Today I want to talk about above-guideline rent increases. Every week, we talk to residents in buildings who are facing an above-guideline rent increase. When we talk to them, their reaction is fear and worry and confusion, because they already pay rent that is so high, and then they’re getting another rent increase. They’re very worried about it.

A new report just came out showing that it is actually Canada’s biggest and most profitable landlords that are using and abusing the AGI system. They are frequently applying for and getting above-guideline rent increases approved by the Landlord and Tenant Board. Almost all of these companies can easily cover the cost of maintaining their buildings with the millions they collect in rent. They are some of the most profitable companies in Canada. But they are choosing to apply for an above-guideline rent increase because Ontario law lets them get away with it. And it is renters who pay the price.

We have also discovered a very new, worrying trend, which is that once an above-guideline rent increase expires and renters are eligible for a rent reduction, the landlord is failing to tell them about it and not giving them the rent reduction that they are entitled to and deserve.

We raised this issue with the Attorney General. And what was his response? He dismissed it. I think that is a shame.

It is time to bring in strong rent control in Ontario and crack down on AGI abuse. The affordability of our province is at stake.