The provincial government has set the 2009 rent increase guideline at 1.8 per cent, the third lowest rate in Ontario’s history.
The rent increase guideline is the maximum amount by which a landlord can increase a tenant’s rent to reflect inflation.
The new rate jumped slightly from last year’s 1.4 per cent, which was the lowest rent increase guideline on record. The 2009 guideline applies to rent increases that occur between Jan. 1 and Dec. 31, 2009.
The figure is based on the Ontario Consumer Price Index, a measure of inflation calculated by Statistics Canada. The first rent increase guideline was calculated in 1975 at 8 per cent.