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
Grandparents killed in wrong-way crash on Hwy. 401 identified
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.
Police arrest 3 Indian nationals in killing of B.C. Sikh activist Hardeep Singh Nijjar
Three people have been arrested and charged in the killing of B.C. Sikh activist Hardeep Singh Nijjar – as authorities continue investigating potential connections to the Indian government.
Suter scores late goal, clinches series for Canucks
Pius Suter scored with 1:39 left and the Vancouver Canucks advanced to the second round of the NHL playoffs with a 1-0 victory over the Nashville Predators on Friday night in Game 6.
TD worst-case scenario more likely after drug money laundering allegations: analyst
TD Bank Group could be hit with more severe penalties than previously expected, says a banking analyst after a report that the investigation it faces in the U.S. is tied to laundering illicit fentanyl profits.
Quebec man who threatened Trudeau, Legault online sentenced to 20 months in jail
A Quebec man who pleaded guilty to threatening Prime Minister Justin Trudeau and Premier François Legault has been sentenced to 20 months in jail.
Human remains found in rural Sask. possibly a decade old, RCMP say
RCMP say human remains found in a rural area in central Saskatchewan may have been there for a decade or more.
Britney Spears 'home and safe' after paramedics responded to an incident at the Chateau Marmont, source tells CNN
A source close to singer Britney Spears tells CNN that the pop star is 'home and safe' after she had a 'major fight' with her boyfriend on Wednesday night at the Chateau Marmont in West Hollywood.
Canadian doctor concerned new weight-loss drug Wegovy may be used inappropriately
As Wegovy becomes available to Canadians starting Monday, a medical expert is cautioning patients wanting to use the drug to lose weight that no medication is a ''magic bullet,' and the new medication is meant particularly for people who meet certain criteria related to obesity and weight.
Drew Carey is never quitting 'The Price Is Right'
Drew Carey took over as host of 'The Price Is Right' and hopes he’s there for life. 'I'm not going anywhere,' he told 'Entertainment Tonight' of the job he took over from longtime host Bob Barker in 2007.