Victoria – British Columbia’s annual allowable rent increase for 2020 has been set at 2.6%, the province’s annual rate of inflation – 2% lower than it would have been prior to the reduction government made in 2019.
By removing the extra 2%, renters living in a $1,250 per month apartment (the average rent in B.C.) can save up to $300 next year. People in an average two-bedroom apartment in Vancouver can save up to $471 annually. These savings complement improvements to both the Shelter Aid for Elderly Renters program and Rental Assistance Program, which help low- and moderate-income seniors and families afford to rent in B.C.
In addition to these savings, the Province is also taking steps to strengthen protections for renters and limit evictions related to renovations. The Province has increased compensation for bad-faith evictions, strengthened requirements for eviction notifications and issued new Residential Tenancy Branch guidelines in July 2019 that will provide landlords and renters with stronger guidance on:
* the limited types of major repairs that truly require vacancy;
* the good-faith requirement;
* necessary permits required by landlords; and
* case law regarding renters’ ability to sustain tenancies during renovations.