The rent increase guideline is the maximum most landlords can raise a tenant’s rent without the approval of the Landlord and Tenant Board. It is applicable to rent increases between January 1 and December 31, 2017, the government announced on Friday.
The guideline is based on the Ontario Consumer Price Index, a measure of inflation calculated monthly by Statistics Canada that reflects economic conditions over the past year.
Supporting the creation of affordable housing is part of the government’s economic plan to build Ontario up and deliver on its number-one priority to grow the economy and create jobs, a government statement said.
- The rent increase guideline applies to most private and residential rental accommodations covered by the Residential Tenancies Act, 2006.
- The Residential Tenancies Act, 2006 limits rental increases at a maximum of 2.5 per cent for buildings constructed prior to 1991 and ensures equitable consideration for families renting homes, and landlords trying to cover operating costs.
- The guideline is not applicable to: vacant residential units, residential units first occupied on or after November 1, 1991, social housing units, nursing homes or commercial property. – CINEWS