Ontario landlords will be able to increase rents for their tenants in 2014 – but not by much. In 2014, the maximum rental increase will be 0.8 per cent.
It’s an amount that represents the second-lowest cap since rent regulation was introduced in the province nearly 40 years ago. Over the past ten years, the average increase has been 2.3%.
The rental increase guideline is based upon the Ontario Consumer Price Index. This measure of inflation is calculated by Statistics Canada and fluctuates every year. However, regardless of how high the Consumer Price Index rises, rental increases max out at 2.5 per cent annually.
Guelph landlords take note: these increases don’t take effect automatically or immediately. As a landlord, you must give your tenant proper written notice of a rent increase at least 90 days before the increase takes effect.
Read more about the 2014 Rent Increase Guideline.
