Everything old is new again: Will the return of a broader rent control regime haunt the Ontario real estate bar?
For decades the existence of rent control has posed a risk to Ontario real estate lawyers acting on the purchase and mortgaging of residential rental property. The range of affected properties is immense: From a basement apartment to a rented single family house to the largest multi-residential complexes in the province, many real estate files can involve residential rental issues like rent control.
The Rental Fairness Act, 2017 introduced amendments to the Residential Tenancies Act, 2006 (“RTA”). The amendments were largely focused on expanding rent control and ensuring the continued availability of affordable and predictable rentals in Ontario. The changes forced many landlords of small and large residential real estate properties to pay attention to rent control for the first time from an operational perspective. This articleexamines the red flags for lawyers involved in the conveyancing of residential real estate where tenancies are in place or anticipated.