Legislation introduced to rein in short-term rentals, deliver more homes for people

General Angela Calla 16 Oct

Legislation introduced to rein in short-term rentals, deliver more homes for people

Turning short-term rentals into homes for people is at the core of newly introduced legislation to regulate the rapidly expanding short-term rental market.

“Anyone who’s looking for an affordable place to live knows how hard it is, and short-term rentals are making it even more challenging,” said Premier David Eby. “The number of short-term rentals in B.C. has ballooned in recent years, removing thousands of long-term homes from the market. That’s why we’re taking strong action to rein in profit-driven mini-hotel operators, create new enforcement tools and return homes to the people who need them.”

Short-term rental listings on online platforms (which may include, for example, Airbnb, VRBO, Expedia, FlipKey) have expanded rapidly over recent years. Data shows that it continues to surge since the COVID-19 pandemic. B.C.’s short-term rental market is now at an all-time high, diverting thousands of long-term rental homes onto the short-term market. Currently, there are approximately 28,000 daily active short-term rental listings in B.C., an increase of 20% from a year ago. Data indicates that more than 16,000 entire homes are being listed as short-term rentals for the majority of a calendar year.

“The short-term rental market is creating serious challenges in B.C. and around the world,” said Ravi Kahlon, Minister of Housing. “Operators with multiple listings are taking homes off the long-term market to make big profits while people pay the price – it can’t go on like this. The legislation is comprehensive and designed to target areas with high housing needs. It’s strong action and a thoughtful approach to tackle the growing short-term rental challenge and deliver more homes for people.”

The short-term rental market in B.C. is dominated by a small segment of profit-driven operators. Research from McGill University shows the top 10% of hosts earn nearly half of all revenue. Nearly half of all operators have multiple listings. Approximately 30 municipalities, including Vancouver, Victoria and Kelowna, have introduced short-term rental bylaws and licence fees to regulate the short-term rental market. The proposed legislation builds on those bylaws and equips municipalities with more enforcement tools.

The legislation focuses on three key areas:

increasing fines and strengthening tools for local governments;
returning more short-term rentals to long-term homes; and
establishing provincial rules and enforcement.

Changes to how short-term rentals operate will come into effect through a phased-in approach and will include:

Increasing fines and better tools for local governments:
- increasing fines for operators breaking local rules to support local municipal bylaws, and requiring short-term rental platforms to share data to strengthen local enforcement;
- requiring online short-term rental platforms to share their data with the Province, so the Province can provide that information to local governments for enforcement and support of provincial and federal tax auditing;
- requiring short-term rental platforms to include businesses licence numbers on listings where they are used by a local government, and to remove listings without them quickly to ensure local rules are being followed; and
- giving regional districts the ability to issue business licences so they can more effectively regulate short-term rentals in rural areas.

Returning more short-term rentals into long-term homes for people:
- requiring short-term rentals in B.C. to be offered only in the principal residence* of a host in municipalities with a population of 10,000 people or more
  (*principal residence plus one secondary suite or laneway home/garden suite on the property is allowed);
- forthcoming regulations will specify areas exempt from the principal residence requirement, including 14 resort regions, mountain resort areas, municipalities under 10,000 population (except those within 15 kilometres to larger municipalities), and regional district electoral areas; and
- removing legal non-conforming use protections for short-term rentals being taken advantage of by investors to support local governments’ efforts to set rules about where these units can operate in communities.

Establishing provincial rules and enforcement:
- establishing a provincial host and platform registry by late 2024 for stronger accountability; and
- launching a provincial short-term rental compliance and enforcement unit to make sure rules are being followed.

Updating how short-term rentals are operated and enforced will contribute to thousands of homes being returned to the market over the next few years, while giving smaller communities and communities that are heavily reliant on short-term-rental-related tourism some flexibility. These areas will be able to choose to opt into the principal residence requirements depending on housing pressures in their communities.

Communities on First Nations reserve land will be exempt from the legislation. Modern Treaty Nations will also be exempt from the legislation but will be able to opt into the legislation, if desired.

This proposed legislation will not apply to hotels and motels. Regulations are also being drafted to exempt additional types of properties, for example, timeshares and fishing lodges, which are not intended to be covered under the scope of the legislation.

