Ontario has set the rent increase guideline for 2017 at 1.5 per cent.
This figure represents the maximum amount that most landlords can raise a tenant’s rent without asking for approval from the Landlord and Tenant Board. The guideline is applicable to rent increases between January 1 and December 31, 2017.
The rent increase guideline is tied to the Ontario Consumer Price Index, a measure of inflation calculated monthly by Statistics Canada that reflects economic conditions over the past year. A recent amendment capped rent increase guidelines at no more than 2.5 per cent.
The rent increase guideline for 2016 was 2 per cent.
The guideline applies to most private and residential rental accommodations covered by the Residential Tenancies Act, 2006
The guideline does not apply to vacant residential units, residential units first occupied on or after November 1, 1991, social housing units, nursing homes or commercial property.
Generally, rent can be increased after 12 months have passed since a tenant either first moved in or since the last rent increase. Tenants must be given proper, written notice of a rent increase at least 90 days before the increase is to take effect.
For questions regarding rent increases in Ontario, contact the Landlord and Tenant Board.
This post is provided by Tenant Verification Service, Inc., helping landlords reduce the risks of renting with fraud prevention tools that include Tenant Screening, Tenant Background Checks, (U.S. and Canada), as well as Criminal Background Checks, and Eviction Reports (U.S. only).
Click Here to Receive Landlord Credit Reports.
Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.