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Rent increases in BC to be capped at 2% in 2023

The provincial government will be limiting rent increases to two percent next year, to help British Columbians cope with skyrocketing inflation.

The new plan replaces the usual rule that tied maximum rent hikes to the increase in the cost of living.

Housing Minister Murray Rankin says the government is also committed to helping landlords make the necessary repairs and upgrades – costs that have also been affected by rising inflation.

The government will also increase the family benefit, and the Climate Action Tax Credit for low- and middle-income families.

The province is working with B-C Hydro on additional measures to cope with the high cost of electricity.

with files from Vista Radio newswire

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