Ontario sets 2019 Rent Increase at 1.8%

Buying, Investing in Kitchener, Waterloo, Cambridge, Uncategorized / By
On July 4, 2018 the Government of Ontario announced that residential rent increases between January 1 and December 31, 2019 will be capped at a maximum of 1.8%.

As in previous years, any increase exceeding that amount must receive approval from the Landlord and Tenant Board.

The annual provincial guideline applies to most rental units that fall under Ontario’s Residential Tenancies Act, but does not include: vacant units, social housing, or nursing homes.We would add as a reminder to landlords that tenants must receive written notice of any rent increase at least 90 days before it takes effect. In most cases, rent can be increased 12 months after the last rent increase, and/or 12 months after a tenant first moves in.

Historically, the annual rent increase guideline is calculated to reflect changes in Ontario’s Consumer Price Index.

During the three decades since this system was initiated to help keep provincial housing costs more affordable, the highest maximum increase of 6.0% occurred in 1992 and the lowest, 0.7%, was in 2011.

If you are thinking to invest in a rental property, and decide you’d like some professional expertise, we would love to hear from you. We, realtors, have our fingers on the pulse of a rental market.
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