Posted June 28, 2024 6:50 pm
Updated June 28, 2024 6:59 pm
1 min read
Renters brace for financial strain as Ford government approves Ontario rent increases for 2023
– Jun 29, 2022
Rent for some homes in Ontario will be capped below the rate of inflation next year, the provincial government announced Friday.
The Ministry of Municipal Affairs and Housing released its annual rent increase cap ahead of the long weekend, keeping landlords of some properties to increases of 2.5 per cent or less for 2025.
The average rate of inflation, the government said, was 3.1 per cent.
The cap, however, only applies to homes that were built and first occupied before Nov. 15, 2018. The government said the majority of rental homes — around 1.4 million — are still rent-controlled and were built before that date.
Breaking news from Canada and around the world
sent to your email, as it happens.
The Ford government scrapped rent controls in 2018, suggesting they had stifled construction of new homes. Over the past three years, the government said, it has seen the highest number of rental housing starts in more than 30 years.
Story continues below advertisement
Homes built after Nov. 15, 2018, are not subject to rent controls and can see increases at the landlord’s discretion.
Rent increases for all homes are not automatic, nor are they mandatory. Housing rules in Ontario require landlords who want to increase rent to offer 90 days’ written notice to tenants — rent cannot be raised more often than once per year.
Trending Now
The Landlord Tenant Board mediates disputes over rental increases, or requests to raise it above the cap in Ontario.
Ontario tenant owes more than $22K after he stopped paying rent
© 2024 Global News, a division of Corus Entertainment Inc.
Sponsored content
Discover more from CaveNews Times
Subscribe to get the latest posts to your email.