0.7% to be exact, the lowest it’s been since the government of Canada implemented guidelines around the amount that real estate investors could increase the rents in their investment property each year.
From The Record:
The guideline is the maximum amount a landlord can increase the rent of most sitting tenants without seeking approval of the Landlord and Tenant Board.
The 2011 guideline applies to rent increases that occur between January 1 and December 31, 2011.
The calculation is based on the Ontario Consumer Price Index.
One very very important thing to note is that some units are partially exempt from this guideline. Many newer investment properties can have the rent raised more than the guideline amount. Contact me for full details, and whether or not this would apply to your rental property.
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[...] Ontario Rent Increase Guideline for 2011 is pretty low [...]
[...] Ontario Rent Increase Guideline for 2011 is pretty low [...]