Renters across the province will see their monthly rent go up slightly heading into next year.
Today (Thursday), the province announced an annual allowable rent increase of 1.4%.
According to the province, that is less than half of what it would have been prior to the changes made in 2018.
Prior to that change, rent increases were allowed to be tied to the rate of inflation, plus an additional 2%.
With that removed, renters could save over $300 in 2021.
B.C. landlords can increase the rent only once per year and must provide tenants with three full months’ notice using the correct notice of increase form.
The Province is continuing to maintain rent freezes until December.
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