Ontario has set a rent increase cap of 2.5 per cent in 2024, though it does not apply to newer units.
Posted: Jun 30, 2023 1:09 PM EDT | Last Updated: 4 hours ago
Municipal Affairs and Housing Minister Steve Clark says the rent increase guideline for 2024 is set at the same rate as for this year, and he notes that it is below the average inflation rate of 5.9 per cent. The cap does not apply to rental units first occupied after Nov. 15, 2018. Landlords can also apply to the Landlord and Tenant Board for increases above 2.5 per cent.
They must also give tenants at least 90 days' written notice of a rent increase and they are not allowed to increase the rent more than once a year. The government set the rent increase guideline at zero in 2021 during the pandemic and raised it to 1.2 per cent for 2022.
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