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Apartment developers say tight new rent controls would be a disincentive to build new apartment units in Toronto, where vacancy rates are already low. (Fred Lum/The Globe and Mail)
Apartment developers say tight new rent controls would be a disincentive to build new apartment units in Toronto, where vacancy rates are already low. (Fred Lum/The Globe and Mail)

Apartment developers fear ‘disaster’ in Ontario’s review of rent controls Add to ...

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Major Toronto apartment developers are warning that Ontario’s proposals to expand rent controls would be a “disaster” that would push house prices even higher as the supply of new rental properties dries up.

The Ontario government announced earlier this month that it is reviewing rent control regulations in the province and considering “substantive” changes. Current rules allow owners to increase rents by up to 1.5 per cent annually without having to apply for provincial approval for a larger rent increase, but only for buildings constructed before 1991. Newer buildings are not covered by rent control rules, and some tenants have complained about being hit with double-digit rent increases.

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