Time for a little bit of housing market news, Vancouver! The ongoing rent freeze in BC, which has been in place since the early days of the pandemic, will end by the new year. Here’s what to know about that happening.
Since 2018, landlords have been able to increase rent once per year, but only in accordance with the rate of inflation in the country. And, starting on January 1st, this policy will come back into effect throughout the province.
For 2022, the maximum rent increase will be 1.5%. In order to introduce a rent increase, landlords must provide a three-month notice to tenants. So, if you get a message saying you need to start paying more in February, that’s a lie.
It should be noted that some kinds of housing are exempt from these rules. Non-profit/co-op housing, commercial leases, and assisted living operate under a different set of guidelines.
The province is also trying to crack down on renovictions in the city, but to mixed effects. If you’d to know more about the end of the rent freeze in BC, then you can check out the official press release right here.