For one million tenants in the province, next year’s rent will increase 0.8 percent, unless a landlord applies for an above-guideline increase.
Linda Jeffrey, Minister of Municipal Affairs and Housing, announced the yearly maximum June 21. A release states: “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.”
The statement notes:
- 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.
For more information, see the ministry’s Background Report.