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