The government of British Columbia has set the maximum allowable rent increase for next year.
From January 1, landlords are only allowed to increase rent by a maximum of three percent. In the current year, rent was 3.5 percent lower.
The province explains that the maximum allowable rent increase next year will be tied to the inflation rate.
For 2023 and 2024, the province has set the permissible rent increase below the inflation rate to provide relief to tenants.
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“Pegging the allowable increase to inflation saves renters hundreds of dollars compared to the previous government’s policy, which was based on inflation plus 2%,” Housing Minister Ravi Kahlon said in a statement. “At a time when we know renters are struggling, our rent cap protects renters from unfair rent increases and allows landlords to cover rising costs so rental housing can stay in British Columbia’s housing market.”
In addition, the province has introduced the annual renter tax credit, which provides $400 per year to low- and moderate-income renters across British Columbia.
