VICTORIA (NEWS 1130) — B.C. renters will only have to pay up to 1.4 per cent more for housing next year.
The 2021 maximum allowed rent increase, set out by the province Thursday, is less than half of what it was last year, after the province made changes to the rules in 2018.
Before that, the previous Liberal government allowed rent increases at the rate of inflation, plus two per cent.
#BREAKING: The most your rent can go up in B.C. next year is 1.4%
B.C. Gov sets max allowable rent increase for 2021 at 1.4 per cent, less than half of what it would have been prior to changes made in 2018
Before new gov it was rate of inflation, plus 2 per cent #bcpoli
— Lasia Kretzel (@lkretzel1130) September 3, 2020
Average rent for a two-bedroom unit in B.C. is $1,320. By removing the two per cent, renters of an average apartment will save $317 next year. Those in Vancouver will save about $420, according to the province.
The maximum rent increase for manufactured-home park tenancies is also 1.4 per cent, plus a proportional amount for the change in local government levies and regulated utility fees.
“Setting rent increases ensures property owners are able to make investments and repairs to maintain safe housing, while ensuring rent increases are moderate and predictable,” says the province.
“B.C. landlords can increase rent only once per year and must provide tenants with three full months’ notice using the correct notice of rent increase form.”
B.C.’s COVID-19 rent freeze remains in place until Dec. 1, meaning tenants who received a Notice of Increase for 2020 that would have gone into effect after Mar. 18 should continue to pay their current rent until Nov. 30.