The Ontario government’s new rent increase guideline for Toronto allows a larger jump than last year’s.
Landlords in Toronto and the rest of the province will be able to increase rent by a maximum of 2.2% in 2020.
This means that if your rent is $1,000 a month, it can rise to $1,022 a month, from Jan. 1 to Dec. 31, until next year’s guidelines are released.
Last year, the maximum rent increase was 1.8% and has remained below 2% since 2017. This year’s increase is the highest since 2013.
The rent hike applies to most private residential rental units covered by the Residential Tenancies Act, and does not apply to vacant residential units, social housing, nursing homes and commercial properties.
The tenant must be given written notice of a rent increase by their landlord at least 90 days before it takes effect.
These guidelines do not apply to new buildings, existing buildings with new additions and most new residential basement apartments that were moved into since Nov. 15, 2018.
For more information, visit: Ontario Rent Increase Guideline