The British Columbia government has set the allowable rent increase for next year at 3.5 per cent.
The rate is more than two percentage points below the 12-month average inflation rate of 5.6 per cent.
Housing Minister Ravi Kahlon says in a statement that costs have been increasing, especially for housing, at a rate that's unsustainable for many people, and this increase is a balance to protect renters, while keeping units on the market.
The increase can be effective on or after Jan. 1, 2024.
Opening 58 new homes with @MableElmore under a co-operative model that secures residents ongoing affordable housing with below market rates.
— Ravi Kahlon (@KahlonRav) September 11, 2023
We know there is more work to do - but today we ensured 58+ more seniors in Vancouver have increased access to housing in their community. pic.twitter.com/na3JdDnGmP
The government says landlords must provide three months' notice to tenants and they are only allowed to hike the rent once a year.
Before 2018, the annual allowable rent increase was based on inflation plus two per cent, a freeze was put in place during the pandemic and then the province set rent increases at two per cent for this year.
