The B.C. government has set the maximum allowable rent increase for next year.
Starting Jan. 1, landlords will be able to raise rents by a maximum of three per cent, which is down from 3.5 per cent for this current year.
The province says next year’s maximum allowable rent increase is tied to the rate of inflation.
For the years 2023 and 2024, the province set the allowable rent hike below inflation to provide relief to renters.
“Tying the allowable increase to inflation saves renters hundreds of dollars, over the previous government’s policy of inflation plus 2%,” Ravi Kahlon, minister of housing, said in a statement. “At a time when we know renters are struggling, our rent cap protects renters against unfair rent hikes, while allowing landlords to meet rising costs so that rental homes can stay in B.C.’s housing market.”
In addition, the province has implemented the annual renter’s tax credit, which provides $400 a year to low- and moderate-income renters across B.C.