The increase is a balance to protect renters, while keeping units on the market, B.C. Housing Minister Ravi Kahlon says in a statement
The British Columbia government has set the allowable rent increase for next year at 3.5 per cent.
The rate is more than two percentage points below the 12-month average inflation rate of 5.6 per cent. Housing Minister Ravi Kahlon says in a statement that costs have been increasing, especially for housing, at a rate that’s unsustainable for many people, and this increase is a balance to protect renters, while keeping units on the market.The government says landlords must provide three months’ notice to tenants and they are only allowed to hike the rent once a year.
Before 2018, the annual allowable rent increase was based on inflation plus two per cent, a freeze was put in place during the pandemic and then the province set rent increases at two per cent for this year.
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