Rental increase + lease - condo in Markham (GTA)
I live in a condo I've been renting, since April 2016. This is in Markham, a newish condo built around 2014. Initially, I took the lease over from a friend who moved out. I'll try to keep this brief:
- April 2016 - September 2016 - 6 month lease agreement was signed @ 1200.00/month
After the above period, the landlord agree to month-to-month with three post-dated cheques - but increased the rent. So then it was:
- October 2016 - present - month-to-month with three post-dated cheques, @ 1325.00/month.
The landlord has informed me that they want me now to sign a 1 year lease from October 2017 - at another rent increase (not sure how much).
By law, is there a limit on how much they can increase my rent - and by law, do I have to sign a one year lease agreement?
Please let me know --- thank you.
P.S. I found a guideline newly passed which says the increase can be no more than 1.5%. So I guess I'm more wondering about the forced one-year lease agreement.
I should mention - I've been a very good tenant, never any late payments, and the place still looks new (1 bedroom and I live alone)