A tradesperson uses a lift while painting the outside of a rental housing building being developed by the University of British Columbia Properties Trust, in Vancouver on August 16, 2023. THE CANADIAN PRESS/Darryl Dyck
August 26, 2024 - 9:12 AM
VICTORIA - The maximum allowable rent increase in British Columbia next year will be 3 per cent, down from the current 3.5 per cent.
The Housing Ministry says the new amount, taking effect on Jan. 1, is tied to inflation, and comes after increases were kept "well below inflation" in 2023 and 2024.
Housing Minister Ravi Kahlon says in a news release that keying rent rises to inflation "saves renters hundreds of dollars" compared to the previous government's policy of allowing increases of inflation plus 2 per cent.
He says the inflation-indexed rent cap protects tenants against unfair rent hikes while letting landlords cover rising costs.
The ministry says the allowable rent increase is defined by the change in the all-items consumer price index for the province for the year up to July.
It says landlords who increase rent must provide three months of notice to tenants using an official form, and rent can't be raised more than once in 12 months.
The ministry says the maximum increase in tenancy fees for manufactured-home parks will also be 3 per cent, plus a proportional amount for the change in municipal levies and utility fees.
The 3 per cent cap does not apply to commercial tenancies, non-profit residential tenancies in which rent is set according to income, housing co-operatives and some assisted-living facilities.
This report by The Canadian Press was first published Aug. 26, 2024.
News from © The Canadian Press, 2024