STOP ABOVE GUIDELINE RENT INCREASES DURING 2016
2016 WILL SEE ONTARIO LANDLORDS INCREASE THEIR RENTS BY 2% THANKS TO THE ONTARIO GOVERNMENT. THIS INCREASE IN THEIR REVENUE STREAM WILL INCREASE THE VALUE OF THEIR PROPERTIES. ALREADY THE VALUES ON APARTMENT BUILDINGS AND RESIDENTIAL HOMES WITHIN THE CITY OF TORONTO HAVE GONE THROUGH THE ROOF. SO WHY IS IT THIS SAME GOVERNMENT ALLOWING LANDLORDS TO CLAIM FURTHER ABOVE GUIDELINE INCREASES FOR WORK ON THEIR PROPERTIES THEY SHOULD BE REPAIRING AND MAINTAINING? IT'S TIME TO PUT AN END TO ABOVE GUIDELINE INCREASES.
SAMPLE SALES OF APARTMENT BUILDINGS IN PREVIOUS YEARS
111 Lawton Blvd. Toronto located at St. Clair Ave and Yonge St. sold for a record $46,000,000.00 August 10, 2015
Maple Leaf Quay Toronto, a three-building, mixed-use apartment complex located at the base of the CN Tower, sold March 28, 2013 for $150.5 million ($282,000 per unit) after adjusting for capital expenditures.This sale price represents an increase of 328 per cent from when the vendor originally acquired the property in 1996 for $46,000,000.00 from the original builder (1988). How much would it sell for today?
265 Russell Hill Road Toronto purchase by Akelius Fastigheter AB. for $9,204,000.00 ($191,750.00 per unit) February 1, 2013. Previous selling price $3,650,000.00 February 1, 2006
798-800 Richmond Street West Toronto sold August 29, 2012 for $75,000,000.00 Units 556 per $134,892.00 Previous selling price $22,320,000.00 February 26, 2003
263 Russell Hill Road Toronto purchase by Akelius Fastigheter AB. for $9,971,000.00 ($207,279.00 per unit) February 1, 2013. Previous selling price $3,650,000.00 February 1, 2006
5 Hartham Place North York sold June 1, 2011 for $1,750,000.00. 26 Units at a price of $67,308.00 per. Building resold October 1, 2013 for $4,000,000.00. Unit price now $153,856.00 per.
35 Tobermory Dr. North York sold February 4, 2004 for $8,160,000.00 130 Units $62,769.00 per. Building resold April 2, 2013 $13,260,000.00 increasing the value of each unit to $102,000.00.
12-24 Leith Hill Rd. North York sold June 30, 2011 for $31,085,000.00 224 Units $138,772.00 per. Two years later on August 23, 2013 building sold for $35,000,000.00 increasing value of each unit to $156,250.00.
Finally
125 Bamburgh Cir. Scarborough sold December 17, 2002 for $33,833,600.00. Sold again February 1, 2010 for $40,000,000.00 and sold again October 1, 2012 just two years later for $55,000,000.00. Total of 332 units. $165,663.00 per.
Once again my question is why are landlords allowed to claim above guideline increases and where are the politicians who constantly say during elections they are here to protect renters?
All information for the above real estate transactions are public record and available from various real estate websites.
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