This legislation is part of the Province’s Homes for People action plan. Announced in spring 2023, the plan builds on historic action to deliver housing since 2017, and sets out further actions to deliver the homes people need faster, while creating more vibrant communities throughout B.C.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

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Navigating the Rising Mortgage Rates: Selling vs. Renting – Angela Calla On Global News

General Angela Calla 5 Oct

In today’s uncertain economy, making financial decisions can be a daunting task. Have you ever found yourself or a loved one contemplating the idea of selling your home and reverting to renting? It’s a question that’s been on many Canadians’ minds lately. In this article, we’ll explore various options and strategies to help you stay in your home despite the challenges posed by rising mortgage rates and a limited housing supply.

Understanding the Landscape:

The current real estate market in Canada presents some unique challenges. Mortgage delinquencies are stable, and home prices continue to soar due to an influx of newcomers and a constrained housing supply. Families, however, are facing difficulties finding rental properties, making renting not a viable option for everyone. Moreover, interest rates are expected to rise further, with at least one more hike in the near future. Additionally, 1/4 of mortgage renewals are scheduled in the next 2 years, making it a critical time for homeowners to evaluate their strategies.

Exploring Your Options:

Here are some strategies we can help you with to navigate these challenging times:

Switching to Lenders with Longer Amortizations: Consider switching to lenders offering longer amortization periods, which can help reduce your monthly mortgage payments and ease financial strain.

Debt Consolidation: Consolidate debts outside your mortgage to potentially save hundreds or even thousands of dollars in interest.

Modification of Payment Strategies: Instead of accelerated payments, opt for reduced minimum payments, instantly improving your cash flow by up to 8 percent.

Equity Loans: Explore the option of obtaining an equity loan to create a financial buffer for your family.

Reverse Mortgages for Those Over 55: If you’re 55 or older, consider a reverse mortgage as a source of income.

Multigenerational Family Planning: Plan for lump sum contributions from family members as early inheritances to help pay down your mortgage.

Relocating Within BC or to AB, Winnipeg, or Sask: If your employment allows, consider moving to areas with more affordable housing options.

Budget Adjustments:

Many clients are taking proactive steps to realign their finances:

Reducing Car Expenses: Some are downsizing to one-car households or opting for less expensive vehicles.

Income from Renting: Taking in students or renting out parking/storage spaces can provide extra income.

Turning Passion into Profit: Transforming hobbies or passion projects into income-generating activities.

Adjusting Spending Habits: Reviewing and cutting back on unnecessary expenses.

Conclusion:

Navigating the complex world of mortgages and homeownership in today’s economic climate requires careful planning and expert advice. If you’re seeking personalized mortgage advice for you and your family, don’t hesitate to reach out to us directly at 604-802-3983 or via email at angela@countoncalla.ca.

[Link to Video and Full Article: https://globalnews.ca/news/10000476/mortgage-rates-rising-bc-selling-versus-renting/] Navigating the Rising Mortgage Rates: Selling vs. Renting

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Angela Calla on Global News

General Angela Calla 26 Sep

With Wednesday’s relief of the Bank of Canada holding rates, here is a quick segment we did on Global News if you missed it (watch here).

Our hope is that with this pause we will also see a little bit of relief with fixed rates in upcoming weeks, before we evaluate what the Banks of Canada decided to do In October and December.

1 in 5 Canadians will have a mortgage renewal upcoming in 2024, so starting to plan now is ideal.

If you or a loved one have questions on a mortgage, please reach out to us directly by replying to this email or calling us at 604-802-3983 for personalized mortgage advise.

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Self-Employed? We have a mortgage for that!

General Angela Calla 20 Sep

Often times we get calls or emails from those who are disappointed …they spoke to the bank directly on what options are available to make a home or investment property purchase.

Let’s take a look at “why” this happens ( more of a breakdown in my book for purchase here)

Every Bank in Canada only has a few options which may, or may not include what you need as a borrower.

It’s impossible for every lender to have every product!

Simply put, it’s most likely they just don’t have the product you require for your acquisition.

The good news is: You have options!

Canadians have access to mortgage professionals to provide you the power of choice to decide what works best for your financial plan and timelines.

