With renters facing significant rent hikes, Premier John Horgan says he’s hopeful a new formula for setting limits on increases will arrive soon.
The provincial government currently uses the B.C. Consumer Price Index to determine increases.
It adds up to a top annual rent increase of 4.5 percent next year – the largest allowable rent hike in more than a decade.
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And, with the province and the Lower Mainland in particular, that’s sparked a lot of concern as wages have not increased significantly and the vacancy rate sits at about one percent.
Horgan said a task force headed by Vancouver West End MLA Spencer Chandra Herbert is underway.
“I’m confident the formula will be in that report,” Horgan said. “We’ll take action when we get it.”