Inflation, rising interest rates create caution across Metro Vancouver’s housing market VANCOUVER, BC –…
Annual rent increases for tenants in B.C. should be limited to the cost of living, a provincial government task force is urging.
The recommendation by the B.C. Rental Housing Task Force would do away with the current calculation that allows landlords to charge their tenants annual inflationary increases, plus an additional two per cent top-up. But the idea needs government support before it could go into effect.
Spencer Chandra-Herbert, the head of the task force and NDP MLA for Vancouver-West End, said Monday the existing formula has made life unaffordable for renters who for years have seen annual increases that far outstrip wage increases.
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To ensure landlords can afford to maintain their buildings, they will be able to apply for additional rent increases to cover the cost of work they have done, said Chandra-Herbert.
“We believe this strikes the balance between the need for affordability for renters and the need to maintain properties,” he said.