B.C. caps allowable rent increase in 2024 at 3.5 per cent

The B.C. government has set next year’s maximum allowable rent increase at 3.5 per cent, well below the inflation rate.

“We are not immune to inflation,” said David Hutniak, CEO of Landlord B.C. which represents about 3,300 property owners in the province. “Just trying to maintain the buildings and provide the housing that we do, we’ve seen core operating expenses — insurance, utilities, taxes — gone through the roof.”

He said he’s sympathetic to the challenges renters are facing, but noted landlords have been constrained by zero or below-inflation increases since 2020.

“The issue is, on a cumulative basis, our landlords just keep falling further and further behind,” he said. “In talking to our members, there’s so many of them that are in a negative cash-flow situation year after year. That’s just not sustainable for any business.”

In a statement, the government touted the 2024 rent cap as well below the average rate of inflation of 5.6 per cent.