Ontario caps rent increases below the rate of inflation！

Attention, all tenants in Ontario! The Government of Ontario has your back! They recently announced that rent increases for 2023 will be capped at 2.5%! Here’s what you need to know:

On June 29, the cap was set to protect tenants from significant rent hikes.

Usually, landlords could raise rents based on Ontario’s Consumer Price Index, but this year’s high rate would have meant a 5.3% increase, which isn’t sustainable for most of us.

A 5.3% hike could add an extra $117 per month or a whopping $1,411 per year to your rent!

According to Rentals.ca, 11 of the top 25 cities with the highest rent in Canada are in Ontario. The average rent for a one-bedroom apartment is currently $2,219 CAD per month!

The cap applies to around 1.4 million rental units, keeping rental costs in check. However, please note it won’t apply to some specific cases.