Starting January 1st, the criminal interest rate on predatory lending will be lowered, meaning it should be safer to take out payday and installment loans. But these businesses have a tendency to skirt the law, adding unexpected fees and insurance rates to keep borrowers in the hole.
Carrying signs and instruments, a group of tenants facing eviction staged a protest one evening last week in front of a home in one of Toronto’s most upscale neighbourhoods. They said the homeowner was Ontario’s most prolific “renovictor,” Michael Klein.
Debbie Staples vividly remembers the day she was told she would have to leave the Vanier apartment she had called home for 18 years. “I cried,” she said. “I grabbed a garbage bag, started cleaning out my closet and throwing clothes in my bag.” A new landlord took over Staples’ building, promising no changes. A week later, they offered $5,000 in a “cash for keys” deal. A week after that, Staples and her neighbours received N13s.
The maximum interest rate that creditors can legally charge is set to drop in the new year, but consumer affairs experts and advocates are now urging Ottawa to expand the kinds of borrowing costs covered by the cap, warning the lower limit will likely spur high-cost lenders to turn to ancillary charges.
As climate change fuels hotter summers and more extreme heat events, Toronto is taking steps to protect tenants in apartments without air conditioning. The city’s planning and housing committee approved a staff report on Thursday, recommending adoption of the city’s first maximum heat bylaw, aimed at reducing health risks.
When Syed Noman Ali opened the new lease papers from his landlord in May, it was yet another rent increase, the second in as many years. In 2022, Ali had been paying $1,425 a month, plus $50 for parking, for his low-rise three-bedroom unit. When Avenue Living, the Calgary-based real estate owner and operator, took over the building that same year, it raised his base rent to $2,125. It now wanted $2,450.
