Are you renting in British Columbia? It’s vital to stay updated on 2024’s rent increase. Let’s simplify the info for you:
Rent Increase Cap
For the second year, B.C. keeps the maximum rent increase below inflation. In 2024, it’s 3.5%.
Why It Matters
Ravi Kahlon, Housing Minister, sees rising living costs, especially housing, affecting landlords and renters. To balance the scales, they’ve capped it at 3.5%, well below the 5.6% average inflation rate.
Effective Date
Starting Jan. 1, 2024, this 3.5% cap applies. Landlords must provide three months’ notice, and they can raise rent once a year.
Support for Renters
B.C. supports renters. In 2018, rent hikes were tied to inflation alone, eliminating the old practice of adding 2%. During the COVID-19 pandemic in 2020 and 2021, rent increases were frozen to provide relief for renters.
Listening to Renters
Spencer Chandra Herbert, Renters’ Liaison, appreciates the government’s action. They capped near-6% increases to secure long-term rentals.
Cost Savings
The 2024 max hike is much lower, thanks to 2018 changes limiting hikes to inflation. It saved families hundreds.
Protecting Renters
Since 2017, B.C. protects renters, banning “renovictions” and penalizing bad-faith evictions.
Improving Services
To enhance services and reduce delays, the government allocated an extra $15.6 million to the Residential Tenancy Branch (RTB). Moreover, they’ve bolstered the RTB’s Compliance and Enforcement Unit to allow for earlier interventions and eliminate the need for hearings.
Quick Facts:
- Disregard 2023 rent increase notices based on 2024 rates.
- Max hike ties to Consumer Price Index.
- In 2024, mobile-home park increases factor local costs.
- Commercial leases exempt, as are income-based non-profit housing, co-ops, and certain assisted-living facilities.
Please contact Jared Gibbons, your local realtor, should you have any questions!