Your Rights to Renting Property - Rent Increase - Part 3
In some countries, there may be no laws for rental increase. In Ontario, there is a limit set up by the province each year, which is a specific percentage. You can learn more here Rent Increase Guideline. You landlord can increase the rate by a specific percentage, for example in 2020 the rent increase allowance in Ontario was 2.2%. Landlords can not just increase the rent any amount they want (there are some expectations with this).
This is an example of the calculation for the rent increase:
- The guideline for 2020 is 2.2%
- A rent increase of 2.2% on $1,000 = $22
- Therefore, the new rent on June 1, 2020 could be as much as $1,022
This guideline also does not apply to new buildings, additions to existing buildings and most new basement apartments that are occupied for the first time for residential purposes after November 15, 2018.
Your landlord can not increase the rent based on their own desired amount, and if they do you can let them know there are rules that govern residential rental increase. They must also give you 90 days notice in writing for the increase. Should you have any further questions about your rights as a newcomer and understanding your rights as a tenant in Toronto, you can contact Contact the Landlord and Tenant Board at 1-888-332-3234 or Toronto area: 416-645-8080
Before you go to rent a property, you will have signed an agreement with the landlord, by working with a Real Estate Agent, we will work on your behalf and make sure the agreement is fair and protects your rights. It is very important to have a written agreement on “Residential Tenancy Agreement (Standard Form of Lease)” and get legal advice if needed.
As Newcomers there are many aspects of Canadian society you will need to learn about, and one is learning and understanding more about the Toronto Real Estate Market.
If you want a free consultation please feel free to contact me directly at Sara Rahimian 416 624 8709