The B.C. government has set next year’s maximum allowable rent increase at 3.5 per cent. The rent cap for 2024 is well below the 12-month average rate ...
B.C. landlords can increase rental rates in 2024 by a maximum of 3.5 per cent, says the provincial government.Heading to Principal’s Office for a Pint: Windsor’s Schoolhouse Brewery | SaltWireThe rent cap for 2024 is well below the 12-month average rate of inflation of 5.6 per cent, said the government in a statement.
“Across the country, costs have been increasing — especially for housing — at a rate that’s unsustainable for many people,” said Housing Minister Ravi Kahlon in a statement. Spencer Chandra Herbert, special liaison for renters to Premier David Eby and MLA for Vancouver-West End, said the government listened to renters, who faced a possible rent hike of almost six per cent. He said the rent cap also allows landlords to keep their units on the market.
To combat rising inflation faced by renters, the B.C. government capped rent increases last year at two per cent — below the 5.4 per cent inflation rate.
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