The Ontario housing minister vows that the province will soon unveil new "rental controls" to address the skyrocketing cost to lease a home in and around Toronto. Ontario housing minister vows to boost rent control after CBC Toronto series3:421991 loopholeBallard's comments come a few hours after NDP MPP Peter Tabuns said he would table a private member's bill that calls for an end to the so-called 1991 rule, which exempts property built after Nov. 1, 1991 from provincial rent control. '3:01But tenancy advocates argue that the move didn't spur the necessary level of rental property development — and Ballard told CBC Toronto that he agrees. (CBC)A number of landlords' and tenants' associations that reached out to CBC Toronto as part of the No Fixed Address series say the 1991 rule has created a "two-tiered system." Right now, the condo apartment vacancy rate in Toronto sits at one per cent — the city's lowest in seven years.

Source: CBC News March 16, 2017 21:59 UTC