The Province of B.C. has set the rate that landlords can hike rents next year.
British Columbia's annual allowable rent increase for 2020 has been set at 2.6%, the province's annual rate of inflation - 2% lower than it would have been prior to the reduction government made in 2019.
"Renters need secure housing they can afford," said Selina Robinson, Minister of Municipal Affairs and Housing, in a news release. "That's why we removed the additional 2% above inflation that the old government allowed for rent increases since 2004. Under the old formula, renters would have seen a rent hike of more than 9% over 2019 and 2020. Because of our changes and the removal of the fixed-term loophole, people will no longer face the unreasonable rent hikes that were allowed for years."
By removing the extra 2%, renters living in a $1,250 per month apartment (the average rent in B.C.) can save up to $300 next year.