Your Rent Increase Should Not Exceed 2.5%
LOCAL2 Staff for local2 sault ste. marie
June 22nd, 2012 at 9:59am | Last Updated at 10:47am
The McGuinty government passed legislation on June 13, 2012 to amend the Residential Tenancies Act, 2006 to ensure that the Rent Increase Guideline is capped at 2.5 per cent. Without the cap, the guideline would have been 2.6 per cent in 2013.
"The cap on the Rent Increase Guideline helps ensure that more tenants have access to affordable housing and provides stability for renters to improve their quality of life." said Kathleen Wynne Minister of Municipal Affairs and Housing
The annual Rent Increase Guideline continues to be based on Ontario's Consumer Price Index (CPI), which is a measure of inflation calculated monthly by Statistics Canada.
The average yearly increase from 2004-2012 was two per cent. The average yearly increase from 1993-2003 was 3.1 per cent.
One million tenant households in Ontario are covered by the annual Rent Increase Guideline.
The 2013 Rent Increase Guideline is calculated pursuant to the Residential Tenancies Act, 2006, and is based on the Ontario Consumer Price Index.