The Hearing took place today (May 22, 2013). We were successful in reducing the AGI (Above Guideline Increase).
The HPTA’s position is that the rents are too high. Because of the Residential Tenancies Act (RTA), this factor is no longer taken into consideration by the Landlord and Tenant Board when granting AGIs to landlords.
Thank you to all Vertica tenants who came to the hearing. Your input and help contributed to this reduction.
- The mandatory increase by the Province: 2.5%
- The increase applied for by Vertica : 3.9% spread on two years. (*)
- The decrease negotiated by the HPTA: 3.4% on two years → 2.70% first year (2013) → .70% second year (2014)
(*) AGI amount varies according to tenancy conditions.
1) You will receive a notice from the Landlord and Tenant Board informing you of the rate we negotiated (3.4%).
2) If you did not pay the AGI (indicated on your lease renewal), you have 60 days from the date of issuance (the issuance date will be on the notice) to pay what you owe Vertica from the anniversary date of your lease.
Example: If your lease is renewed on Sept 8, and you have not paid the AGI, you need to apply a 3.4% increase to your former rent. Calculate the difference and apply it to each month to today. Add the total. This is the amount you owe Vertica. Remember: You have 60 days to pay Vertica.
3) If you paid the AGI of 3.9% or any other amount, Vertica owes you the difference between 3.9% (or any other amount) and 3.4%. For accuracy, calculate this amount yourself. Vertica has 60 days from the issuance date to reimburse you this difference.
Reimbursement: Most landlords issue a credit note towards next rent.
Thank you again to the Vertica tenants who came to the hearing prepared, with photographs, notes and suggestions.