The Ontario rent increase guideline for 2023 has been set at 2.5 percent. The 2023 guideline is applicable to most rent increases between January 1 and December 31, 2023.
The rent increase guideline is the maximum amount a landlord can increase rent during the year for most tenants without the approval of the Landlord and Tenant Board. It applies to the vast majority of rental households covered by the Residential Tenancies Act. It does not apply to rental units built and occupied after November 15, 2018, vacant residential units, community housing, long-term care homes or commercial properties.
Rent increases are not automatic or mandatory. Landlords may only raise the rent if they gave tenants at least 90 days written notice using the correct form. In addition, at least 12 months must have passed since the first day of the tenancy or the last rent increase. If a tenant believes they have received an improper rent increase, they can apply to the Landlord and Tenant Board to request a correction.
For more information or if you have any questions on the 2023 rent increase guidelines, feel free to reach out to us today.