Self Employed Mortgages are generally allocated by lenders in 3 ways

1. Net Income Grossed up 15 percent

Stated Income- derived in-between the gross and the net income by review of financials and add backs – there are a handful of banks ONLY accessible by mortgage brokers that specialize in this lending
Private Lenders- who look more at the equity, credit and actual property for security as a whole for you to obtain your ownership goals.

Redirection can lead to to pauses where we end up finding pauses.

We have dedicated the last 20 years to educating clients directly on this, speaking for influencing partners such as accountants, book keepers, financial planners and lawyers and most recently instructing for local real estate boards in addition to the media.

If you or a loved one want personalized mortgage advise for you or a group you represent please email us directly at angela@countoncalla.ca

Angela Calla is an 19-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.Click here to view the latest news on our blog.

Tempting Rates

General Angela Calla 20 Sep

Beware of Tempting Rates! 🚫💰

Some rates seem too good to be true, and they often are. 😲 Lenders may offer specials, but you’ll lose important mortgage terms and conditions. The bona-fide sales clause locks you with the lender until your term ends (ex. the whole 5 years), limiting your options.

They may also restrict prepayment privileges, preventing you from saving on interest. 💰

Don’t be lured by a slightly lower rate—committing long-term to a limited deal isn’t worth it. ❌

All of this and more in my book (https://loom.ly/uDw_e-k) on Amazon or Audible

#themortgagecode #theangelacallamortgageteam #author #mortgagebroker #mortgageexpert #tricites #countoncalla

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Get your rates holds in for renewal and purchases asap!

General Angela Calla 19 Sep

Roughly 50% of the prices in the CPI are growing more than 5%, which is still very concerning for the Bank of Canada. Market rates moved up meaningfully on the news. With the 5-year government bond yield well above 4%, fixed mortgage rates will increase this week. The odds of another 25 bps rate hike this fall have risen, but there is still another employment report and the September CPI release before the next announcement date on October 25th.

Gasoline prices in September thus far have already risen to 10% above year-ago levels, so September inflation is likely also high. The additional problem for the Bank of Canada is that core inflation measures have also risen and will likely remain sticky on the high side. This has increased the odds of another rate hike this year.

Mitigating the Bank’s inflation concerns is the slowdown in economic activity. Employment growth has slowed as the jobless rate rose to 5.5% and job vacancies fell. Excess demand has also fallen. Financial strains in the household, financial and business sectors are emerging as delinquency rates on non-mortgage debt have soared. A pause in BoC rate hikes is warranted, but if the economy starts to pick up again or core inflation continues to hold steady or rise, additional rate hikes cannot be ruled out.

Bottom Line

If you have a renewal upcoming in the next 6 months or are considering a purchase please get your rate hold in with us today

604-802-3983

angela@countoncalla.ca

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Understanding Responsibilities of being a Co Signer or Guarantor on a Mortgage

General Angela Calla 18 Sep

With changes in qualifying rates, increased housing prices, changes in relationship, it’s not uncommon for a parent, or sibling, aunt or cousin or even strangers to consider working together to achieve there home ownership dreams. The ability to buy a spouse out or even obtain a better mortgage renewal to improve your finances are most Canadians desire and that brings up a very important question.

What will the lenders approve for you to do?

Will they insist that all borrowers are co signer/borrowers? Or ,will they allow a party to the mortgage to go on as a guarantor? Is either of those what the other desires for as they plan for the future?

Being a co-signer or guarantor on a mortgage in British Columbia, Canada, can have significant financial, tax and legal implications. It’s important to understand the pros and cons of each role before making a decision. Here’s an overview of the advantages and disadvantages of being a co-signer vs. a guarantor:

Co-Signer:

Pros:

Helps Qualify for the Mortgage: Being a co-signer can help someone who might not otherwise qualify for a mortgage due to insufficient income or credit history. Your strong financial position can strengthen their application.

Shared Responsibility: As a co-signer, you share the responsibility for the mortgage payments and any associated debt. This can provide a sense of security for the primary borrower.

Builds Credit: If the mortgage is paid on time and in full, it can positively impact your credit score, as the account is reported on your credit history.

Cons:

Financial Responsibility: Co-signing makes you equally responsible for repaying the mortgage. If the primary borrower defaults, you’re obligated to cover the payments. This can lead to financial strain or damage your credit if payments are missed.

