B.C. caps allowable rent increases at 3.5 per cent, 2 points lower than inflation

VICTORIA — The British Columbia government has set the allowable rent increase for next year at 3.5 per cent.

The rate is more than two percentage points below the 12-month average inflation rate of 5.6 per cent. 

Housing Minister Ravi Kahlon says in a statement that costs have been increasing, especially for housing, at a rate that’s unsustainable for many people, and this increase is a balance to protect renters, while keeping units on the market. 

The increase can be effective on or after Jan. 1, 2024.