Everything You Should Know About Rental Policy Change 2024

Are you a landlord of multiple rental units in Ontario? Or maybe you are a tenant in one of the rental units in Ontario. Whether you are a landlord or tenant, you must know the latest updates in landlord and tenant Toronto regulations. Changes in the rental policies will affect both the landlord and the tenant. Hence, understanding these changes can help you navigate your tenancy effectively. 

What is the change in the rental policy in Canada 2024?

The change in rental policy pertains to the percentage increase in the yearly rent. Generally, a landlord can increase the rent for a rental unit by 3% to 5% yearly. The change is in line with the Residential Tenancies Act. However, you must know that each province has its rental policy. This rental increase will differ based on the province in which you live. Before we tell you how this rental increase affects the tenants in Ontario, let’s learn about the general guidelines in the rental policy after this change.

Critical Guidelines

1. A 3-month advance notice is required before the increase in the rent. The landlord should provide this notice.

2. The landlord can increase the rent annually. This increase should happen after 12 months of tenancy or the last increase. 

3. Rented homes, mobile homes, land lease communities, and care homes are affected by this rental increase policy. 

4. New buildings, commercial properties, long-term care homes, community housing units, and rental units with a turnover are exempted from this policy change. 

Rental Increase for Ontario

If you live in any city in Ontario, you must know the current changes in the rental policy. Here’s a quick breakdown.

1. A 2.5% rental increase is applicable in the province.

2. A landlord must follow the guidelines stipulated by the Landlord Tenant Board.

3. A landlord must get prior approval from the Landlord and Tenant Board to increase the rent. 

4. New buildings are exempted from this change in rental policy. 

The rental increase differs in British Colombia, Nova Scotia, Prince Edward Island, and Manitoba. So, we suggest you refer to the rental increase change per your province to get the best picture of how it would affect your tenancy. 

You can always contact us at SW Legal Service PC for more information. We are a leading family law Vaughan firm with extended experience in landlord and tenant regulations, dispute resolutions, and representation in court. We can help you understand how the rental changes can affect your living situation in Ontario. 

In addition to landlord and tenant regulations, we also provide divorce advice Toronto. We ensure you get the best possible outcome for your case. Call us now to find out more.