Residential rents will only be allowed to go up by 1.4% next year.
The B.C. Government is implementing the maximum allowable rent increase, nearly half the allowable increase of 2.6% in 2020.
“This system ensures property owners are able to make investments and repairs to maintain safe housing, while ensuring rent increases are moderate and predictable,” said the B.C. Ministry of Municipal Affairs and Housing. “B.C. landlords can increase rent only once per year and must provide tenants with three full months’ notice using the correct notice of rent increase form.”
A provincial freeze on rent increases went into effect after March 18th due to the COVID-19 pandemic, but that rent freeze officially expires at the end of November.
“Any tenant who received a Notice of Increase for 2020 that would have gone into effect after March 18, 2020, should continue to pay their current rent until November 30, 2020.”