Ontario rents to go up by 2.5 per cent next year

 

The Ford government has given Ontario landlords permission to raise rents by up to 2.5 per cent starting next year. The government has issued guidelines in this regard. The rent has been increased at the same rate as in previous years. This is the lowest rate in the country. Rents were expected to rise by 3.1 per cent due to the rise in inflation.

Landlords can apply to the Landlord and Tenant Board (LTB) for a rent increase above 2.5 per cent. Tenants must be given at least 90 days' written notice of a rent increase. Further, the guidelines state that the rent should not be increased more than once in a year.