Ontario Approves Rent Increase
The Ontario Real Estate Association (OREA) released the following information with regards to the Ontario government approving a rental increase.
Landlords in Ontario have been given permission to raise rent by 0.7 per cent in 2011 – the lowest rent hike for Ontario residents in the last 35 years. 
The guidelines provide the maximum amount a landlord is able to hike the rent without getting approval from the Landlord and Tenant Board.
The government says this year’s guidelines for increasing rent are sitting at the lowest level in the history of Ontario rent regulation.
The annual rent increase guideline is based on the Ontario Consumer Price Index (CPI).
The Consumer Price Index is released monthly by Statistics Canada and is widely regarded as a reliable and objective measure of inflation.
The 2011 rent increase guideline is calculated by averaging the percentage change in the Ontario Consumer Price Index during the previous 12 months from June 2009 to May 2010.
For more information visit the Ontario Landlord and Tenant Board’s website.
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Posted by Sara Kareer
on January 28, 2011