Tag Archives: rent

Should I rent or buy?

How to decide if you should rent or buy

How to decide if you should rent or buy

SHOULD I RENT OR BUY?

Renting is a huge business in the greater Toronto area. If you currently rent, you know that paying out those hundreds of dollars every month to line the pockets of your landlord is not a pleasant task. However, like most renters you probably feel stuck in a home that isn’t even yours simply because you can’t save up that down payment for your own home.

This article contains explains whether you should rent or buy. It shows you how you can stop paying rent and start contributing to your own financial future, rather than that of your landlord. By having some valuable information about the real estate industry, as well as some tips and tricks about property ownership, you’ll be able to start on the road from renting to owning. After reading this article, my goal is that you will learn the following:

1. Save for a down payment for your property
2. Make best use of your financial institution, and other loan sources
3. Consider reversing the rental roles

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Ontario Rent Increase Guideline

Ontario's rent increase guidelines determine how much a landlord can raise the rent - excepts apply

Ontario’s rent increase guidelines determine how much a landlord can raise the rent – excepts apply

The Ontario rental increase government determine the maximum amount rent can be increased each year. The annual rent increase is calculated based on the Consumer Price Index. For 2013 the maximum rent raise is 2.5%. Therefore if you are currently renting your unit out for $1000 you can bump the rent up to $1025 for 2013.

In most cases, the rent for a unit can be increased if at least 12 months have passed since a tenant first moved in, or if at least 12 months have passed since the last rent increase. Proper notice of 90 days must be given to the tenant before the rent increase takes effect.

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