AKELIUS CANADA LTD - TORONTO PROPERTY HISTORY REPORTS

RENT INCREASE MARCH 1, 2023 The following email is one of many sent to Akelius Canada Ltd. personnel including a registered letter to their legal staff starting on August 31, 2022. On October 19, 2022 Email sent to-   Property Administrator:: Neusha Shahriar Husain:  Neusha.Shahriar@akelius.ca               Head office personnel:   toronto.servicecentre@akelius.ca            Property Manager:  Gregory Simon:  gregory.simon@akelius.ca Email excerpt:                       This email is to inform you I received today October 19, 2022, Akelius Canada Ltd.   N1 notice of rent increase for January 1, 2023. Notice was back-dated on September 28, 2022. The point here is the notices were delivered by hand and deposited into the tenant’s mailboxes on October 19, 2022. Instead of the minimum 90-day notice by Ontario law, this results in a 73-day notice making it a violation of the Residential Tenancies Act, 2006, S.O. c. 17. It is the responsibility of Akelius Canada Ltd. to issue a new N1 notice

On October 19, 2022, a number of tenants if not all tenants received their N1 notice of rent increase from Akelius Canada Ltd. not signed and backdated to September 28, 2022. Rules for rent increase In most cases, the rent for a residential unit can be increased 12 months after either: the last rent increase the date the tenancy begins The landlord must give a tenant written notice of a rent increase at least 90 days before it takes effect. The  proper forms  for this notice are available from the Landlord and Tenant Board. If your landlord has not provided the proper notice, or you believe that your rent has been raised by an improper amount, you can dispute it at the  Landlord and Tenant Board  within 12 months after the amount was first charged. NOTE: Tenants who are entitled to the 0.82% above guideline rent reduction (see the previous post for an explanation) your N1 rent increase form is wrong and does not include the discount which took place on October 1, 2022. T

Ontario residential rent increase guideline for the year 2023 has been listed on the Ontario government website at 2.5% www.ontario.ca Previous rent increase guidelines The chart below illustrates yearly rent increases, in Ontario, from 2015 to 2023. Year guideline (%) 2023 2022 2.5 1.2 2021 0 2020 2.2 2019 1.8 2018 1.8 2017 1.5 2016 2.0 2015 1.6

Akelius Residential halts renovation strategy after UN scandal   Controversial 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 an

Akelius revises business model and considers reducing staff double the size in ten years Akelius 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 2022 Akelius 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 presente

RENTS ARE BEING REDUCED ON NEW RENTALS. RENTAL LISTINGS AUGUST 24, 2020. PARKING HAS BEEN REDUCED.  SAMPLE ADS Listings 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. 111 Lawton Boulevard Yonge-St. Clair Toronto, ON, M4V 1Z9 studio 350 sqft floor 3 APT 307 CAD 1,495 was $1750.00 bathrooms 1 available from 2020-09-01   111 Lawton Boulevard Yonge-St. Clair Toronto, ON, M4V 1Z9 bedrooms 1 525 sqft floor 10  APT 1006 CAD $1,750 was $2095.00 bathrooms 1 available from 2020-09-01 111 Lawton Boulevard Yonge-St. Clair Toronto, ON, M4V 1Z9 studio 350 sqft floor 9 APT 907 CAD $1,550  was $1750.00 bathrooms 1 available from 2020-08-24   111 Lawton Boulevard Yonge-St. Clair Toronto, ON, M4V 1Z9 bedrooms 1 525 sqft floor 6 APT 606 CAD $1,895  was $2195.00 bathrooms 1 available from 2020-08-24 Rents are being red