The Story so Far
The rental market in the Greater Toronto Area is, to nobody’s surprise, extremely expensive. In any comparison of rent in Canada, Toronto usually places within the top 3, if not number 1 for highest price.
What to Expect
Based on the Ontario Consumer Price Index (CPI), the guideline on rent increases for 2022 in Ontario is 1.2%. This guideline is the most that landlords can raise a tenant’s rent without the approval of the Landlord & Tenant Board (LTB).
Any increase in rent of any amount must be submitted at least 90 days in written notice using the appropriate form from the LTB. Additionally, a minimum of at least 12 months must have passed since the first day of tenancy or last rent increase.
Anything Else We Should Know?
This increase is a change from last year, where Ontario froze rent for the majority of tenants. In other words, the rent increase guideline for 2021 in Ontario was 0%.
Any increases of rent of more than 1.2% require special consideration and deliberation from the LTB. Landlords need to prove that the increase is corresponding to an increase of property value done at the expense of the landlord.
Written by: Nathaniel Chim, Realtor on 01/18/22