On this podcast, episode 151, Adrian and Ariel talk about the Rent Freeze that is coming to an end in December 2021. This Rent Freeze was originally created due to the global infection, but now it is coming to an end alongside a Rent Increase announcement.
The recommendation for rent increases in Ontario year 2022 is 1.2 percent, based on the Ontario Consumer Price Index (CPI). The CPI is a monthly measure of inflation calculated by Statistics Canada using data that reflects the previous year’s economic conditions. Most residential rental accommodations regulated by the Residential Tenancies Act are covered by the guideline. It excludes rental apartments in buildings occupied for the first time after November 15, 2018, social housing units, long-term care facilities, and commercial property.
The most most landlords can raise a tenant’s rent without the Landlord and Tenant Board’s consent is the rent increase guideline (LTB). It covers the majority of rent increases from January 1 to December 31, 2022. In 2021, the great majority of tenants in Ontario will have their rent frozen. The rent rise guideline for 2021 was set at 0% to help renters.
Increases in rent are not automatic or obligatory. Landlords are only allowed to raise rent provided they provide renters with at least 90 days written notice on the proper form. The rent increase cannot, in most situations, exceed the rent increase guideline. In addition, it must have been at least 12 months since the start of the lease or the last rent rise. If a tenant believes they have received an erroneous rent increase, they have 12 months to file a complaint with the LTB.
All of that and more on KT Confidential – Real Estate Podcast.
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E150
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The founders, Ariel Kormendy and Adrian Trott, started The Kormendy Trott Team, a real estate team based out of Halton region in Ontario, after both being in need of a change from their successful careers in the automotive industry and both experiencing the lack of service being provided in the real estate industry. They kicked off their careers in 2011 and quickly became a top-performing team in the country, ranking 17th of approximately 200 for Century 21 in 2017; as a team of just the two of them compared to much larger teams. They decided that they needed to take their team from being real estate agents in Milton to the rest of the GTA and beyond by expanding and servicing more areas. The team has since grown to have an administrative arm, media department and successful sales team operating a smooth running and successful business. Follow them on social for behind the scenes info, real estate tips, industry secrets and more.
