How Much Can You Raise the Rent in 2014?
Every year the government of Ontario announces what is called the “Rent Increase Guideline” for the next calendar year.
This year the Ministry of Municipal Affairs and Housing announced it is capping rent increases for 2014 at 0.8 per cent, the second lowest cap since the introduction of rent regulation 38 years ago.
The cap, aka the Rent Increase Guideline, is the maximum amount a landlord can increase the rent without getting the approval of the Landlord and Tenant Board. It only applies to Tenants coming up for their yearly renewal or the anniversary date for month to month Tenants.
The 2014 guideline applies to rent increases for the period of January 1, 2014 to December 31, 2014.
Landlords are prohibited from increasing the rent if less than 12 months have passed since the tenant first moved in or the last rent increase. Additionally, landlords are required by law to provide tenants with at least 90-days written notice before the increase takes effect.
Courtesy of Mike Andrews