Risk to Assets: If the primary borrower defaults and the property is foreclosed upon, your assets may be at risk if the sale proceeds don’t cover the outstanding mortgage balance.

Limited Control: You have limited control over the property. You don’t have full ownership rights, but you’re responsible for the debt. This impacts your ability to obtain credit for borrowing for yourself in future as this loas is included in your ratios. Not living in the property also will trigger property transfer tax and future capital gains taxes potentially.

Guarantor:

Pros:

Assists with Qualification: As a guarantor, you provide a guarantee that the primary borrower will fulfill their mortgage obligations. This can help them secure the mortgage.

Limited Liability: Your financial liability is limited to the guarantee amount specified in the contract. You’re not automatically responsible for mortgage payments.

Maintain Ownership: Unlike co-signers, guarantors typically do not have any ownership stake in the property, so your personal assets are less likely to be at risk.

Cons:

Risk of Paying: While you’re not automatically responsible for payments, if the primary borrower defaults, you may be called upon to cover the mortgage, which can affect your financial stability. This also will be calculated in your ratios limiting future borrowing power. If not living in the property, property purchase tax and capital gains may be applicable

Credit Risk: Being a guarantor can impact your credit if the primary borrower defaults and you’re called upon to cover the mortgage payments.

Limited Control: Similar to co-signers, guarantors don’t have control or ownership rights over the property.

Difficulty Removing Guarantee: It can be challenging to remove your guarantee from the mortgage, as this typically requires the primary borrower to meet certain financial criteria and refinance the loan.

Before becoming a co-signer or guarantor, it’s crucial to carefully review the mortgage agreement and consider consulting with a legal and tax advisor. Additionally, open and honest communication with the primary borrower about their financial responsibility is essential to avoid potential conflicts and financial hardships down the road. It is the borrowers responsibility to ensure they have consulted the appropriate parties prior to funding a mortgage.

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Co-ownership on the rise: How Canadians are responding to housing affordability challenges

General Angela Calla 18 Sep

While many people decide to co-own a home for cultural reasons or to help take care of elderly parents or young children, more Canadians are now turning to co-ownership as a means to combat housing in-affordability.

In 2023, 6% of Canadians said they co-own their home with someone other than a spouse or significant other, with two thirds (76%) of those saying their decision was motivated by affordability challenges, according to a Royal LePage survey.

For those between the ages of 25 and 34, a full 83% said their decision was driven by a lack of affordability.

Of those who currently co-own, 89% are co-owning with a family member, 7% co-own with friends and 8% are co-owning with someone who isn’t a friend or family member.

Nearly half of the respondents say they and their fellow co-owners live in the home together. Another 28% don’t cohabitate while 6% say the property is not used as a primary residence.

A tale of two brothers

British-Columbia-based mortgage broker Angela Calla of the Angela Calla Mortgage Team said she recently worked on a deal involving two brothers in Surrey who decided to purchase a home together.

The brothers were both single, in their mid-twenties and living with their parents while working in the trades. They wanted to move out, but rather than renting, they decided to purchase a home together so they could start building equity, Calla says.

They were each earning about $70,000 a year and could save about $2,500 per month while living with their parents. They ended up purchasing a condo worth $600,000 and made a 10% down payment, contributing $30,000 each.

“Now they were saving money monthly and they were also building equity,” says Calla.

To arrange this, they worked with a lawyer to outline the rules of their agreement, with one important item in their contract being that they can’t have partners living at the house, which could open the door to family law. While this was a small sacrifice, Calla says it was worth it to the brothers, who view this purchase as a stepping stone to being able to purchase their own homes in the future.

“They bought for less than they could be approved for because they know that they’re young and that the next stage of their life would mean that they get in relationships,” says Calla. “You definitely need to consult a lawyer and consider that the life stage that you’re in right now is not the life stage that you’re going to be in in a few years.”

Calla emphasizes that in all cases of co-ownership, it’s essential to meet with a lawyer to discuss the terms of the agreement and how conflicts will be handled should they arise.

“Be very crystal clear about having the discussions about the hard aspects of what can happen,” says Calla. “Speaking to a lawyer who is expert in that is going to be a good guiding force for you in terms of how you’re going to handle those situations when they come together.”

