How do I know if I can raise the rent on my property?

In Ontario, you can raise the rent for your tenants, but only once every 12 months and in accordance with the provincial rent increase guidelines. For 2024, the allowable increase is capped at 2.5%. You must provide your tenants with at least 90 days’ written notice before the increase takes effect. If your property is exempt from rent control, such as a newly built unit or a single-family home, you can set rent at market value without following the cap.