Most landlords in Ontario will be authorized to raise rents by up to 2.5 percent next year.
According to Municipal Affairs and Housing Minister Steve Clark, the rent rise guideline for 2024 is set at the same pace as this year, which is lower than the average inflation rate of 5.9 percent.
The cap does not apply to rental units that are inhabited for the first time after November 15, 2018.
Landlords can also apply to the Landlord and Tenant Board for rent increases that are greater than 2.5 percent.
They must also provide tenants with at least 90 days written notice of a rate increase, and they are only allowed to raise the rent once per year.
We don’t get enough for rents that are $1200 and up
Very few rental properties are kept up unless the owner resides on the property. Too many investors buy up properties and spend little time or money on the investment.
The slumlords are celebrating and will be happy to pocket more cash for doing nothing more than usual, which is little to nothing to start with.