Premier John Horgan has announced a cut to the annual rental increase cap Wednesday afternoon.
The announcement comes days after the Rental Housing Task Force recommended tying the increases to the inflation rate alone, which now stands at 2.5 per cent.
The maximum rent increase allowed for next year, under the current formula, is 4.5 per cent.
When that news came earlier in the month, the premier said, “Wages have not gone up 4.5 per cent. This has been an extraordinary year for inflation, but we will not see a change until we absorb the report and see what changes are recommended and we will act on those when we get the chance.”
On Monday, the Rental Housing Task Force recommended the B.C. government cut the 2 per cent landlords were automatically getting each year, and that B.C. adopt a formula used in Ontario and Manitoba, where landlords can apply for further increases if they can prove repair and renovation work must be done.
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