Tuesday, April 24, 2007

The Results Are In

Here we go stability without stifling the market. One year's notice for a condo conversion is a little long if you are an investor looking to do flip out condos you will have to budget for that year. This will definitely help slow down the market.

"The Alberta government is changing some of the rules governing rent hikes, but won't go as far as implementing rent control, Housing Minister Ray Danyluk announced Tuesday.

Under changes to be introduced in the legislature, landlords will only be allowed to increase rents only once a year instead of twice.

And landlords wanting to kick a tenant out to do major renovations or convert a rental to a condominium will have to give at least one year's notice and won't be allowed to increase the rent during that time.

Even though there is no cap on what the rent increase can be, Danyluk said he isn't worried that renters will get gouged.

"I don't believe that it's going to jack up the price, but it gives some stability for the renter to know that he does have stability for an extended period of time."

By 2010, the provincial government will also introduce a province-wide program to help landlords and tenants resolve disputes outside court, Danyluk said." CBC News