Toronto condo residents shocked by massive rent hike
It's not easy to find an affordable place to live in Toronto, especially in popular neighbourhoods in and around the downtown core.
And while rental prices are climbing in general, a pair of tenants in Liberty Village were in for a nasty surprise when they recently got a letter detailing their annual rent increase.
As CBC News reports, the tenants got a letter from their landlord saying that rent on their two bedroom condo unit was increasing from $1,660 to $3,320.
While this might seem absurd, it's all kosher thanks to the lack of rent control (Bill 96) on buildings (and units) built or occupied after October 31, 1991.
Yesterday, as CBC notes, the city's tenant issues committee and the affordable housing committee held a joint meeting to address rising rental prices in Toronto.
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