The BC Government says rent increases will be restricted to 3 percent next year.
In a release today, the province says allowable rent increases are in line with inflation and will be lower than the 3.5 percent for this year.
Minister of Housing Ravi Kahlon says it will help protect renters, but also aims to help landlords meet rising costs so rental homes can stay in the housing market.
This increase comes after a previous government policy allowed for an extra 2 percent rent increase on top of inflation, which would cost the average family in BC hundreds of dollars in rent.
The province says this change represents a return to the formula of tying allowable rent increases to the Consumer Price Index as inflation begins returning to more normal levels.
For those living in home park tenancies, that 3 percent increase will also apply, with commercial tenancies, non-profit housing that gears rent to income, co-operative housing, and some assisted living places are not covered.
They add if landlords choose to bump up rent, they need to provide you a full three-month notice using the correct form.
This change comes into effect on January 1, 2025.
