Landlords in BC will once again be able to increase rent on their property next year.
Announced Wednesday morning by the province, BC landlords will have the ability to raise rent on their property once a year with an allowable rent increase of 1.5% beginning in January.
If landlords choose to do so, they will have to give three months notice. If a landlord previously gave a tenant a notice of rent increase that takes effect this year, the tenant does not have to pay it.
In 2021, the province placed a rent freeze, as well as banned illegal renovictions (evictions to complete renovations to a property).
The current rent freeze is expected to expire on December 31st, 2021.