Friday, April 19, 2024

BC to cap rent increases to 2% in 2023 due to rising inflation


A little relief is on the way for British Columbians.

With rising inflation, the province announced that BC landlords will only be able to raise rent for existing residential tenants by 2% in 2023.

During a press conference on Vancouver Island Wednesday, Premier John Horgan and Finance Minister Selina Robinson announced the cap as well as boosting the next Climate Action Tax Credit and BC Family Benefit in an attempt to help address cost increases caused by rising inflation.

“Everyone is feeling the squeeze of global inflation, which is driving up the cost of groceries, gas, and other goods and services,” said Premier John Horgan.

“Our next support measures will help bring down costs for renters, put money back into people’s pockets and offer families a cushion during challenging times.”

According to the BC Government’s website, when issuing a new notice of rent increase a landlord must use an approved notice of rent increase form, use the maximum amount for 2023 which is set at 2% and they must give the tenant no less than three full months before the rent increase takes effect.

No one will need to apply for the Climate Action Tax Credit and BC Family Benefit. They will be automatically increased if income tax filing is up-to-date.

In October, the province said maximum amount for the Climate Action Tax Credit for low- and moderate-income British Columbians will be increased by up to an additional $164 per adult and $41 per child.

This means a family with two children can receive up to an additional $410.

In the new year, the BC Family Benefit will rise by as much as $58.33 per child, for each month. A family with two children will receive up to $350 from this top-up.

The BC government is also working with BC Hydro to reduce the impact of the global high rate of inflation and improve the cost-of-living for BC residents.

Victoria Buzz Staff
Your inside source for Greater Victoria happenings. Established in 2012.

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