Toronto Rent Increase No April Fools’ Joke
TORONTO, ON. — Some Toronto tenants will be celebrating Canada Day with a new home.
That’s after the landlord of a Liberty Village high rise sent a letter April 1st saying rent would be increasing by 100 per cent.
A two bedroom suite will now rent for $3,320 per month, up from $1,660.
Tenants have one of two options: either accept the hike and make sure to top up their security deposit, or vacate the unit by July 1st.
The landlord, Urbancorp, is using a city bylaw that allows rent to be raised arbitrarily on any building built after 1991.
Mayor John Tory says he plans to close the loophole.
—Andrew McCrea, MyToba News
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