Most residential rental properties in Toronto are eligible to raise rent one year after either the last increase or the date the tenancy began. That is one year after your tenant started renting the property or one year after your last increase.
The rent increase guideline for 2022 is 1.2% and the rent increase guideline for 2023 is 2.5%.
The rent guideline is a percentage, based on the current rent, that calculates the maximum amount a landlord can raise rent. For example, if you are charging your tenant $1,000 per month, the current guideline would allow you to raise rent by $12 ($1,000 x 1.2%), making your new rent $1,012. This guideline applies to most properties.
In the following Rent Increase Calculator, the rent is set to $2,500 and the rate is set to 2.5% but displayed as the integer 0.025. You can update the rent and calculate your custom rent increase. If you are calculating a rent increase for 2022, change the rent increase integer to 0.025.