Ontario caps 2024 rent increases at 2.5 per cent; does not apply to newer units
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https://www.cbc.ca/news/canada/toronto/ontario-2024-rent-increase-cap-1.6894097
The cap does not apply to rental units first occupied after Nov. 15, 2018. Landlords can also apply to the Landlord and Tenant Board for increases above 2.5 per cent.