B.C. landlords can hike rents by no more than 1.4% in 2021 following changes made by the provincial government to limit annual increases to the rate of inflation.
Under the old regulations, a landlord could raise rates by inflation plus an additional 2%, however those rules were scrapped in 2018 to ensure “rent increases are moderate and predictable,” the Ministry of Municipal Affairs and Housing said in a statement.
By getting rid of the additional 2%, the province says renters living in a $1,320-per-month two-bedroom unit — the average cost in B.C. — will save $317 next year.
Rent freezes for people who have lost income during the COVID-19 pandemic will also remain in place until December.
According to the ministry, tenants who have received a notice their rates would increase in 2020 after March 18, “should continue to pay their current rent until Nov. 30.”
The statement also notes that landlords are only permitted to raise rents once per year and must provide three-months notice.
Changes made in the last two years are part of an effort to make housing more secure and affordable, said the provincial government.
