Toast to the King - Canada and Rotary: President Gordon
Attendance: Present 10 Members
Guests: Susan Roper ADG
Gerd was asked to give a talk on rent control at very short notice because there was no speaker.
Some excerpts from Gerd's talk:
Rent control in Ontario refers to a system of rent regulation in Ontario, Canada,which limits the amount by which the rent paid by tenants for rental accommodation can increase. It applies to any unit that was first occupied for residential purposes before November 15, 2018
Every June, the Ontario government announces the rent increase guideline for the following year. In theory, most rents cannot increase by more than this guideline. However, there are loopholes, and rents do increase more than this. Interpretation can affect rent control calculations based on the rate of inflation.
Rent controls are in place to protect the sitting tenant. When a new tenant takes over the unit, the landlord does not limit the rent.
Landlords can charge for various repairs or upgrades, but large rental companies seldom do this. Sometimes, this can cause more upset than it is worth. Gerds company prefers to maintain a warm relationship with its tenants.
Over the past ten years, there has been a growing trend for investors to buy condominium units to generate income, buying two units in the hope that the rent will cover the mortgage charges. However, with increased mortgage rates over the past two years, this is proving to be unprofitable and could trigger the collapse of this type of investing.
Susan reminded everyone of the Foundation Walk on Sunday. Alan, Cheryl, and the grandkids, along with Danny, attended the walk.
Gordon and Dhanni reminded everyone about the Gala and the number of tickets that needed to be sold.
Basil
Basil fined everyone who didn't know the name of the current Rotary International President.
With nothing else for the good of Rotary, President Gordon closed the meeting.
Basil
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