Ontario is capping rent increases for 2014 at 0.8 per cent for the province's one million tenant households -- the second lowest cap since the introduction of rent regulation 38 years ago.
The 2014 guideline applies to rent increases that occur between Jan. 1 and Dec. 31, 2014.
Remember landlords are required by law to provide tenants with 90-days written notice before the effective date of the rent increase. Additionally, landlords are prohibited from increasing the rent if it has been less than 12 months since your last rent increase.
The guideline is calculated under the Residential Tenancies Act, 2006, which came into force on Jan. 31, 2007. The calculation is based on the Ontario Consumer Price Index, a measure of inflation that is calculated by Statistics Canada, and applies to most private residential rental accommodation.
For more information, call the tenant hotline at 416-921-9494 or click here to read the Press Release published by the Ministry of Municipal Affairs and Housing.