Vancouver's 2023 Rent Increase

Vancouver's 2023 Rent Increase

Residential tenancy. What is it? 

Well, last week the province of British Columbia announced an allowable rent increase of 2% for 2023. 

This means that for all landlords wanting to increase the rent for their tenants can do so, with a notice to those tenants by the end of this month (September) to be ready for January 1st. 

The pricing used to be tied to the consumer price index, however it is now a whopping 2%. 

In previous years, it was a 0% increase due to the COVID-19 pandemic, which was slowly then raised to about 1.5%. With the current inflation rate being at around 9%, many landlords are struggling with their pricing, which is why there is the 2% increase. 

As prices are going back up, we’ll keep you updated with the latest in the Vancouver real estate market news. 

We’ve also included the full list of rules here, as provided by the British Columbian government. 

What other questions do you have about the current state of the market? Let us know: 604-657-7936

#Vancouver #RealEstateVancouver #VancouverRealEstate #Remax #gomyrealpage


No comments

Post Your Comment:

Your email will not be published
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.