In Ontario, the government sets an annual rent increase guideline.
For 2024, the maximum allowable rent increase is 2.5% for units that fall under rent control.
However, properties completed on or after November 15, 2018 are exempt from rent control regulations.
In these cases, landlords may increase the rent to market rate after the one-year lease ends, as long as 90 days’ written notice is provided to the tenant.
For more information on how rent control may apply to your unit, please consult a REOCA-certified real estate agent.
