"Time to move": People are fed up with BC raising the rent increase cap

EB Adventure Photography | Andres Siimon/Shutterstock

The most expensive place to rent in Canada will be slightly more costly for people who have rental housing secured after BC announced a hike for the rent increase cap for 2024.

BC Housing Minister Ravi Kahlon announced the 3.5% cap on Monday morning, attributing the decision to rising housing costs and suggesting that the number set was the best way to support renters and landlords while keeping the cap below the inflation rate.

Kahlon suggested that the government had found a good balance.

Unsurprisingly, BC residents, many likely already feeling the financial squeeze, aren’t too thrilled.

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“Building owners are realizing their return is becoming a joke,” one comment read on our initial story.

“Capping rent increases is a government control that will certainly scare future investment on purpose-built rental buildings.”

Another comment said, “sad for the landlords.”

Lots of reactions expressed dismay for the renters in the province.

Totally disagree with allowing any increase this year, this decision just increases the strain on renters throughout the province

— ci101 (@cedarisland101) September 11, 2023

“The rent is too damn high,” someone else said.

They’re not wrong; in recent months, average rent in Vancouver has skyrocketed to unthinkable levels for many renters.

Many social media comments reflected that while their rent was going up, their wages were not.

That’s 3.5% more than my pay increase this year!

— Property Ho (@Property_Ho) September 11, 2023

Others had a more straightforward solution in response to BC raising the rent increase cap.

A Reddit comment read, “I’ve decided I’m going to live in a van now,” to which someone responded, “So that’s why they call it Vancouver.”

For others, there was one final solution:

Time to move out of BC…

— Cycling is fun! (@Cyclingisfun1) September 11, 2023