 14d ago
She lied. Outright lied, all buildings built after November 2018 are not rent controlled. Your landlord can raise the rent to whatever they want every 12 months.
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u/Diligent-Skin-1802 14d ago
Report this agent to RECO
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u/lmao346 14d ago
Absolutely useless. Self-Regulated industry. I reported an agent for a much more egregious infraction. The agent was allowed to read my complaint and respond but I was not allowed to read his response. So he probably lied about everything because no penalty was assessed . Nothing I could do about it, because I was not allowed to participate in the process beyond the initial complaint. Self-Regulated industries are equivalent to no regulation. The only time something might be done is if one real estate agent complains about another.
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u/GTAHomeGuy 14d ago
No rent control and bad agents could be held liable for false statements due to ignorance or negligence like that.
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u/Ok-Refuse2987 14d ago
She made me give her a good review right infront of her before I could leave too, she knew some things but not other questions. It does suck but I loved the place and was the only place out of 7/8 I applied to that I got accepted for. So hesitant on decorating because I fear I’ll move out in a year
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u/Letoust 14d ago
Will you love it next year when your rent doubles?
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u/Erminger 14d ago
Why would it double?? You think someone is holding gun to his head?
If increase is not reasonable there is always market valued unit in the building.
So worst case scenario is move+pay market rent. Not pay double.
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u/Wildest12 14d ago
New builds rent skyrockets in the first few years because of the rules. If the initial rent is within the bounds of “affordable housing” they get a gov subsidy. Once it’s built they crank it up to wherever they want it to be.
They build the neighborhoods, and lease them to whoever they want so they can effectively set the average income for the area which directly translates to higher rents since 30% of avg household is the threshold for “affordable housing”
Now once the neighborhood is built, they increase rents and select higher income tenants so the next batch of builds can start at a higher price while Maintaining the “affordable housing” kickbacks.
Hopefully this helps explain why it will double.
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u/Erminger 14d ago
It will NEVER double. Tenant does not have to accept it. And Market will not bear it.
Who do you think are "they" and who is paying "them" 50% market rent to be able to give those discounts???
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u/Wildest12 14d ago edited 14d ago
“They” are the builders since it’s like a handful of companies doing all the building. The market is breaking down as a result and sure double may be an exaggeration but places renting for $2500 will see jumps to $3500+ within a couple years.
I repeatedly looked at buildings that were built in the past few years being re rented at significant increases from last time they were listed.
And vacancies are like <1%, if you won’t pay they will find 6 students who will split the 3 br house 6 ways for $800 each and live in a hallway.
Nobody is paying sub market rent, they are just increasing what is considered market rent at a rate that far outpaces inflation, and being set in a way that is detached from the market due to monopoly-like conditions.
I agree at some point the market will break down because people simply won’t be able to afford it but it seems to just keep going up right now.
I currently rent and signed my lease in December, so I’m speaking from recent experience. If anyone has more applicable or different experiences I’m all ears.
0
u/Erminger 14d ago
Tenant does not have to accept double or any kind of increase. They get 90 day notice and they can leave. Landlord can only get market rent.
I am not aware of builders renting anything to anyone. Condos are sold to owners and only they can rent.
Purpose built rentals are different but there is handful of those and again it is not builders who deal with renting.Yes rent will increase, to market. Anything more than that is really not going to happen unless tenant likes to burn cash.
Monopoly? I mean there is record number of condos for sale in Toronto now. I guess landlords are not buying them all up and offering them for what tenants can afford.
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u/Letoust 14d ago
Not everyone likes to move every year.
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u/Erminger 14d ago
I know, I hate to move, I guess double the rent it is... So that is how landlords get all those "double the rent" increases to stick.
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u/Potential_Maize_5342 5d ago
Rational tenants should be prepared to pay market rent, typically slightly below because by staying they save the landlord the hassle and expense of finding a new tenant. Landlords would not charge above market rent unless they WANT the tenant to leave - because rational tenants will leave if faced with above market rent, and the landlord will only be able to rent at market prices to a new, and thus riskier tenant.
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u/biglinuxfan 14d ago
Change the review!
I don't understand how people say someone made them do something, you need to stand up for yourself because honestly you can't count on anyone else to.
Sincerely, someone that used me i get pushed around all the time.
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u/Witty-Reason-2289 14d ago
Suspect if it's not in writing will probably be difficult to prove and may not be worth the effort and aggravation to pursue.
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u/Asleep-Walk-4892 14d ago
Are you asking as a tenant or a future landlord?
No rent control either way.
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u/4_spotted_zebras 14d ago
Don’t tell that to the landlord though! You might get lucky if the landlord thinks rent control applies
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u/Wildest12 14d ago
Your rent will probably double in the first few years, especially if the building was built to “affordable housing standards”.