The Government of British Columbia is keeping the allowable rent increase for residential tenancies at 2.5 per cent for 2015. This means no change from the rate established in 2014. By law, the rate of rent increase is calculated by a formula of two per cent plus the rate of inflation.
Since landlords are only legally able to raise rents once per year, a rent raised above the maximum annual amount would have to be approved by a written agreement with the tenant or an order from the Residential Tenancy Branch.
The provincial government is also committed to providing rental assistance and supplements for low to moderate income families and seniors. Last year, the province raised the average monthly rent supplement for a family from $370 to $420, helping over 28,000 B.C. households.
For more information on allowable rent increases in British Columbia, click here.