The HPTA is delighted to report that, at the Landlord and Tenant Board today, it has negotiated a significant decrease in the 2014 Minto AGI.
The Landlord was asking for a 3.00% rent increase above the guideline. We successfully negotiated a 2.15% increase instead. Our AGI committee scrutinized the file, line by line (a 1,500+ page document) and asked for the removal of some items to which the landlord agreed. We want to thank Minto for negotiating in good faith.
What does that mean for tenants?
Tenants will receive a notice from the Landlord and Tenant Board stating the decisions: the parties agreed to an above guideline rent increase of 2.15% instead of 3.00%.
Tenants and Landlord will pay or repay what they owe to each other within 90 days of the date of issuance of the notice.
If a tenant paid the 3.00%, Minto will apply a credit towards future rents. If a tenant did not pay the AGI, the tenant will have 90 days to pay Minto the amount owed.
Minto has committed to start readjustment calculations promptly. Tenants will be contacted within 90 days of the notice, or earlier. We thank tenants for their patience in giving the landlord time to adjust accounts.
Some Things to Remember
The provincial rate of increase for 2014 was 0.80% and is 1.60% for 2015.
Rent amounts must be calculated from the anniversary date of leases (the date on which the lease is renewed) : 2.15% (AGI) + the provincial rate of increase that applies.
Tenants must keep the notice received from the Landlord and Tenant Board. It contains valuable information on rent reductions related to Capital Expenditures. This section of the notice is usually labelled: “Section 4: Rent Reduction related to Capital Expenditures”. It is the responsibility of tenants to claim that reduction, when time conditions are met (“useful life “). Tenants are strongly advised to read this part of their notices carefully to benefit from this provision.
The HPTA would like to thank the dedicated volunteers of the AGI committee who worked tirelessly behind the scene to help achieve these results. Thank you!
[April 15, 2015]