Ontario implements moratorium on residential rent prices
Ephraim Vecina
Mortgage Broker News
The Ontario government has announced that it will be freezing the province’s residential rent prices throughout 2021.
Premier Doug Ford said late last week that Ontario’s roughly 1.7 million renters will benefit from manageable rent prices from Jan. 1 to Dec. 31 next year if the Helping Tenants and Small Businesses Act gets passed.
Among the act’s chief provisions is that residential and commercial rent increases will be capped at 1.5%, CTVNews.ca reported.
“This is a difficult period for everyone, especially for families who are struggling right now,” Ford said. “The last thing I want any family to worry about right now is whether or not they can afford to stay in their homes.”
The act will also extend Ontario’s commercial eviction ban, which was in place from May 1 to Aug. 31 this year, to as far as Oct. 30.
“We won’t rest until every person, every business, every community can get back on their feet,” Ford said.
Earlier this month, the provincial government said that it is working with the federal administration to implement an upgraded Canada Emergency Commercial Rent Assistance (CECRA) program. According to industry organizations, more than 20,000 landlords in Ontario – affecting approximately 44,500 commercial tenants – had applied for CECRA as of late August.
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