Here's how much landlords in Ontario can hike rent prices by in 2024

The Ontario government is officially capping the rent increase guideline for 2024 at 2.5 per cent — which is the same guideline as last year, and below the average inflation rate of 5.9 per cent. 

The guideline is the maximum amount a landlord can increase rent during the year for most tenants without the approval of the Landlord and Tenant Board. 

Buildings can still ask for Above Guideline rent increases if upgrades or renovations occur. This is an often abused rule that needs to be reviewed.

— Uro (@coldrobotheart) June 30, 2023

The province says the guideline is based on Ontario's Consumer Price Index, which is a measure of inflation calculated by Statistics Canada using data that reflects economic conditions over the past. 

The rent increase guideline applies to the vast majority, or approximately 1.4 million rental households covered by the Residential Tenancies Act.

The Ontario government needs to freeze any rent increases at zero for the foreseeable future. They also need to fund more affordable and rent geared to income housing.

— Bill Bott (@BillPetes1987) June 30, 2023

It does not apply to rental units occupied for the first time after Nov. 15, 2018, vacant residential units, community, housing, long-term care homes or commercial properties. 

Rent increases are not automatic or mandatory, and landlords can only raise rent if they give tenants a 90-day written notice. At least 12 months must have also passed since the first day of tenancy or the last rent increase.