Ontario increases amount landlords can raise rent by highest level in a decade
Ontario is more than doubling the maximum rate a landlord can raise a tenant's rent next year – marking the highest rent increase guideline in the province in a decade.
On Wednesday, the province announced Ontario’s rent increase guideline for 2023 is 2.5 per cent.
Previously, landlords were allowed to raise rent by 1.2 per cent in 2022, following a rent freeze that rolled out in 2020 to help Ontarians through the onset of the COVID-19 pandemic.
The last time Ontario’s rent increase guidelines reached 2.5 per cent was in 2013.
“As Ontario families face the rising cost of living, our government is providing stability and predictability to the vast majority of tenants by capping the rent increase guideline below inflation at 2.5 per cent,” Steve Clark, Minister of Municipal Affairs and Housing, said in a statement on Wednesday.
The guideline is based on Ontario’s Consumer Price Index, a measure of inflation calculated monthly by Statistics Canada that uses data that reflects economic conditions over the past year.
This follows an unprecedented move from the Bank of Canada earlier this month, increasing its key interest rate by half a percentage point to 1.5 per cent for the second time in two months.
If Ontario’s rent increase matched recent inflation, the 2023 guideline would have surged to 5.3 per cent. “However the guideline is capped to help protect tenants from significant rent increases,” the province said.
The new rent guideline comes on the heels of a report that found rent prices in Toronto rose by 20 per cent over the last year. On average, rent prices in the city rose to $2,474 in May, up from $2,035 a year ago. That marked the most substantial monthly increase in rent prices since 2019, before the pandemic began.
The government says rent increases are not automatic or mandatory. They are the maximum amount a landlord can raise a tenants’ rent without the approval of the Landlord and Tenant Board.
Landlords must give tenants at least 90 days’ written notice before pursuing a rent hike. At least 12 months must have passed since either the first day of the tenancy or the last rent increase.
The 2023 rent increase is applicable between Jan. 1 and Dec. 31, 2023.
CTVNews.ca Top Stories
How quietly promised law changes in the 2024 federal budget could impact your day-to-day life
The 2024 federal budget released last week includes numerous big spending promises that have garnered headlines. But, tucked into the 416-page document are also series of smaller items, such as promising to amend the law regarding infant formula and to force banks to label government rebates, that you may have missed.
Which foods have the most plastics? You may be surprised
'How much plastic will you have for dinner, sir? And you, ma'am?' While that may seem like a line from a satirical skit on Saturday Night Live, research is showing it's much too close to reality.
opinion I've been a criminal attorney for decades. Here's what I think about the case against Trump
Joey Jackson, a criminal defence attorney and a legal analyst for CNN, outlines what he thinks about the criminal case against Donald Trump in the 'hush money trial.'
$3.8M home in B.C.'s Okanagan has steel shell for extra wildfire protection
A home in B.C.'s Okanagan that features a weathering steel shell designed to provide some protection against wildfires has been listed for sale at $3.8 million.
Diver pinned under water by an alligator figured he had choice. Lose his arm or lose his life
An alligator attacked a diver on April 15 as he surfaced from his dive, nearly out of air. His tank emptied with the gator's jaws crushing the arm he put up in defence.
Psychologist becomes first person in Peru to die by euthanasia after fighting in court for years
A Peruvian psychologist who suffered from an incurable disease that weakened her muscles and had her confined to her bed for several years, died by euthanasia, her lawyer said Monday, becoming the first person in the country to obtain the right to die with medical assistance.
Mystery surrounds giant custom Canucks jerseys worn by Lions Gate Bridge statues
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
Celebrity designer sentenced to 18 months in prison for smuggling crocodile handbags
A leading fashion designer whose accessories were used by celebrities from Britney Spears to the cast of the 'Sex and the City' TV series was sentenced Monday to 18 months in prison after pleading guilty in Miami federal court on charges of smuggling crocodile handbags from her native Colombia.
Wildfire leads to evacuation order issued for northeast Alberta community
An evacuation order was issued on Monday afternoon for homes in the area of Cold Lake First Nation.