Limiting the max rent increase in Ontario for 2023 to 2.5%
The province raises allowable rent increases but caps below inflation. Ontario limited the max rent increase for 2023 to 2.5%!
Ontario has set the maximum allowable rent increase for property owners or landlords for the upcoming year. But that the thing is lower than the rate set by Canada’s ongoing record-high inflation rates, the government declared Wednesday.
The re-elected government, Premier Doug Ford said in a news, that it’s restricting the rent increase because of the increasing cost of living..
The provincial rent increase guideline — the highest a landlord can increase most tenants’ rents without the endorsement or approval of the Landlord and Tenant Board — will be raised to 2.5 percent in 2023.
In view of the Ontario Consumer Price Index, inflation would result in a guideline of 5.3 percent, as per a government public statement. In any case, the province has covered that amount “to help protect tenants from critical rent increases.”
The rent increase guideline for 2022 is 1.2 percent.
The guideline applies to most of rental families under the province’s Residential Tenancies Act — around 1.4 million of them. It does not apply to vacant units, long-term care homes or commercial properties, and community housing.
Likewise excluded from the guideline are rental units involved interestingly after Nov. 15, 2018 — the date that Premier Doug Ford’s Progressive Conservative government rejected rent control for new buildings.
The NDP is pushing for a rent stabilization law that would ban limitless increases between tenants, as well as rent controls on all homes in Ontario.