It has been a year since we told you that your landlord might owe you a paltry sum of money if you’re a BC renter expecting a security deposit return; well, now they might owe you even more.
Expected amounts are calculated based on the prime lending rate.
According to the BC Ministry of Housing, as of January 1 this year, the prime lending rate was 7.2%.
The ministry told Daily Hive, “The calculation is based on the prime lending rate of the Province’s principal banker, minus 4.5%.”
That means the amount of interest payable on deposits in BC in 2024 is 2.7%.
So what does that mean for you? Let’s do some math.
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BC has a handy interest calculator that will help you determine how much interest you’re owed.
As a disclaimer, it’s important to know that you’ll probably not be owed a ton of money in the form of interest, but you might get enough for a couple of free Starbucks drinks.
Say you’re a BC renter and paid a security deposit of $800 on February 1, 2023; if you expect a return today, your landlord owes interest of $16.16 or a total deposit of $816.16.
Maybe you have a two-bedroom apartment in Vancouver where the average rent is a soul-crushing $3,660 per month, with a security deposit of $1,800.
Again, if you paid that amount on February 1 and expect a return today, you’d get $1,836.37.
Of course, you need to ensure that you haven’t punched a hole through a wall of your apartment because you were upset that Andrei Kuzmenko was traded.
What are you going to do with your newfound fortune?
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