Rent can go up by 1.5% in 2022, the BC government has announced.
The move ends a rent freeze that was initially put in place in March 2020 due to the COVID-19 pandemic.
That freeze was later extended to Dec. 31, 2021, meaning rent increases can only come into effect from Jan. 1, 2022.
Landlords intending to increase rent must give tenants a full three months’ notice using the correct form.
The province added: “The 2022 maximum allowable rent increase is significantly less than what it would have been prior to changes made by the province in 2018 that limited rent increases to inflation.
“Prior to that change, maximum rent increases could include an additional 2 per cent on top of inflation.”
Landlords are reminded that rent can only be increased once a year.
The announcement, however, does not affect commercial tenancies, non-profit housing tenancies where rent is geared to income, co-operative housing and some assisted-living facilities.
The 2022 maximum increase for manufactured home park tenancies will be 1.5 per cent, plus a proportional amount for the change in local government levies and regulated utility fees.
