Both the Liberals and the New Democrats in Ontario have pledged to reinstate rent control, taking a slightly different approach from the policy they say will help both lifelong renters and potential homeowners.

Progressive Conservative leader Doug Ford removed rent control from new units after taking office in 2018, something Liberal leader Steven Del Duca said worsened the affordability crisis.

"Over the past four years under Ford's conservative leadership, we've seen the cost of everything literally get out of control, the cost of food, the cost of renting or buying a home, the cost of getting around this city and beyond.

Del Duca said in Toronto on Friday, "Everything is going in the wrong direction." Del Duca's party promises to reinstate rent control as it existed before the 2018 election, when landlords could only raise rent by a specified rate each year during a lease, usually between 0.5 and 3 percent.

This still applies to units built before 2018, but units built after that are not subject to rent control.

Del Duca said the two-tier system made housing less affordable and also saw speculators snatch up newly built residential units for profit.

The New Democratic Party has promised to go a step further than the Liberals, preventing landlords from raising rent.

New Democratic Party leader Andrea Horwath said Friday: "Rent control will return—and I mean full rent control.