Rent increase limit unknown but below inflation, BC promises

At the end of June, the province had promised to announce the maximum rate of increase in July. The minister responsible for housing at the time, David Eby, said he wanted to maintain a balance between affordable rents and the ability of landlords to maintain buildings.

On Friday, his successor, Minister Murray Rankin, however maintained that the government was still considering the question and that the answer would not be known for several weeks.

Managing the annual increase

BC landlords are allowed to raise rents once a year, on three months’ notice.

The authorized rate is determined based on the change in the consumer price index (CPI) over a one-year period ending at the end of July. According to the latest figures from Statistics Canada, the CPI has increased by 8% this year in the province.

Now that the data is available, the government is finishing the work of determining the maximum increase. It will be below the rate of inflationpromises Minister Rankin in a press release.

Even if the increase cap is a few percentage points below the rate of inflation, the 2023 increase will represent a leap for many British Columbians who have been given a reprieve in recent years due to the pandemic. of COVID-19.

Evolution of the rent increase cap in British Columbia

Year

Maximum rate of rent increase

2017

3.7%

2018

4%

2019

2.5%

2020

2.6%

2021

0%

2022

1.5%

Minister Rankin sees determining the 2023 rent increases as a balancing act. decision [du gouvernement] will aim both to ensure that tenants have access to safe and affordable housing and to allow landlords to maintain their buildings in order to continue to provide housing in the coming yearshe explains.

With files from Chad Pawson

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