Province sets rent increase at 1.4% for 2021

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VICTORIA, B.C. – The Province has announced that the maximum annual allowable rent increase for 2021 has been set at 1.4 percent.

According to the Government, the 1.4 percent rate increase is less than half of what it would have been prior to changes made by the Province in 2018.

Prior to that change, the previous government allowed rent increases to be the rate of inflation, plus an additional 2 percent.

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This system ensures property owners are able to make investments and repairs to maintain safe housing, while ensuring rent increases are moderate and predictable.

B.C. landlords can increase rent only once per year and must provide tenants with three full months’ notice using the correct notice of rent increase form.

To protect renters who have experienced income loss during COVID-19, the Province is continuing to maintain rent freezes until December 2020.

More information can be found on the Province’s website.

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