Introduction:
Ontario’s government has introduced new policies to address housing affordability and supply, directly impacting multi-family property owners. Staying informed is crucial for navigating these changes.
Key Updates:
- Housing Supply Goals: The province aims to build 1.5 million new housing units by 2031, including student and retirement housing.
- Rent Control Guidelines: The 2025 rent increase guideline is set at 2.5%, with exemptions for new builds and certain other properties.
- Eviction Rules: Stricter regulations on evictions for renovations or personal use aim to protect tenants from wrongful evictions.
Implications for Property Owners:
These policies encourage the development of affordable housing while imposing stricter compliance requirements. Owners must adapt to these changes to remain competitive and compliant.
Conclusion:
Government policies are reshaping Ontario’s housing landscape. Property owners must stay proactive to align with these regulations and leverage new opportunities.
