By Canadian Press

B.C. caps rent increases next year at 3 per cent, matching inflation

Aug 26, 2024 | 9:18 AM

VICTORIA — The maximum allowable rent increase in British Columbia next year will be 3 per cent, down from the current 3.5 per cent.

The Housing Ministry says the new amount, taking effect on Jan. 1, is tied to inflation, and comes after increases were kept “well below inflation” in 2023 and 2024.

Housing Minister Ravi Kahlon says in a news release that keying rent rises to inflation “saves renters hundreds of dollars” compared to the previous government’s policy of allowing increases of inflation plus 2 per cent.

He says the inflation-indexed rent cap protects tenants against unfair rent hikes while letting landlords cover rising costs.

The ministry says the allowable rent increase is defined by the change in the all-items consumer price index for the province for the year up to July.

1000 Ways to Heal

1000 Ways to Heal: Moons

Dec 10, 2024

Question of the Week

Should Mayor Reid Hamer-Jackson apologize or resign after it was found he breached a section of council's code of conduct for allowing false or misleading information to be communicated?

Dec 09, 2024

One Man's Opinion

COLLINS: Donald has it wrong - again

Dec 08, 2024

It says landlords who increase rent must provide three months of notice to tenants using an official form, and rent can’t be raised more than once in 12 months.

The ministry says the maximum increase in tenancy fees for manufactured-home parks will also be 3 per cent, plus a proportional amount for the change in municipal levies and utility fees.

The 3 per cent cap does not apply to commercial tenancies, non-profit residential tenancies in which rent is set according to income, housing co-operatives and some assisted-living facilities.

This report by The Canadian Press was first published Aug. 26, 2024.

The Canadian Press