Ontario Is Putting A Cap On Rent Increases For 2023 To Help Keep Your Landlord In Check
Here's what you need to know.👇
Each and every year the Ontario government announces how much more landlords can charge for rent for the next year, and this time around they are trying to make sure renters don't see major price hikes in 2023.
In a news release issued on June 29, the provincial government said the rent increase guideline for next year will be 2.5%, which will be the max amount that landlords can bump up the rent during the year (that is, without getting the approval of the Landlord and Tenant Board).
It could have gone up to 5.3% due to the rates of inflation, but the Ontario government said they decided to keep it below that in order to "protect tenants from significant rent increases." Though, some spots in the province (ahem, Toronto) already have to deal with expensive rent.
While this guideline covers about 1.4 million rental homes that are covered by the Residential Tenancies Act, it won't apply to all units.
"It does not apply to rental units occupied for the first time after November 15, 2018, vacant residential units, community housing, long-term care homes or commercial properties," the release reads.
Even though there is a rent increase guideline for landlords to follow, the province notes that they are by no means automatic or mandatory.
Some rules that landlords have to follow before they can make rent more expensive
Landlords are only allowed to bump up the rent if they give tenants at least 90 days written notice, and if they use the correct form to do so.
On top of that, at least 12 months have to have passed since you've moved into the unit in order for landlords to charge more for rent (and the same timeline applies between the last time they increased prices, too).
So, if you think you've had your rent improperly jacked up by your landlord, Ontario says you can apply to the Landlord and Tenant Board to request a correction. Renters who aren't familiar with their tenant rights can head to Ontario's website to read all about what they are.