How Much Can British Columbia Landlords Raise The Rent In 2023?
It’s Only 2%
The provincial government of British Columbia announced the maximum allowable rent increase on tenants for 2023.
Landlords in B.C. are able to increase rents by 2 per cent in 2023.
The British Columbia government made it clear landlords must give tenants three months’ notice if they want to increase rent.
To find out more about how to raise the rent in 2023 click here.
BC Landlords have had a very challenging 2020.
With the Covid pandemic many tenants couldn’t (or just didn’t) pay rent and this led to financial stress on many of us. Despite some help from the province, many did not collect full rent and others faced late rent regularly.
No Rent Increase
Small BC landlords know how our costs are rising and how important it is to increase the rent to try to cover your costs. Unfortunately, the NDP government won’t allow small landlords to raise our rents until July 2021.
Opportunities in 2021
Experienced and successful British Columbia landlords know there will also be opportunities in 2021.
When the economy gets stronger there will be more people coming to our province to work. These more qualified tenants will be on the way and looking for great rentals.
Students will also be returning. This will lead to a very strong rebound in the student rental sector.
Tenant Screening
Make sure you continue to screen your potential renters carefully. This should include references, employment proof and a credit check.
You can join the BC Landlords Association and begin running checks for under $10/check.
BC Landlords Face Challenges And Opportunities in 2021
Make sure you take advantage of the opportunities and make sure you screen all potential tenants with a credit check.
British Columbia Landlords – The 2016 Rent Increase Guideline is 2.9%
Are you going to raise the rent in 2016? As costs rise many BC landlords are going to raise the rent and want to know how much they can raise rents in 2016.
British Columbia landlords can raise the rent only one annually. Furthermore the rents can only be raised by amount allowed by provincial law. Landlords also must provide their tenants with at least three months notice and use the property forms. The rent increase is a percentage equal to the rate of inflation plus 2%. For more information see the province website here: Rent Increases.
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.
After receiving a complaint from a constituent about a steep rent hike, Norm Sterling introduced a Bill late last month to address a little known part of the Residential Tenancies Act that prevents rent control on properties constructed after 1991. (more…)
Ontario’s rent hike lowest in 35 years
By ANTONELLA ARTUSO, Queen’s Park Bureau Chief
Last Updated: January 2, 2011 5:20pm
Ontario rents will be allowed to edge up by only 0.7% in 2011.
It is the lowest increase in the 35-year history of the province’s rent guideline — the maximum annual rent increase allowable without seeking special approval from the Landlord and Tenant Board for a heftier hike.
“The McGuinty government is providing real protection for tenants by linking the rent increase guideline to the Ontario Consumer Price Index which prevents routine rent increases above the rate of inflation while ensuring landlords can recover increases in their costs,” said Liberal cabinet minister Jim Bradley.
Stuart Henderson, a moderator with the Ontario Landlords Association, which typically represents property owners with less than five units for rent, said the tiny increase has many of the group’s members wondering if they can afford to stay in the business.
“We’re the ones that are paying all these new costs — the price of gas, hydro, the HST — and then we kind of get kicked in the stomach with a 0.7% increase,” he said. “It leaves kind of the worst landlords in the market, people who are renting out fire traps, illegal places.”
The next provincial election will be held in October, and Henderson said the McGuinty government is clearly currying favour with tenants.
“It’s political opportunism,” he charged. “We feel that the McGuinty government is trying to protect against a backlash from tenants in Toronto.”
Geordie Dent, executive director of the Federation of Metro Tenants’ Associations, said landlords may be complaining now but they weren’t protesting when the province allowed yearly increases in the range of 5% in the 1990s.
The recession has been very hard on many tenants, and unemployment in Toronto continues to hover at about 10%, he said.
”It’s not renting out a movie at Blockbusters — it’s people’s housing,” Dent said. “Any increase right now during this difficult time is hard for any tenant.”
Also, Ontario does not have “real” rent control because the landlord is only obliged to follow the guideline for an existing tenant, he said.
“If you move into a unit, though, a landlord can charge you whatever he wants,” Dent said. “The last tenant could have been paying $500 a month and they can charge you $2,000.”
http://www.torontosun.com/news/canada/2011/01/02/16734661.html
