Inflation-Based Rent Increases Limited To 1.8 Per Cent In 2009
Posted June 19, 2008 12:00 pm.
This article is more than 5 years old.
Do you live in an apartment? Beware if your landlord tries to raise your rent by more than 1.8 per cent next year and tries to blame a higher cost of living.
The Ontario government has set the rate which building owners can increase the amounts tenants pay in 2009 to account for inflation. The 1.8 figure is the third lowest in Ontario history and comes at a time when the province is losing jobs and the economy is experiencing a major reversal.
The new rate, up from last year’s 1.4 per cent, applies for any jumps between January 1 and December 31, 2009. The figure is based on the Ontario Consumer Price Index, a measure of inflation calculated by Statistics Canada.
