Renting is going to cost 2.2% more in 2020
It comes as no surprise that renting in Ontario is expensive, especially if you live in one of the bigger cities, like Toronto. Yet, as of next year rent in Ontario is about to rise even higher as the provincial government has just announced that Ontario rent will be increased by 2.2%. This is the highest rent increase that the province has faced in over five years.
According to the Ontario Government, the rent increase for 2020 has been increased to 2.2%, which means that between January 1 and December 31, 2020, a landlord is able to rise a tenants rent by this 2.2%. However, landlords are not legally able to raise the rent price any higher than this set guideline.
Tenants who are renting in Ontario can expect to see a rise of 2.2% on their rent bills 12 months after the last time your unit had received a rent increase or 12 months after you have moved into your new building. Yet, in order for this rent increase to occur, a tenant must be given at least ninety days notice beforehand.
This increase means that if you are currently paying $1,000 for rent a month, these new guidelines will push your rent up to $1,022 a month for the year 2020, or an additional $264 for the year.
While this rent increase will apply to most private residential units, it will not apply to commercial properties, nursing homes, social housing units or vacant residential units.
This is the highest rent increase that Ontarians have seen since 2013. For the past two years, renters throughout the province have been seeing a yearly rent increase of 1.8%.
However, in 2013 renters in Ontario faced a higher rent increase of 2.5%. According to the Ontario government, this rent increase guideline is calculated by a Statistics Canada tool that measures inflation and economic conditions throughout that year.
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