Vancouver: Landlords in B.C. will have to cap their rental increases at 3.5 per cent next year, well below the 12-month inflation rate average of 5.6 per cent.
The government announced the allowable rent increase on Monday, saying it’s a balance to protect renters from escalating housing costs, while keeping rental units on the market.
The rate is higher than the two per cent allowed this year, after a rent freeze during the pandemic years.
Housing Minister Ravi Kahlon says costs have been increasing at a rate that’s unsustainable for many people, especially for housing. — The Canadian Press