In 2014, B.C. landlords can raise the rent by a mere 2.2 per cent.
Why 2.2 per cent? It is based on the official inflation rate in July of last year, which was pegged at .02 per cent.
However, as the B.C. Landlords Association notes, BC Hydro rates are to rise 28 per cent over the next five years, starting with a 9 per cent hike in 2014; and Vancouver property taxes will jump 1.9 per cent this year.
According to the BC Residential Tenancy Act, a B.C. landlord “may impose a rent increase that is no greater than the percentage amount calculated as follows: the inflation rate plus 2 per cent equals the allowable rent increases.”
While the rate is low compared to past rent increase guidelines, B.C. landlords are actually getting a pretty good deal in B.C. compared to some other provinces. Most other provinces base the rent increase only on the inflation rate, the Association notes.
For example in Ontario landlords can only raise the rent 0.8 per cent in 2014. In Manitoba landlords can only raise the rent by 2 per cent in 2014.
