The proposal is due to be discussed at a meeting Thursday, thestar.com reports, and if agreed the scheme could be in place by January 2017. It could mean a charge of around $15 per year per building to cover the cost of operation and landlords could face fines of up to $100,000 for failing to comply with regulations.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Landlords may require a license to operate residential rentals in Toronto under a city council proposal. Rental buildings with at least 10 units would be covered by the scheme but condos and co-ops would not. The plan has been revealed in a city staff report.