Renters in BC could be dishing out more dollars to keep a roof over their heads next year.
The notoriously pricy west coast province announced it would lift its pandemic-inspired rent freeze come January 1, 2022.
BC officials said the maximum allowable rent increase for 2022 will be set at 1.5%, based on inflation. The rent hikes can’t take place until January 1, and landlords are required to provide three months’ notice to tenants if they plan to raise rents.
Initially introduced when the world was flipped upside down at the onset of COVID-19, on March 1, 2021, the freeze was extended until the end of the year.
False Creek by JamesZ_Flickr
Before the pandemic, the maximum allowable rental increase was set by the province and has been much higher in the past. In 2018, BC limited rent increases to inflation; prior to that, however, rent increases could include an additional 2% on top of inflation.
The 1.5% increase doesn’t apply to commercial leases, non-profit leases where rent is geared to income, co-op housing, and some assisted living facilities.
Meanwhile in Ontario, the province set the 2022 rent increase guideline at 1.2% following its own rent freeze in response to the pandemic. So, get ready for already climbing rents in Toronto to increase even more.
