Renters across British Columbia may see their rent go up in 2022, but if it does, it should only be an increase of 1.5% that after the Provincial Government put a cap on rent increases for the year ahead.
In an announcement from Wednesday morning, the government outlined how the increase cannot go into effect prior to January 1st of 2022.
And if landlord choose to increase their rents, they must still provide for a full three months notice to tenants using the correct notice of rent forms.
The cap on rents, which is tied to inflation, is the latest move on housing in British Columbia by the Horgan government, which put a freeze on rents in place at the start of the COVID-19 pandemic, that measure has been extended until December of this year.
The 2022 maximum allowable rent increase is significantly less than what it would have been prior to changes made by the Province in 2018 that limited rent increases to inflation.
Prior to that change, maximum rent increases could include an additional 2% on top of inflation. This change has saved families hundreds of dollars.
In recent months, the Province has also put in place measures to ban the practice of illegal renovictions, with the government requiring landlords to apply to the Residential Tenancy Branch for pre-approval before ending a tenancy.
Renovictions have become an issue in many communities of the province including Prince Rupert, the renovation situation just one of a number of elements that have impacted on affordable housing in the community in recent years.
More on today's statement from the Province can be reviewed here.
A wider overview of housing themes is available from our archive pages.
Further notes on government measures and initiatives can be explored here.
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