The Province of British Columbia has announced the maximum allowable rent increase for 2019, and it’s the largest rent hike in more than a decade.
Next year, landlords can raise rents by a maximum of 4.5%. This figure is partly tied to the B.C. consumer price index (CPI).
“B.C. landlords can choose to increase rent once annually,” the government said in a news release. “The maximum percentage increase allowed each year is the inflation rate plus 2%.
“The inflation rate, calculated using the 12-month average percentage change in the CPI for British Columbia ending in July, is 2.5%.”
Maximum allowable increases for the past 10 years were:
The last time the maximum increase exceeded 4.5% was 2004 (4.6%).
There is a loophole, however; landlords have the power to raise the rent above the maximum allowable amount if they have a written agreement from the tenant or an order from the Residential Tenancy Branch.
In all cases, landlords must provide tenants with three months’ notice of rent increases.
Emma Crawford Hampel / Business In Vancouver