Maximum allowable rent increase is biggest since 2004, due to rising inflation
The rate for the maximum allowable rent increase has now been set for B.C. in 2019.
The provincial government uses the B.C. Consumer Price Index and the formula for rent increases, which adds up to a top annual rent increase of 4.5 per cent. But it's the largest allowable rent hike in more than a decade.
“B.C. landlords can choose to increase rent once annually,” said a government news release. “The maximum percentage increase allowed each year is the inflation rate plus two per cent. The inflation rate, calculated using the 12-month average percentage change in the Consumer Price Index for British Columbia ending in July, is 2.5 per cent.”
For manufactured home park tenancies, the rate is 4.5 per cent, 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,” said the news release.
For more information about the annual allowable rent increase, visit the B.C. government's website: Rent Increases