26
Jun
13

this just in: rent increase guideline for 2014 is…..

2014 Rent Increase Cap Second Lowest Since 1975

Ontario Government Committed to Affordable Housing

Ministry of Municipal Affairs and Housing

Ontario is capping rent increases for 2014 at 0.8 per cent for the province’s one million tenant households — the second lowest cap since the introduction of rent regulation 38 years ago.

The cap, also known as the Rent Increase Guideline, is the maximum amount a landlord can increase a tenants’ rent without seeking the approval of the Landlord and Tenant Board.

Providing Ontarians with affordable housing is part of the government’s plan to create a fair and prosperous society and help people in their everyday lives.

 

Quick Facts

  • The average rent increase guideline from 2004 to 2013 was 2.1 per cent. The average rent increase guideline from 1993 to 2003 was 3.1 per cent.
  • The Ontario government passed legislation in 2012 to amend the Residential Tenancies Act, 2006 to ensure that the guideline is capped at no higher than 2.5 per cent.
  • The 2014 guideline applies to rent increases that occur between Jan. 1 and Dec. 31, 2014.
  • A tenant must be given proper written notice of a rent increase at least 90 days before the rent increase takes effect.
  • The guideline is calculated under the Residential Tenancies Act 2006, which came into force on Jan. 31, 2007. The calculation is based on the Ontario Consumer Price Index, a measure of inflation that is calculated by Statistics Canada.

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