B.C.’s maximum allowable rent increase is being set below the inflation rate for the second straight year. The maximum increase for 2024 will be 3.5%.
“Across the country, costs have been increasing — especially for housing — at a rate that’s unsustainable for many people,” said Ravi Kahlon, Minister of Housing.
“We know that’s the case for both landlords and renters, and that’s why we’ve found a balance to protect renters while helping to keep rental units on the market.”
The rent cap falls below the 12-month average inflation rate of 5.6% and applies to rent increases with an effective date on or after Jan. 1, 2024.
If landlords choose to increase rent, they must provide a full three months’ notice to tenants using the correct Notice of Rent Increase form. B.C. landlords can increase rent only once every 12 months.
The province says the maximum allowable rent increase is significantly less than what it would have been prior to changes in 2018 that limited rent increases to inflation.
As inflation returns to normal levels, the province says it intends to return to an annual rent increase that is tied to B.C.'s Consumer Price Index in future years.
To see the full release, visit Government of British Columbia.
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