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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.
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