The B.C. government is capping rent increases in the province at the rate of inflation, a move that will drastically cut the maximum annual rent hikes that had been allowed under the old formula.
The province dropped the automatic two per cent increase in annual rental costs for renters around the province, starting next year.
The increase will now be limited to the annual rate of inflation, which now stands at 2.5 per cent.
This comes on the heels of recommendations from the Rental Housing Task Force to limit rental increases to the inflation rate alone.
The maximum rent increase that was allowed for next year, under the current formula, was 4.5 per cent.
Angela Calla has been a licensed mortgage broker for 14 years. She has been with Dominion Lending Centres since its inception in January 2006. Residing in Port Moody, British Columbia, Angela is a regular expert guest on several news stations, television shows, radio programs and local and national publications. She was the AMP of the year in 2009, and has consistently been one of DLC and the industry’s top performers since 2006. She can be reached at email@example.com or 604-802-3983