ONTARIO ๐ ๐ต Ontario Capping Rent Increases Below the Rate of Inflation
Sunday, 02 July 2023 08:00.AM
- Province holding rent increase guideline at 2.5 per cent in 2024 -
The Ontario government is continuing to strengthen protections for tenants by holding the rent increase guideline for 2024 at 2.5 per cent, well below the average inflation rate of 5.9 per cent. The rent increase guideline is the maximum amount a landlord can increase rent during the year for most tenants without the approval of the Landlord and Tenant Board.
The guideline is based on Ontarioโs Consumer Price Index, a measure of inflation calculated by Statistics Canada using data that reflects economic conditions over the past year. Under the Residential Tenancies Act, the guideline is capped at 2.5 per cent to help protect tenants from rising interest rates that would result in higher rent. Without the cap, the recent rate of inflation would have resulted in an increase of 5.9 per cent in 2024.
โOur government knows the cost of living continues to be a challenge for many Ontarians, including renters, which is why we are holding the rent increase guideline at 2.5 per cent,โ said Steve Clark, Minister of Municipal Affairs and Housing. โThis decision builds on the historic tenant protections contained in our recent Helping Homebuyers, Protecting Tenants plan, and demonstrates our commitment to help tenants across the province.โ
In 2022, Ontario broke ground on nearly 15,000 new purpose-built rentals, a 7.5 per cent increase from 2021 and the highest number on record. This year, rental starts across the province total more than 8,500 new units, which is a 77 per cent increase over January to May of 2022.
Quick Facts
โข The rent increase guideline applies to the vast majority โ approximately 1.4 million โ of rental households covered by the Residential Tenancies Act. It does not apply to rental units occupied for the first time after November 15, 2018, vacant residential units, community housing, long-term care homes or commercial properties.
โข Rent increases are not automatic or mandatory. Landlords may only raise rent if they give tenants at least 90 daysโ written notice using the correct form. At least 12 months must have passed since the first day of the tenancy or the last rent increase. If a tenant believes they have received an improper rent increase, they can apply to the Landlord and Tenant Board to request a correction.
โข In most cases, the rent increase cannot be more than the rent increase guideline. Landlords can apply to the Landlord and Tenant Board for above-guideline rent increases, under certain circumstances, such as after eligible capital work has been paid for and finished.
โข Tenants who may need help to pay their rent are encouraged to contact their local service manager to see what housing supports are available in their community.
โข Ontario has the highest maximum fines in Canada for residential tenancy offences. The province is doubling the maximum fines for offences under the Residential Tenancies Act (such as bad faith evictions) to $100,000 for individuals and $500,000 for corporations.
SOURCE: Ontario Ministry of Municipal Affairs and Housing
-
Related materials:
- 20-Apr-2024 08:00 AM ONTARIOJOBS ๐ง๐โ๏ธ๐จโ๐ Premier Doug Ford Announces York University's SchooloOf Medicine to Open in 2028 ๐๐
- 03-Apr-2024 10:22 AM ONTARIO ๐๐๐ซ York University Welcomes Transformative Investment in Next Phase to Create a New School of Medicine โ๏ธ
- 01-Apr-2024 04:33 PM JOBS ๐ง๐ New Designation Approved for Financial Planner Title Use in Ontario
- 15-Feb-2024 10:23 AM ONTARIO JOBS ๐ทโโ๏ธ Canada Announces Over $4 million to Support Critical Minerals Value Chains and Create Good Jobs in Ontario ๐ฉโ๐ญ
- 13-Feb-2024 10:23 AM ONTARIOJOBS ๐ทโโ๏ธ Bill 124 Appeal Ruling a Win For Workers, Ontarians ๐ฉโ๐ญ
- 09-Feb-2024 04:34 PM โ๏ธ๐ต ONTARIOCutting Wait Times, Delivering Better Health Care in Ontario
- 08-Feb-2024 10:22 AM ONTARIO ๐๐๐ง Ontario Introducing Mandatory Black History Learning ๐ซ
- 04-Dec-2023 08:00 AM ONTARIO ๐ง๐๐๐ฎ IBC Commends the Ontario Government for Taking Action to Combat Auto Theft ๐ต๏ธโโ๏ธ๐๐ต
- 29-Nov-2023 02:28 PM ONTARIO ๐ค๐งโ๐ Ontario's Public Colleges and Ireland's Technological Universities to Collaborate on Programs and Research ๐ต
- 25-Nov-2023 12:00 PM ONTARIO ๐ค๐งโ๐ Colleges call for immediate provincial investments and modest five per cent tuition increase ๐ต