Condominium (4)

Austin Towers has been the go-to resource for the downtown Austin condo market, since 2007. In general, condominium unit owners can rent their home to tenants , similar to renting out other real estate, although leasing rights may be subject to conditions or restrictions set forth in the declaration (such as a rental cap for the total number of units in a community that can be leased at one time) or otherwise as permitted by local law. Once they move out, a landlord can boost the rent above Ontario’s new limit, which is up to inflation and is capped at 2.5 per cent.

Speculation is rife in the industry that one of the unintended consequences of Ontario’s new stronger rent control rules, which target buildings constructed after 1991 and, therefore, new condos, is that developers will push for smaller units because their tenants don’t stay long term since they will …