Ontario Caps 2024 Rent Increases at 2.5Per Cent; Does Not Apply To Newer Units
THE CAP DOES NOT APPLY TO RENTAL UNITS FIRST OCCUPIED AFTER NOV. 15, 2018
Courtesy of Barrie 360 and Canadian PressPublished: Jun 30th, 2023
Toronto
Most Ontario landlords will be able to increase rent by up to 2.5 per cent next year.
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.
NDP housing critic Jessica Bell says 2.5-per-cent rent increases will make the housing affordability crisis worse.
“(It) is a huge increase, especially when you consider that rent is already so high, and most Ontarians’ wages haven’t kept up,” she wrote in a statement.
“And if you’re in a rental first rented on November 15, 2018 or later, the sky’s the limit as far as how high your rent can go up, thanks to the Ford Conservatives’ massive loophole.”
The government set the rent increase guideline at zero in 2021 during the pandemic and raised it to 1.2 per cent for 2022.
Patricia is the Business Mentor and owner of Grow Vantage and a Past President of the Barrie Chamber of Commerce. She applies over 30 years of business experience (from start-up to corporate) to mentor entrepreneurs. Since 2011, she has held over 6,500 coaching and training sessions in-person and online. Through Ask For Directions Training, her entrepreneurial training program (and parent company Grow Vantage), and as a business coach, she works with start-ups who are new (or who have lost traction) to design, launch and grow their businesses. Along with 20 other expert instructors she teaches strategies in marketing, sales, communications, and finance, as well as practical techniques to increase productivity, and manage their businesses. In other words, everything entrepreneurs need to learn to grow and run their businesses successfully, and avoid the costly mistakes they can't even see coming - that lead to delays in growth and getting stuck.
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