VICTORIA — The British Columbia government has set the allowable rent increase for next year at 3.5 per cent.
The rate is more than two percentage points below the 12-month average inflation rate of 5.6 per cent.
Housing Minister Ravi Kahlon says in a statement that costs have been increasing, especially for housing, at a rate that's unsustainable for many people, and this increase is a balance to protect renters, while keeping units on the market.
The increase can be effective on or after Jan. 1, 2024.
The government says landlords must provide three months' notice to tenants and they are only allowed to hike the rent once a year.
Before 2018, the annual allowable rent increase was based on inflation plus two per cent, a freeze was put in place during the pandemic and then the province set rent increases at two per cent for this year.
This report by The Canadian Press was first published Sept. 11, 2023.
The Canadian Press