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Rent increases in B.C. are now capped at 3.5 per cent for 2024, according to a Sept. 11 announcement by the Ministry of Housing.
The maximum allowable rent increase is the highest it has been since 2018, four per cent, while also being set below the inflation rate for the second year in a row, according to a government news release.
“Across the country, costs have been increasing — especially for housing — at a rate that’s unsustainable for many people,” said Ravi Kahlon, Minister of Housing, in a statement.
“We know that’s the case for both landlords and renters, and that’s why we’ve found a balance to protect renters while helping to keep rental units on the market.”
Residential tenancy regulations place a maximum allowable rent increase that is based on the inflation rate. Prior to 2018, the rent cap was calculated based in the inflation rate plus two per cent but was changed following a recommendation by the Rental Housing Task Force.
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