Renters in BC are breathing a sigh of relief heading into 2024.
For the second consecutive year, the provincial government is capping rent increases at 3.5% next year, well below the inflation rate of 5.6%
“Across the country, costs have been increasing – especially for housing – at a rate that’s unsustainable for many people,” said Ravi Kahlon, Minister of Housing.
“We know that’s the case for both landlords and renters, and that’s why we’ve found a balance to protect renters while helping to keep rental units on the market.”
This applies to rent increases with an effective date on or after Jan. 1, 2024.
If landlords choose to increase rent, they must provide a full three months’ notice to tenants.
This year the province capped rents at 2%.
Before 2018, the annual allowable rent increase was based on the inflation rate plus 2%.
Following a recommendation by the Rental Housing Task Force, the rent increase was reduced to just the inflation rate.
“With renters facing a possible rent increase of almost 6%, the government listened to the voice of renters and acted, and I’m so glad they have,” said Spencer Chandra Herbert, Premier’s Special liaison for Renters, former chair of the Rental Housing Task Force and MLA for Vancouver-West End.
“We also know people renting out homes are facing increased costs and want to make sure they continue to make places available for long-term renters.”
A rent increase freeze was put in place in 2020 and 2021 to support renters during the COVID-19 pandemic.