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Rent increase guideline to be 1.4%

Announced guideline is lowest in history

The rent increase guideline for the year 2008 will be 1.4 per cent, the lowest guideline in the history of rent regulation in Ontario. The 2008 guideline was calculated for the first time under the new Residential Tenancies Act, and is based upon the Ontario Consumer Price Index.

"Our goal is to protect tenants from receiving a rent increase well above the rate of inflation," said Minister of Municipal Affairs and Housing John Gerretsen. "By linking the rent increase guideline to the Ontario Consumer Price Index, we've ensured that landlords can recover the increase in their costs, while tenants can still pay their rent."

The rent increase guideline is the maximum amount by which a landlord can increase the rent of a tenant without seeking the approval of the Landlord and Tenant Board. Most tenants in Ontario receive an annual rent increase that is at or below the amount of the guideline.

The first rent increase guideline was announced in 1975. Guidelines have been calculated each year since, ranging between 1.5 per cent and 8 per cent. The new Residential Tenancies Act took effect on January 31, 2007, creating a new system of rent regulation that includes linking the annual rent increase guideline to the Ontario Consumer Price Index, a measure of inflation calculated by Statistics Canada.

The 2008 guideline applies to a rent increase that occurs between January 1 and December 31, 2008.

July 3, 2007 in Real Estate Practices | Permalink


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