Tags: rent increase 2022, landlord and tenant board
Estimate reading time: 2 minutes
Written by Yan Zhou
It is the new year and Ontario rent can be raised again. Last year the Ontario government put a freeze on rent increase due to pandemic. It was not renewed the year. If you are the landlord and you plan to increase you rent. Here are a few points you need to keep it in mind.
- when the tenant wants to move out, the tenant needs to notify the landlord 60 days before the lease term ends. However, if landlord wants to increase the rent, the landlord must notify the tenant in writing with the N1 form 90 days in advance. I have attached the N1 form below. The maximum rate you need increase without applying a exception to landlord and tenant board is 1.2% in 2022.
- if your property was occupied for the first time after November 15, 2018, you are exempted from the 1.2% max rent increase guideline. But please do not abuse the rule as it still needs to be within the market value. For example, you own a unit at a downtown Toronto condo, the condo building was built in 2020. You will be able to increase the rent more than 1.2%. Having said so, if you plan to do this, you will need to notify the tenant by writing with N2 form 90 days before the end of the lease. I have attached the form below as well. Please remember you will need to use form N2 in this case.
- Landlord needs to wait at least 12 months from the date tenant moved in or last rent increase.
- This rent increase guideline does not apply to commercial property, social housing units and long term care homes.