Know This Before Considering Mississauga Condos For Rent

Canada’s condo rental market is seeing some new developments. There is a surge in asking prices of Mississauga Condos For Rent and for some, this may seem like way too much. The new landlord and tenant rules in practice since September 1, 2017 have imposed some regulations on landlords against unethical eviction of tenants. Key points under this rule include

  • Landlords can increase rent by a certain amount each year and not as they please.
  • Landlords can’t just ask tenants to evict right away. They’ll be required to give a 60 day notice in advance through the N12 form.
  • Landlords are left with two options, either to pay one month rent to tenants as compensation or find them a comparable unit in the same or a different condominium.
  • Landlords must be moving in into the evicted apartment for the period of one year after eviction. After this period of one year, the apartment can be relisted for lease.
  • Failure to comply with these rules imposes a fine of $25,000 on the landlord.

As we can see this will see a decline in the number of listings on rental market. Now, it’s not that easy as seeing a condo for rent at Condo Shack and hunting for the asking price of the same. However, these rules do not apply to bad tenants who damage property or don’t pay rent on time.

Impact on rental market

Here, relisting their home is beneficial for landlords as they can ask for a higher asking price given they can raise rent by a certain amount each year. But it’s not that easy given the one year occupancy rule. So there will be a general decline in number of listings as tenants are also less likely to move out given they’ll have to pay more for the similar unit elsewhere.

Pre-requisites for a tenant

Tenants need to be patient and flexible in these times while viewing the listings. You cannot stick with a fixed budget as the asking prices can fluctuate. It’s advisable to possess three things in advance once you set your eyes on a listing:

  • Letter of employment
  • Credit report
  • Two personal references

Don’t waste time once you like a condo given the competition and contact listing agent pronto. The sooner, the better. To view listings of Mississauga Condos For Rent, log in to Condo Shack.