B.C. caps rent increase at 3% for 2025, matching inflation rate
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The British Columbia government is capping the maximum allowable rent increase at three per cent next year, down from the 3.5 per cent hike allowed in 2024.
The British Columbia government is capping the maximum allowable rent increase at three per cent next year, down from the 3.5 per cent hike allowed in 2024.
Housing Minister Ravi Kahlon says the province's decision to tie the maximum rental increase to the rate of inflation will save renters hundreds of dollars while allowing landlords to recoup the rising costs of maintaining rental properties.
Prior to 2018, the maximum allowable rent increase in B.C. was capped at the rate of inflation plus two per cent. The new three per cent cap cannot take effect before Jan. 1, 2025
"Tying the allowable increase to inflation saves renters hundreds of dollars, over the previous government's policy of inflation plus two per cent,” Kahlon said in a statement Monday.
"At a time when we know renters are struggling, our rent cap protects renters against unfair rent hikes, while allowing landlords to meet rising costs so that rental homes can stay in B.C.’s housing market."
Landlords who increase rent must give tenants three months of notice and rent cannot be raised more than once in 12 months.
The three per cent cap does not apply to commercial leases, housing co-operatives and some assisted-living facilities.
