Maximum rent increase set for 2019
VANCOUVER ISLAND, B.C – The government has announced how much landlords can raise rent next year.
According to a press release from the Ministry of Municipal Affairs and Housing, the “maximum annual allowable” rent increase for British Columbia is 4.5% for the year 2019.
That number comes from the provincial inflation rate, plus two percent. The inflation rate is calculated using the 12-month average percentage change in the Consumer Price Index for British Columbia ending in July, this year is it 2.5%.
For manufactured home park tenancies, the rate is 4.5% plus a “proportional amount” for the change in “local government levies and regulated utility fees.”
Landlords must provide tenants with three full months notice using the “correct notice of rent increase form”, they are legally allowed to raise the rent once a year.
For more information about the annual allowable rent increase, visit: https://www2.gov.bc.ca/gov/content/housing-tenancy/residential-tenancies/during-a-tenancy/rent-increases