B.C. caps rent increases next year at 3 per cent, matching inflation
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Monthly Digital Subscription
$0 for the first 4 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*No charge for 4 weeks then price increases to the regular rate of $19.00 plus GST every four weeks. Offer available to new and qualified returning subscribers only. Cancel any time.
Monthly Digital Subscription
$4.75/week*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Billed as $19 plus GST every four weeks. Cancel any time.
To continue reading, please subscribe:
Add Free Press access to your Brandon Sun subscription for only an additional
$1 for the first 4 weeks*
*Your next subscription payment will increase by $1.00 and you will be charged $16.99 plus GST for four weeks. After four weeks, your payment will increase to $23.99 plus GST every four weeks.
Read unlimited articles for free today:
or
Already have an account? Log in here »
Hey there, time traveller!
This article was published 26/08/2024 (467 days ago), so information in it may no longer be current.
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.