Toronto House Rent Reduced from $30-$100

[jnathan]

Rent Reduction Is an Early Christmas Present for 128,000 Toronto Tenants

http://news.nationalpost.com/2010/12/14/city-sends-out-‘automatic-rent-reduction’-notices-to-tenants/

Natalie Alcoba Dec 14, 2010 – 5:17 PM ET | Last Updated: Dec 14, 2010 6:07 PM ET
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It's not everyday that the City of Toronto tells you to pay less. But that's exactly what one quarter of the city's rental households are learning this week, as tenants open up mail announcing an “automatic rent reduction.”

The package, sent to 128,109 households, outlines everything a renter needs to know in order to start paying less rent as early as Dec. 31, 2010. If you got a letter, it means you are eligible for a decrease because the property tax on your building has been lowered by more than 2.49% during 2010.

“Tenants of buildings with more than six units generally pay about 20% of their rent toward property taxes, so if taxes go down, they are entitled to reduce their rent by 20% of the reduction,” according to a press release issued by the City of Toronto Tuesday. “For buildings with six or fewer units, the percentage is 15.”

The Canada Mortgage and Housing Corporation pegs the average rent in Toronto CMA as $1123. That means that a property tax decrease of 2.5% translates into $5.61 less rent a month, or $67.32 a year, said Patricia Anderson, a spokeswoman for the city's shelter, support and housing division.

If you didn't get a letter, it means you're not entitled to an automatic decrease, but may still apply to the Landlord and Tenant Board for one. Landlords can also try to fight the reduction.

All rules are established by provincial legislation. The rent reduction provisions in the Residential Tenancies Act apply only to private rental buildings occupied as residences before Nov. 1, 1991, which means newer buildings are not covered. There are other exemptions.

 

[(INDIAN)]

Rent Reduction Is an Early Christmas Present for 128,000 Toronto Tenants

http://news.nationalpost.com/2010/12/14/city-sends-out-‘automatic-rent-reduction'-notices-to-tenants/

Natalie Alcoba Dec 14, 2010 – 5:17 PM ET | Last Updated: Dec 14, 2010 6:07 PM ET
Comments Email Twitter in
Share

It's not everyday that the City of Toronto tells you to pay less. But that's exactly what one quarter of the city's rental households are learning this week, as tenants open up mail announcing an “automatic rent reduction.”

The package, sent to 128,109 households, outlines everything a renter needs to know in order to start paying less rent as early as Dec. 31, 2010. If you got a letter, it means you are eligible for a decrease because the property tax on your building has been lowered by more than 2.49% during 2010.

“Tenants of buildings with more than six units generally pay about 20% of their rent toward property taxes, so if taxes go down, they are entitled to reduce their rent by 20% of the reduction,” according to a press release issued by the City of Toronto Tuesday. “For buildings with six or fewer units, the percentage is 15.”

The Canada Mortgage and Housing Corporation pegs the average rent in Toronto CMA as $1123. That means that a property tax decrease of 2.5% translates into $5.61 less rent a month, or $67.32 a year, said Patricia Anderson, a spokeswoman for the city's shelter, support and housing division.

If you didn't get a letter, it means you're not entitled to an automatic decrease, but may still apply to the Landlord and Tenant Board for one. Landlords can also try to fight the reduction.

All rules are established by provincial legislation. The rent reduction provisions in the Residential Tenancies Act apply only to private rental buildings occupied as residences before Nov. 1, 1991, which means newer buildings are not covered. There are other exemptions.

DEAR BRORTHER jnathan,
UR ALL POST ARE VERY INFORMATIVE.+1 FOR U
GODBLESS U
INDIAN