The province says they are limiting the rent increase to 3.5 per cent for next year, which is below the current inflation rate.
They say this is the second year in a row that this has been done, with the current inflation rate at 5.6 per cent. It applies to rent increases with an effective date on or after Jan. 1.
According to home and rental finding site Zumper, the average rental price for a one-bedroom apartment in Courtenay is just over $1,700 and nearly the same amount in Nanaimo. This means you could have around $60 added to your monthly rental if your landlord increases rent.
If your landlord does increase the rent, the province says they must provide a three month notice to tenants using the correct notice of rent increase form. They add rent can only be increased once a year.
The rent increase cap is higher by 1.5 per cent than it was in 2023. However, the province says changes made in 2018 have kept the increase from being the same as the inflation rate. They add as inflation returns to normal levels, they plan on it being tied to B.C.’s consumer price index.
The highest increase seen in the last 20 years was 4.3 per cent in 2012.
The province adds the rent increase does not apply to commercial tenancies, non-profit housing tenancies where rent is tied to income, co-operative housing and some assisted living facilities.