The government recently announced that the rent hike freeze that had been introduced throughout the pandemic to help those who were financially struggling is going to be coming to a close at the end of the year. Starting in the new year the max allowable rent increase is going to be 1.5 percent for renters in BC.
Any rent hike in 2022 must also be preceded by a three months notice from the landlord too.
Rent in Vancouver, Burnaby, and other BC cities, has become increasingly unaffordable for millions. There are many families and individuals who spend more than 50% of their income just on housing alone.
In Vancouver it had recently been estimated that a 1 bedroom cost at least $2,000 per month and that is a fee that many are unable to afford even if they are working full-time. The cost of living is on the minds of many British Columbians and for some families they have already had to look and move elsewhere because of things getting more expensive.
For 2022 landlords in BC cannot raise rents by more than 1.5 per cent.
The cost of living in Vancouver and throughout the Lower Mainland has continued to increase, meanwhile not everyone is seeing their wages rise along with it. The cost of living in BC and around Canada has gotten so difficult for so many that now politicians are floating the idea of banning foreign home buyers for a certain amount of time, to see if that doesn’t help to improve the market any. For now, there are a growing number of Canadians who are giving up on the idea of owning a home someday, as they are continually priced out of the market.
With the average 1 bedroom in Vancouver costing around $2,000 that doesn’t leave much room for other necessities, for those who are average earners.
The recent real estate boom has also meant that more British Columbians are being forced out of their homes, as more rental properties are sold for redevelopment purposes. Those who end up being forced out of their homes might find that they are quickly being priced out of their own community when they go looking for available rentals, and sooner or later might have to face the notion of looking to relocate elsewhere because of the cost of living is too much to deal with.
At least for those renters next year who are worried about any rent increase coming from their landlords they can take a little comfort in knowing that this cap has been established for them. As for what might bring any significant solution to the housing market in Vancouver as far as affordability goes, it doesn’t look like anything is going to unfold on that front anytime soon that will have a meaningful impact for those who need it. Meanwhile, inflation is rising and cost of living continues to go up.