A recent bulletin posted by Ontario’s Ministry of Municipal Affairs and Housing, states that;
“Ontario’s rent increase guideline for 2023 is 2.5 per cent, below current rates of inflation.”
Further stating that;
“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.”
This guideline does not apply to Rent-Geared-to-Income units, except where tenants are paying market rent.
It’s important to know that to increase rents, landlords must give at least 90 days’ written notice, and any increase must be at least 12 months after the first day of tenancy or the last rent increase.
The Boards of Directors of HNHC, Long Point Area Non-Profit Housing, Dunnville Non-Profit Housing, South & Metcalfe Non-Profit Housing, and Del-Gold Villa Non-Profit approved a 2.5% rent increase effective January 1, 2023. This rent increase will not affect the majority of our tenants who pay rent-geared-to-income. It will only affect tenants who pay market rent (approximately 7% of our tenants). Notices to all affected tenants are currently being sent out to ensure that they will have 90 days’ notice.
To learn more about the rules for residential rent increases visit Ontario’s website.
To learn more about Landlord and Tenant rights, visit the Landlord and Tenant Board website. A guide to the Residential Tenancies Act is also available and provides valuable information all Landlords and Tenants should know.
