Ontario government to allow landlords to increase rent by highest amount since 2013

The Ontario government’s new rent increase guideline for Toronto allows a larger jump than last year’s.

Landlords in Toronto and the rest of the province will be able to increase rent by a maximum of 2.2 per cent in 2020.

This means that if your rent is $1,000 a month, it can rise to $1,022 a month, from Jan. 1 to Dec. 31, until next year’s guidelines are released.

Last year, the maximum rent increase was 1.8 per cent and has remained below 2 per cent since 2017. This year’s increase is the highest since 2013.

The rent hike can apply to the majority of private residential rental units, which includes vacant residential units, social housing, nursing homes and commercial properties.

The tenant must be given written notice of a rent increase by their landlord at least 90 days before it takes effect.

These guidelines do not apply to new buildings, existing buildings with new additions and most residential basement apartments that were moved into since Nov. 15, 2018.

This rent increase is based on the Ontario Consumer Price Index, a Statistics Canada tool that measures inflation and economic conditions. The data collected from June to May determines the price index for the following year.

 

Source: BlogTO