Shelter Costs Increase
The rate of maximum rent increase for 2020 is based on the Ontario Consumer Price Index compiled by the Federal Government in Ottawa. The statistics are by province and national. The August cost increase in shelter year over year between the nation (2.4%) and Ontario (3.1%) is a 29% increase.
Condominium Corporations with a financial year (fiscal) beginning in January may already have their Boards of Directors directing property managers to keep condo fee increases reasonable in relation to current shelter costs.
For renters however, the province has set the year over year rent increase from 1.8% to 2.2% which is a difference of 22% and the largest since 2013. In the article below are the exceptions to the guidelines and a table of past increases.
The guideline is the maximum a landlord can increase most tenants’ rent during a year without the approval of the Landlord and Tenant Board. Source: © Queen’s Printer for Ontario