Every year, the provincial government sets the maximum allowable rent increases for the year to come for rent-controlled units. Those increases are modest, and tied to inflation. For 2021, a 1.5% increase would have been put in place. But this year, not likely.
In a release shared by Toronto Mayor John Tory on Twitter, the province said it has directed the Minister of Municipal Affairs and Housing to develop legislation that would pause the rental increase for 2021. Mayor Tory wrote, “Glad to see this announcement from the provincial government today signalling a rent freeze in 2021. Look forward to seeing details of the legislation. At this point in time, the province is making the right decision to leave some more money in the hands of tenants.“
“The legislation would ensure that the vast majority of families do not see a rent increase next year,” the release adds. The statement notes that the government will ensure that the proposed legislation is fair and balanced and will “engage tenant and landlord groups” on the coming bill.
The Government of Ontario is hoping that a pause on the annual uptick will stabilize rents for Ontario’s 1.6 million rental households.
Photo Credit: Facebook/Doug Ford
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