Tenants worried about being forced from their homes due to rising rental rates can put their concerns on hold for another year.
BC has capped the maximum rental rate increase for 2024 at 3.5 percent, well below the average 12 month inflation rate of 5.6 percent.
It marks the second year in a row that the province has set the allowable increase at levels below inflation, in a continued effort to assist renters.
Prior to 2018, the annual allowable increase had been based on the inflation rate plus two percent, and rental rates were frozen completely in 2020 and 2021.
They say do say they intend to return to a rate based on the BC Consumer Price Index in the coming years, once inflation levels off.
But, for now, the 3.5 percent rate will apply to all rent increases effective on or after January 1st of 2024.
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