VICTORIA, B.C. – The Province has set a maximum allowable rent increase for 2022 as the end of the rent freeze is around the corner.
The new increase amount is being set at 1.5 per cent, based on inflation, and cannot take effect before January 1, 2022, according to the Province.
Landlords looking to increase their tenant’s rent are to provide a full three months’ notice using a notice of rent increase form and can only implement an increase once a year.
According to a government release, the maximum allowable increase is defined by the 12-month average per cent change in the all-items Consumer Price Index for B.C. ending in July the year prior to the calendar year for which the rent increase takes effect.
In the beginning stages of the COVID-19 pandemic, the Province created a rent freeze that was extended to December 31st, 2021.
More information can be found on the B.C. Government website.