2024 Rent Increase Limits (i.e. Rent Caps!)
Many provinces like Ontario and BC have rent control policies that limit the amount a landlord can increase the rent each year, regardless of how much your costs have gone up! For 2024, rental increases are limited to:
Ontario: 2.5%
British Columbia: 3.5%
In comparison, Alberta has no rent control whatsoever, so rents can be adjusted to the going market rate each year. This means landlords in Calgary and Edmonton can adjust the rent to cover their mortgage costs that have skyrocketed over the last 2 years, while investors in Ontario and BC have to cover this personally.
Contact Me if you want to learn about the other HUGE benefits of being a landlord in Calgary VS your local area!