In 2024, landlords in the province of British Columbia will be able to raise rent to 3.5%, up from the current 2%. The Ministry of Housing made the announcement of the rent increase on September 11, 2024.
Rent increases were canceled in 2020 and 2021, and the purpose of avoiding the rental cap was to save tenants money in British Columbia.
In British Columbia, landlords can only raise rent once a year with agreement from current renters or by law, unless there is a change in ownership or tenancy.
Landlords are not permitted to implement previous rent increases, even in the event that the landlord: – Did not implement the rent increase the year before. – Raised the rent by a portion of the permitted amount and now wishes to apply the remaining.
The rent increase cannot exceed the amount determined by applying the rent increase limit. When determining the permitted increase in rent, landlords are not permitted to round up.
Tenants may deduct any overpayment from their future rent if they have paid a rent increase that is greater than what is required. The renter must provide a written justification for their refusal to pay the full amount requested by the landlord.
For instance, if your monthly pension payment is P2,000 each month, then in the coming months, you will be getting an extra P1,000 as a part of the 2nd Tranche Increase.
Landlords in British Columbia must use a specific form and give renters a three-month notice for any rent increase, limited to once per year.
Tenants can show a document from the landlord stating the allowed rent increase. If not, they can file a dispute and ask for a directive to follow the law.
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