Massive Rent Increase in Toronto - Is This Even Justified?

Hey everyone,

I’m feeling really stressed and frustrated right now. My family and I have been living in a brand new building in Toronto for the past year. The unit is approximately 830 sqft (3 bed and 2 bath. 3rd room is almost like a den). We’ve enjoyed living in the area, but today we received an email from the landlord’s agency saying they’re increasing our rent by a whopping $1150 CAD once we complete our first year.

This feels absolutely insane. I understand the building is new, and I’ve read that units in buildings first occupied after November 15, 2018, aren’t subject to rent control in Ontario. However, this increase seems so excessive—it’s almost like they’re forcing us out.

To make matters worse, for the first 6–7 months, the amenities in the building weren’t even ready. The common areas on the floor weren’t properly finished, and not all the elevators were operational. It feels unfair that they’re justifying such a huge hike when we didn’t even get the full experience of living here for a significant part of the year.

We’ve been good tenants, always paying rent on time and taking care of the unit. The building is great, but this kind of hike is really making us question if it’s worth staying.

Does anyone have advice on how to handle this? Have you experienced something similar in Toronto? Is it worth trying to negotiate with the landlord, or should we start looking elsewhere?

Would love to hear your thoughts or suggestions. This just feels so unfair and overwhelming.

Thanks in advance!