Unlike the other indices issued by the Administrative Housing Tribunal (TAL), the index for major work is based on the rate on 5-year guaranteed investment certificates issued once a week by the Bank of Canada.
For 2024, this index is 4.8% or $4 per month for every $1000 of major work done.
This rate on certificates fluctuates based on the rates issued by the Bank of Canada. So if the policy rates are high, the certificate rate will be higher as well. However, unlike the announcements of the key rate every 2 months or so, the certificate rate is issued weekly and, as can be seen from one week to the next, the rate fluctuates a lot :
| 2024-01-03 | 3.90 |
| 2024-01-10 | 3.90 |
| 2024-01-17 | 4.15 |
| 2024-01-24 | 3.95 |
Unless there is a major turnaround in 2024, you will have to monitor this rate to know the 2024 rent increase index at the TAL.