(Photo supplied by Insights West)
The majority of BC residents are in favour of the province’s proposed extension on rent freezes until the end of this year.
According to an Insights West survey, 93% of renters support the move.
However, landlords, are evenly divided between those who support this idea and those who are opposed (47% each).
Landlord BC Director of Operations, Hunter Boucher recently spoke with Vista Radio.
“Costs have certainly gone up so this news was not really well received. We are not pleased with this but we understand the government is doing what they can to address the very real and complex needs of the rental housing industry.”
Boucher mentioned organizations like theirs have dealt with their own set of issues since the pandemic.
“Costs have been going up significantly for insurance and property taxes. Insurance particularly has been one of great concern for landlords.”
Starting next year, the province is capping rent increases to the rate of inflation.
Prior to 2017, the maximum allowable rent increase was as high as 4.3%, well above inflation.
In addition, landlords will be required to apply to the Residential Tenancy Branch (RTB) before they can terminate a tenancy agreement for the purpose of renovating.
Furthermore, landlords will not be able to end tenancies for renovations that are not substantial or do not require the rental unit to be vacant.
These changes, if passed, will come into effect on July 1, and are in addition to earlier protections introduced in 2018.