Facing the largest increase in rental rates since 2004, the province has decided to take action.
Based on recomendations made on Monday by the Rental Housing Task Force, the province will be limiting the maximum allowable rent increase to strictly inflation.
Previously, landlords were able to increase rent by inflation plus an additional 2 percent.
The government will also be adopting a second recommendation, made by the Task Force, which will allow landlords to apply for additional increases with proof of their necessity.
Premier John Horgan says the move is not intended to disuade landlords from offering rental units, but rather to ensure British Columbians can live within their means.
Under the new rules, residents will see a maximum rent increase of 2.5 percent for 2019, rather than the previously allowed 4.5 percent.
