The province calculates inflation and sets a percentage allowable rent increase limit every year. Announced on September 3rd, this year’s percentage is set at 1.4% compared to last year’s 2.6% with restrictions.
- The province of British Columbia prohibited increase in rent until December 2020 due to Covid.
- Landlord cannot increase the rent for tenants who have experienced a loss in income.
- A three-month notice must be provided before the rent increase takes effect.
- Landlord only allows to increase the rent once every year.
The increase in rent helps landlord to make necessary maintenance and retain the tenant as the properties/cost of maintenance increase in value.
People are speaking out on the province’s decision. Amid the global health crisis when people are losing jobs and need to repay the deferred rent for the past months, a rent increase might not be appropriate.
However, we believe the rental situation has improved. Despite the allowable rent increase, the rental market has experienced consistent decrease in price due to many factors. British Columbian should not worry too much about a potential 1.4% increase.