Corporate co-ownership programs on the rise

There has also been a rise of companies dedicated to offering co-ownership options for those wanting to get into the housing market, but who don’t have the means to do so on their own.

One such company is Toronto-based Ourboro, which co-invests up to $250,000 towards a buyer’s down payment, which in turn earns the company a share of the future value of the home.

Lorne Andrews, principal broker at DLC Expert Financial, said he has personally referred many of his clients to Ourboro.

He said one of the advantages of this option is that the homeowners get to live in the home alone and are responsible for the mortgage payments on their own. This helps them build equity and potentially a larger down payment for a better mortgage contract in the future.

“There are many people out there who could afford to qualify for the mortgage, but they don’t have a 20% down payment,” says Andrews. “This could be a great way for people to get involved a lot sooner and not that many people know about it.”

Ourboro requires buyers to have at least a 5% down payment and then they will contribute the remaining amount to get them up to a 20% down payment. Having an uninsured or “conventional” mortgage allows the buyers to get a longer amortization period that would be possible with an insured mortgage. It also allows them to save on default-insurance fees.

“We always recommend this as a stepping stone,” says Andrews. “Get into a home today, build equity, cash out, now go buy your home with the equity that you’ve built in this home over the first four or five years.”

Co-owning is a rising trend in an unaffordable market

Whether deciding to co-own a home with another person or company, co-ownership is quickly rising as an option for many to get a foothold in a housing market that is becoming increasingly unattainable.

“Different generations of families living under one roof is not a new phenomenon, but has been growing in popularity in recent years,” said Karen Yolevski, COO at Royal LePage.

“In a market beset by reduced home supply, escalating prices, tightened mortgage qualification requirements, and the highest borrowing rates in more than two decades, many buyers are having difficulties securing the property that they want,” she added. “By dividing the cost of a home between more people, Canadians can not only get their foot on the property ladder more easily, but also expand their home search to more desirable locations or larger properties that may not have been accessible with their budget alone.”

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Canada Emergency Business Account

General Angela Calla 15 Sep

Canada Emergency Business Account: Government extends repayment and partial loan forgiveness deadlines

Backgrounder

On September 14, 2023, the Prime Minister announced extended deadlines for Canada Emergency Business Account (CEBA) loan repayments, providing an additional year for term loan repayment, and additional flexibilities for loan holders looking to benefit from partial loan forgiveness of up to 33 per cent.

The CEBA program was available from April 9, 2020, to June 30, 2021, and provided $49 billion in interest-free, partially forgivable loans of up to $60,000 to nearly 900,000 small businesses and not-for-profit organizations to help cover their operating costs during the pandemic.

The repayment deadline for CEBA loans to qualify for partial loan forgiveness of up to 33 per cent is being extended from December 31, 2023, to January 18, 2024, recognizing that the end of December is a busy time for many Canadian businesses. This builds on the government’s previous one-year extension announced in January 2022.

For CEBA loan holders who make a refinancing application with the financial institution that provided their CEBA loan by January 18, 2024, the repayment deadline to qualify for partial loan forgiveness now includes a refinancing extension until March 28, 2024. This will allow more small businesses and not-for-profits to access relief and give them more time to hear back from their financial institutions on refinancing applications.

As of January 19, 2024, outstanding loans, including those that are captured by the refinancing extension, will convert to three-year term loans, subject to interest of five per cent per annum, with the term loan repayment date extended by an additional year from December 31, 2025, to December 31, 2026. Put simply, small businesses and not-for-profits will automatically have access to a three-year, low-interest loan of up to $60,000 if they have not repaid or refinanced their loan. This will provide those who are unable to secure refinancing or generate enough cashflow to repay their loans by the forgiveness deadline an additional year to continue repayment at a low borrowing cost.

Repayment on or before the new deadline of January 18, 2024 (or March 28, 2024 if a refinancing application is submitted prior to January 18, 2024 at the financial institution that provided their CEBA loan), will result in loan forgiveness of $10,000 for a $40,000 loan and $20,000 for a $60,000 loan.

