Toronto City Council is poised to vote on commercial rent reform on May 22, potentially bringing significant changes to the city’s commercial rental market. Spearheaded by City Councillor Josh Matlow, the motion supports 3/4 of the Better Way Alliance’s Commercial Renter Bill of Rights, advocating for a Standard Lease, Affordable Dispute Resolution, and Predictable Rent Increases/Changes. This initiative aims to address the challenges faced by both tenants and landlords in an outdated system.

With commercial rent increases soaring by 20% between 2021-2023, many businesses are struggling to cope, leading to closures and relocations. According to data from the Better Way Alliance, over half of surveyed businesses reported rent representing more than 60% of their overall expenses. Other municipal governments across Canada are also grappling with similar disruptions and emphasize the importance of maintaining affordable commercial rents to preserve local businesses.