Rent increases capped below the inflation rate
The province says it's capping rent increases well below the rate of inflation.
Housing Minister Steve Clark announced this morning that rent increases would be held at 2.5 percent for 2024.
Currently, the average inflation rate is 5.9 percent.
"Our 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," said Steve Clark, Minister of Municipal Affairs and Housing. "This 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."
Landlords will be able to raise rent by more than 2.5 percent, but they'll need permission from the Landlord and Tenant Board.
The guideline applies to about 1.4 million rental households.
However, it doesn't apply to units occupied for the first time after November 15, 2018, vacant residential units, community housing, long-term care homes or commercial properties.
Landlords may only increase rent if the tenant has lived in the space for at least a year, and tenants need to be given at least 90 days notice.
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