BC has announced it’s raising the allowable increase in rental prices for 2021 by 1.4%.
Each year, the province sets the maximum percentage landlords can raise rental costs for their tenants. It is generally calculated against the rate of inflation. According to the province, by the end of July 2020, the 12-month average increase in inflation was 1.4% in BC, while in 2019 there was 2.3% average change in the province.
For manufactured-home park tenancies, the rate is 1.4%, plus a proportional amount for the change in local government levies and regulated utility fees.
“Any tenant who received a Notice of Increase for 2020 that would have gone into effect after March 18, 2020, should continue to pay their current rent until November 30, 2020,” the province said in a release.
The annual increase, according to the government, is meant so property owners are able to make investments and repairs to the properties while providing renters with “moderate and predictable” upticks in costs.
Rent can also only increase once per year and tenants are required to be given three months’ notice.
Word of the increase comes as many provinces are now grappling with the maximum increase to allow within their jurisdictions. Most recently in Ontario, Premier Doug Ford said he was planning to have the increase set to zero for the coming year.