Posts Tagged ‘Vancouver’

BC Landlords Can Raise the Rent 2.6 % in 2020

Wednesday, September 4th, 2019

How Much Can A Landlord in BC Raise the Rent Next Year?

British Columbia landlords can raise the rent by up to 2.6% in 2020.

How Does That Compare with 2019?

In 2019 the maximum allowable increase was 2.5%.

How is the Rent Increase Guideline Calculated?

The rate is based on inflation. Unlike in past years only the inflation rate is used.

How Does This Compare to Other Provinces?

In Ontario, landlords are faced with the 2020 rent increase being capped at 2.2%

How Do I Give My Tenants Notice I’m Going to Raise the Rent?

Rent increase documents are available from government Residential Tenancy Branch here

What Does the BCLA Recommend Landlords Due Regarding the Rent Increase Guideline for 2020?

We recommend BC landlords raise the rent the maximum amount of 2.6% in 2020.

CMHC Rental Housing Report: Affordability is Still a Big Issue In Vancouver

Friday, June 29th, 2012

June 28th, 2012

What Did the CMHC Report Say?

The Canada Mortgage and Housing Corporation stated in a media release Vancouver is continuing with the trend of not only low vacancy rates but also increasing rental costs to tenants.

What Is Happening in 2012?

In 2012, the CMHC report shows vacancy rates dropped by two-tenths of a percentage point in Vancouver —to  a low 2.6 percent from 2.8 percent in 2011.

How Do Vancouver Rental Prices Compare with Other Cities in Canada?

Well, if you are looking Canada-wide and looking for a great deal on rent you can move to Trois-Rivières, where a two-bedroom goes for $543, or move to Saguenay at $553.  Hey, you can consider the lovely Eastern Townships in Sherbrook, Quebec at  only $581 per month.

No Thanks, I Like the Vibrant Economy and Culture of BC

We don’t blame you.  There are lots of reasons why rent is cheap in Quebec.

And in Vancouver?

Overall, average rents went up in Vancouver.  Studio apartments increased from $839 to around $855.  

One bedroom units increased from $934 to nearly $965.  

Two-bedrooms increased from $1,288 to nearly $1,219. 

Three bedrooms had a minimal rise in rent.  Only a looney, $1406 to $1407.

Where Does Put Vancouver in Terms of Rental Prices?

Vancouver is the most expensive city to rent a two- bedroom apartment in Canada. 

While some might see this as a negative, we see it as a true positive.  People want to be here, people want to invest here, people want to work here, people want to buy here.

What Does It Mean in the Big Picture?

It means a lot of renters won’t be able to afford to rent in Vancouver.  Of course, a lot of investors can’t afford to invest in Vancouver either.  The CMCH report didn’t go into depth on that topic.

We think high rents mean a wealthy and dynamic city!

 

A 45% Rent Increase? Vancouver Seniors Fight Back

Thursday, February 23rd, 2012

February 23rd, 2012

 

Seniors who live in an East Vancouver rental building have decided to fight their landlord’s attempt to get a 45% increase in rent.

Many of the seniors or living on pensions and state if would be destroy their finances if the rent increase went forward.

Tenant Adeline Saunders is 57 and has rheumatoid arthritis.  She says her disability pension barely covers her current expenses and if the rent goes up she will be in a very difficult situation: choosing between hearing her apartment or paying for food.

The tenants admit the landlord has put double windows in.  They also admit the building is being renovated with security upgrades added.

Renter Andy Lai said it’s unbelievable the landlord could attempt to raise the rent so high.  In British Columbia the normal allowable rent increase is 4.3%.  In Ontario rents are going to be capped at 2.5% no matter what inflation is in 2013.  See here.  In Alberta you can raise the rent as much as you want.

The landlord has applied to the BC Residential Tenancy Branch to raise the rent higher than the allowable 4.3% increase because rents there are below market value.

The landlord claims that while rents are currently at $355/month for a bachelor suite, the market rent should be $740.