Ontario Rent Increase Cap 2nd Lowest since 1975

Citing it’s commitment to Affordable House, the Ontario Government announced on June 21.2013 that rent increases for 2014 are capped at 0.8 percent. This “Rent Increase Guideline” is the maximum amount that a landlord can increase a tenant’s rent without having to get approval from the province’s Landlord and Tenant Board. This guideline is for increases to rent between January 1st and December 31st, 2014.

The calculation of this guideline is based on the Ontario Consumer Price Index, which measures inflation, and is calculated by Statistics Canada. In 2012, the Ontario government amended the Residential Tenancies Act, 2006 to make sure that the guideline can be no higher than 2.5 percent.

Linda Jeffrey, the Minister of Municipal Affairs and Housing, said: “The Rent Increase Guideline is based on the Ontario Consumer Price Index. This year’s rate will be the second lowest in history. It will help to ensure Ontario families have more money in their pockets while keeping housing affordable.”

To read the full media release, click here 

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About Marg

is an award-winning real estate Broker who has successfully been helping people move since 1989. When it’s time for a move in or out of a bigger, smaller, better, more expensive, less expensive, newer, older, house, condo, farm, investment property, vacant lot or business, talk to Marg.

This entry was posted by Marg on Monday, July 8th, 2013 at 9:52 am and is filed under Investment Property, Money Matters. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

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