RENTAL RATE INCREASES - 2023

Every year, the Province of Ontario sets the maximum amount that landlords can raise market rents for most Ontario renters without approval from the Landlord and Tenant Board. The rent increase guideline for 2023 is 2.5%. The guideline applies to rent increases between January 1, 2023 and December 31, 2023. The guideline is based on the Ontario Consumer Price Index, a measure of inflation calculated monthly by Statistics Canada that reflects economic conditions over a 12-month period (June to May). The guideline is capped at 2.5% to prevent significant rent increases. For more information you may click on the following links below:

• Ontario Newsroom: Ontario Caps 2023 Rent Increase Guideline Below Inflation at 2.5 Per Cent

• Ministry of Municipal Affairs and Housing: Residential rent increases