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Akelius Residential halts renovation strategy after UN scandal

Akelius Residential halts renovation strategy after UN scandalControversial corporate landlord Akelius Residential will no longer focus on renovating buildings after facing a backlash from the United Nations and its tenants.It plans to cut construction staff by 400 by the end of 2022 and focus on new builds, as well as upgraded properties.It commented that the good times for upgrading properties that require extensive renovations are over.Akelius still targeted doubling its portfolio of properties over the course of the next decade. The Sweden-based company manages a total of 44,000 rental apartments.In May the UN accused the firm of breaching the international human rights of its tenants by having them live in poor conditions, aggressively increasing rents and threatening evictions. In countries with rent controls the company was accused of renovating properties with the end goal of hiking rents.The UN communication was sent to the governments of Canada, Germany and the UK.Since Akel…

PROVINCE TABLES ITS "RENT FREEZE" LEGISLATION

PROVINCE TABLES ITS "RENT FREEZE" LEGISLATION: HERE ARE SOME DETAILS

Note that this legislation is first reading only and the Bill is subject to change. 
Today the Province tabled its amendments to the Residential Tenancies Act (RTA) to implement its previously announced "rent freeze" for calendar year 2021. A link to the full text of the legislation is available here:  Bill 204 .Here are the main features of the amendments:
"Rent Freeze Period": It is currently limited to January 1, 2021 to December 31, 2021.
2021 "Guideline" Increase is 0%: The effect of this is to prevent the issuance of a Notice of Rent Increase (NORI) that relies entirely on the Guideline.  If you do not have an AGI order (or phase in of an order) or a pending unapproved AGI application currently in place and are only entitled to a Guideline increase, you are unable to increase the rent at all unless you otherwise fall into an "exemption" below.  Note that because the…

TIME FOR ONTARIO LANDLORDS TO TURN ON THE HEAT SEPTEMBER 15, 2020

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It's September 15! That means that as of today Toronto's heat bylaw is in effect. Landlords are required to provide heat to a residential dwelling at a minimum of 21 degrees Celsius between September 15 and June 1 of each year. If your apartment is colder than 21 degrees Celsius, you can report this to Municipal Licensing and Standards (MLS) by calling 3-1-1 and reporting a Vital Services violation.Info on Vital Services Hope this helps you stay warm as winter approaches!FMTA
http://www.torontotenants.org/

ONTARIO WILL INTRODUCE LEGISLATION THIS FALL TO FREEZE RENT FOR SOME FAMILIES NEXT YEAR.

Ontario to freeze rent for some families, promising new bill this fallTORONTO — Ontario says it will introduce legislation this fall to freeze rent for some families next year. Municipal Affairs Minister Steve Clark's office says in a statement that the proposed rent increase for 2021 was to have been 1.5 per cent. about 18 hours ago By: Canadian Press TORONTO — Ontario says it will introduce legislation this fall to freeze rent for some families next year.Municipal Affairs Minister Steve Clark's office says in a statement that the proposed rent increase for 2021 was to have been 1.5 per cent. But the government says if the bill passes it will mean the "vast majority of families" will not see their rent increase at all next year.The province says it will consult tenant and landlord groups to ensure the new bill is balanced.The legislature returns for its fall session on Sept. 14, and Clark's office says he will introduce the bill in the coming weeks.The government s…

AKELIUS RESIDENTIAL PROPERTIES REVISES BUSINESS MODEL AND CONSIDERS REDUCING STAFF.-- Akelius believes that the good times for upgrading such properties are over.

Akelius revises business model and considers reducing staff
double the size in ten yearsAkelius ambition is to double the size of the property portfolio in ten years.
With a strong financial position and properties in growing metropolitan cities, this is achievable.The market for properties with need for extensive construction work has changed.
Akelius believes that the good times for upgrading such properties are over.
Akelius thereby decreases the focus on properties needing extensive construction in order to achieve the financial targets.
The company will focus on newly developed properties.Akelius stops construction related technology development.possible reduction of 400 staff until end 2022Akelius has taken the first steps to initiate consultations with trade unions affected regarding a reduction of the number of staff predominantly within the construction, construction related and technology areas.115 staff throughout the group are immediately affected and will be presented with vol…

AKELIUS CANADA TORONTO - LOWER'S RENTS AND ADDS INCENTIVES TO ATTRACT NEW TENANTS. IF YOU MOVED IN BEFORE MARCH 2020 YOU ARE PAYING $200.00 TO $400.00 PER MONTH MORE IN RENT.

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RENTS ARE BEING REDUCED ON NEW RENTALS. RENTAL LISTINGS AUGUST 24, 2020. PARKING HAS BEEN REDUCED. SAMPLE ADSListings on Kijiji also mention $150.00 gift certificate along with one-month free rent included Samples of reduced rents at 111 Lawton Blvd as of August 24, 2020.