In early July, the Ontario government announced that residential rent increases for 2019 will be capped to a maximum of 1.8%.
This rate does not apply to vacant units, nursing homes, commercial properties or social housing units but does over all other rental units that fall under Ontario’s Residential Tenancies Act.
Landlords are reminded that tenants must receive written notice of any rent increase at least 90 days before it takes effect. In most cases, rent can be increased 12 months after the last rent increase, and/or 12 months after a tenant first moves in.
Marg Scheben-Edey is an award-winning real estate Broker who has successfully been helping people move since 1989. When it’s time for a move in or out of a bigger, smaller, better, more expensive, less expensive, newer, older, house, condo, farm, investment property, vacant lot or business, talk to Marg.