UPDATE: Check this link for the 2015 Annual Rent Increase Guideline : ….. http://wp.me/pia0J-12f
The Ontario government has announced that the Annual Rent increase Guideline for 2014 will be 0.8%. This increase of 0.8% is the second lowest rent increase since the introduction of rent regulations.
According to the press release posted by the Ministry of Municipal Affairs and Housing this small increase “will help to ensure Ontario families have more money in their pockets while keeping housing affordable”. The explanation for this small increase is based on the Ontario Consumer Price Index. Refer to this link: http://news.ontario.ca/mah/en/2013/06/2014-rent-increase-guideline.html
This modest increase of 0.8% will be a welcome relief to those who are on fixed incomes and also those struggling to meet the cost of their monthly basket of goods in this tough economy. Tenants should make a careful note that the Annual Rent increase Guideline of 0.8% is the maximum amount a landlord can increase a tenant’s rent between January 1- December 2014 . This increase will apply mostly to sitting tenants who face rent increases during that period.
Tenants should also note that the landlord can only increase rents above the 0.8% guideline by filing an application for an Above Guideline increase with the Landlord and Tenant Board. Given this low rent increase for 2014 tenants need to be wary of any Above Guideline Increase that Landlords might pursue with the Landlord and Tenant Board and be prepared to contest it. Refer to this link at the website of the Landlord and Tenant Board: http://www.ltb.gov.on.ca/en/About_Us/STEL02_111230.html
NOTE – Check these links for more details on rent reduction and rent increase guideline in 2014:
Automatic Rent Reduction in 2014
http://www.torontotenants.org/news/automatic-rent-reductions-2014-frequently-asked-questions
Rent Increase Loophole
http://o.canada.com/2013/04/29/rent-increase-loophole-leaves-ontario-renters-vulnerable/
Ontario Landlords – The 2014 Rent Increase Guideline
http://www.landlordsuccess.ca/2013/06/22/ontario-landlords-the-2014-rent-increase-guideline/#more-976
East York Tenants Group 