Sat. Mar 2nd, 2024

La

Open in full screen mode

The majority of tenants in the Quebec can already expect, in 2024, to experience a rent increase greater than that of 2023.

  • Félix Morrissette-Beaulieu (View profile)Félix Morrissette-Beaulieu

Speech synthesis, based on artificial intelligence, makes it possible to generate spoken text from written text.

The Administrative Housing Tribunal (TAL) revealed on Tuesday its adjustment rates on which owners of residential buildings in Quebec must base themselves to calculate their rent increases in 2024. This rate is higher than that of last year with an average increase of 4% for electrically heated accommodation.

In 2023, the TAL had granted an average of 3.5% rent adjustment for this type of accommodation in cases that had been heard in court. This rate takes into account capital expenditures. This was the biggest adjustment since 2015.

The majority of tenants in Quebec can therefore already expect to experience, in 2024, a higher rent increase than that of last year.

The rates revealed on Tuesday are those given by the TAL rent increase calculation tool. These percentages make it possible to determine the amounts allocated to each of the components of the calculation according to the actual expenses incurred by an owner. This is a reference tool which does not take into account the specificities of several buildings.

Unlike last year, the proportion linked to natural gas and fuel oil is down sharply. However, the share of maintenance, service and management costs as well as capital expenditures are increasing.

Start of widget. Skip the widget?End of widget. Return to start of widget?

The TAL estimates the average increase for unheated or electrically heated housing at 4.6% for 2024. In the case of a rent of $1,000, this is #x27;an increase of $46 monthly for the tenant. In 2023, the adjustment rate was instead 2.3%.

For homes heated with natural gas, the increase is 3.9%, or $39 more per month for $1,000 in rent. This is a lower adjustment than 2023, which had been around 5.2%.

LoadingThe Parti Québécois will reassess its immigration thresholds

ELSEWHERE ON INFO: The Parti Québécois will reassess its immigration thresholds

Good news for tenants of oil-heated housing: the average increase is 1.6%, or $16 more monthly for a rent of $1000. This increase is considerably lower than that of 2023 (+ 8%) for this type of housing, which had suffered a sharp increase in 2023.

All examples above include municipal taxes.

Start of widget. Skip the widget?End of widget. Return to start of widget?

The Regroupement of housing committees and tenant associations of Quebec (RCLALQ) is concerned about the consequences of these heavy increases.

[…] Even if the increase rates published last year by the TAL were very high, the majority of owners offered their tenants abusive increases which far exceeded these rates, estimates the organization. p>

The RCLALQ once again asks the Minister of Housing to decree an immediate freeze on rents and then establish real rent control which would make the use of Administrative Housing Tribunal rates mandatory.

The Corporation of Real Estate Owners of Quebec (CORPIQ) for its part considers that the adjustment rates are insufficient in the eyes of many owners.< /p>

The rent increase could well exceed 6% taking into account more pronounced increases in municipal taxes, insurance and renovation costs, estimates CORPIQ by way of The increase does not take into account the real costs for homeowners, who must face rising interest rates.

The rise in interest rates has very serious effects on both the construction of new housing and the ownership of housing. The easing of interest rates hoped for in 2024 could help, but the gap between revenues and costs will remain difficult to bridge, estimates the general director of CORPIQ, Benoit Ste-Marie.

Rent increases: Quebec announces its new adjustment rates

  • Félix Morrissette-Beaulieu (View profile)Félix Morrissette-BeaulieuFollow

By admin

Related Post