2023 Annual Rent Increase

By Ridhima Pathak

Given the rise of inflation, and general cost of living, it was only a matter of time for the Ontario Consumer Price Index to announce an increase in annual rent. This increase comes after the 2020 rent freeze, and then the slight increase to 1.2% in 2021. We are now looking at an annual rent guideline increase of 2.5%, which will be effective for January 1, 2023 to December 31, 2023.

As a reminder, landlords are only permitted to increase rent once every 12 months and must provide a 90-day notice using the N1 Form for the increase. Should a landlord wish to increase rent above the 2.5% guideline, approval from the Landlord and Tenant Board is required. An above guideline increase may be granted in circumstances where major work has been completed on the property.

For your convenience, all landlord and tenant board forms can be found here.

If you have any questions, please reach out to Ridhima Pathak at ridhima@sorbaralaw.com.