Rent increase caps set
Resident landlords will be able to bump rates no more than 1.5 per cent without prior approval in 2017
The province has set the limit for how much landlords can increase rents for 2017.
According to a news release from the province, landlords will be able to bump up rents no more than 1.5 per cent without the approval of the Landlord and Tenant Board. This cap will apply to rent increases between Jan. 1, 2017 and Dec. 31, 2017.
This increase cap is not applicable to vacant residential units, residential units first occupied on or after Nov. 1, 1991, social housing units, nursing homes or commercial property.
According to the news release, the cap is based on the Ontario Consumer Price Index, which measures inflation in the province.