Here are examples of how CEBA loan holders can benefit from new repayment flexibility:

Sarah and Nick need to pay off their $40,000 CEBA loan, but are unable to pay the full amount in time to benefit from $10,000 in partial loan forgiveness. On January 19, 2024, their loan converts to a three-year term loan with five per cent interest per year. They will make monthly interest payments of around $167 per month, and will only be required to pay their principal amount just before the term loan repayment deadline of December 31, 2026.
Doug applies for $40,000 in financing from the bank that provided his CEBA loan to pay off his $60,000 CEBA loan. He is unable to receive a response to his refinancing application by January 18, 2024. However, with the new refinancing extension, he has until March 28, 2024, to hear back from his bank and secure new financing to pay off his CEBA loan and benefit from $20,000 in partial loan forgiveness.

Financial institutions will contact CEBA loan holders directly regarding their loans.

The above changes also apply to CEBA-equivalent lending through the Regional Relief and Recovery Fund.

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Province Caps Annual Rent Increase

General Angela Calla 11 Sep

Province caps annual rent increase well below inflation

For the second consecutive year, B.C.’s maximum allowable rent increase is being set below the inflation rate. The maximum increase for 2024 will be 3.5%.

“Across the country, costs have been increasing — especially for housing — at a rate that’s unsustainable for many people,” said Ravi Kahlon, Minister of Housing. “We know that’s the case for both landlords and renters, and that’s why we’ve found a balance to protect renters while helping to keep rental units on the market.”

The rent cap of 3.5% is well below the 12-month average inflation rate of 5.6% and applies to rent increases with an effective date on or after Jan. 1, 2024. If landlords choose to increase rent, they must provide a full three months’ notice to tenants using the correct Notice of Rent Increase form. B.C. landlords can increase rent only once every 12 months.

The Province has been taking steps to support renters throughout British Columbia. Before 2018, the annual allowable rent increase was based on the inflation rate plus 2%. Following a recommendation by the Rental Housing Task Force, the rent increase was reduced to just the inflation rate. A rent increase freeze was put in place in 2020 and 2021 to support renters during the COVID-19 pandemic. To protect renters from high inflation in 2023, the Province capped rent increases at 2%, well below the 5.4% inflation rate that would have otherwise applied.

“With renters facing a possible rent increase of almost 6%, the government listened to the voice of renters and acted, and I’m so glad they have,” said Spencer Chandra Herbert, Premier’s Special liaison for Renters, former chair of the Rental Housing Task Force and MLA for Vancouver-West End. “We also know people renting out homes are facing increased costs and want to make sure they continue to make places available for long-term renters.”

The 2024 maximum allowable rent increase is significantly less than what it would have been prior to changes made by the Province in 2018 that limited rent increases to inflation. As inflation returns to normal levels, the Province intends to return to an annual rent increase that is tied to B.C.’s Consumer Price Index in future years. Under the previous government, maximum rent increases could include an additional 2% on top of inflation. This change has saved families hundreds of dollars.

Since 2017, the Province has taken steps to better protect renters, including banning illegal renovictions and strengthening the financial penalties for landlords who evict tenants in bad faith. A renoviction is an eviction that is carried out to renovate or repair a rental unit.

In addition, government provided the Residential Tenancy Branch (RTB) with $15.6 million in additional funding to improve services and reduce delays. The capacity of the RTB’s Compliance and Enforcement Unit was also increased to allow for earlier interventions and to eliminate the need for hearings in the first place.

Quick Facts:

If a landlord served a tenant with a Notice of Rent Increase that takes effect in 2023 using the 2024 annual allowable rent increase, it is null and void and the tenant does not have to pay it. They must follow the set rent increase for 2023.
The maximum allowable rent increase is defined by the 12-month average per-cent change in the all-items Consumer Price Index for B.C. ending in July the year prior to the calendar year for which a rent increase takes effect.
For example, if a rent increase takes effect in 2025, the maximum allowable rent increase is the 12-month average per-cent change in the all-items Consumer Price Index for B.C. ending in July 2024.
The 2024 maximum increase for manufactured-home park tenancies will be 3.5%, plus a proportional amount for the change in local government levies and regulated utility fees.
The rent increase does not apply to commercial tenancies, non-profit housing tenancies where rent is geared to income, co-operative housing and some assisted-living facilities.

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Angela Calla, AMP

Host of The Mortgage Show

The Bank of Canada

Legislation introduced to rein in short-term rentals, deliver more homes for people