CAPREIT has applied for an Above Guideline Increase (AGI) for 2024. They are asking for a 1%. This is in addition to the guideline 2.5% increase for 2024 - for a total increase of 3.5%. 

The next legal step will be at the Landlord and Tenant Board (LTB). The date is still to be determined by the LTB. The Tenant Association will push back against the AGI. 

We are going through the application documents, and from what CAPREIT submitted it is not likely they will get all of the 1% AGI they are asking for. In 2016 and 2017 CAPREIT applied for AGIs and the amount that was approved was less than requested. Part of their 2024 application is not likely to be approved given the nature of the projects.

The items they included are (1) elevator upgrade for $682,095.11, (2) common area paint and flooring for $368,327.29, and plumbing line replacement for $38,307.00.

According to an LTB document online  the average time for an L5 hearing (AGI application) is 816 days. This is the province-wide average, and the Toronto region might be faster, but we can't find anything on that. This is data for the period April to June 2023. 

At this rate it will be over two years from the date of June 29 2023 before we have our first hearing (barring any change in LTB processing speed)