It is with excitement that we report that the AGI has been significantly reduced. The number in the application was: 2.7%. The number successfully negotiated by the HPTA at the hearing (Dec. 4, 2012) is 1.95%. Minto negotiated in good faith. Members of the HPTA now have a reduced A.G.I. of 1.95% instead of 2.7%.
Within 90 days of the hearing, information about this adjustment will be sent by the Landlord and Tenant Board to all tenants listed on this AGI application. Minto will also contact tenants about the necessary adjustments. This means:
- If you did not pay the AGI, you owe Minto the 1.95% increase.
- If you paid the 2.7% increase, Minto owes you money.
Please note. You will not receive cash but a credit towards your rent (the difference between 2.7% and 1.95%).
Don’t forget. The 3.1% stays as it is a provincial mandatory increase, and this AGI applies from the anniversary date of your lease agreement.
We want to thank our paralegal and the 20 tenants who showed up at the Board for support and encouragement. This contributed to our success. We were strong in respect and unity.