Rent hike capped for 2024

The B.C. government is capping the maximum rent increase at 3.5 per cent for next year.

Housing Minister Ravi Kahlon said that figure is well below the 12-month average inflation rate of 5.6 per cent.

“Across the country, costs have been increasing – especially for housing – at a rate that’s unsustainable for many people,” Kahlon said. “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.”

The cap applies to rent increases starting Jan. 1, 2024, and if landlords choose to increase rent, they must provide three months’ notice to tenants, and can only increase the rent once every 12 months.

The rent increase does not apply to commercial tenancies, non-profit housing tenancies where rent is geared to income, co-operative housing and some assisted-living facilities.

For a history of rent increases in B.C., visit this B.C. government site.