Rent cap aims to keep units on the market for tenants

The provincial government has capped the allowable rent increase to 3.5% for 2024.

Landlords who plan to raise rent in 2024 will need to provide tenants with three months notice using the correct form and following specific rules.

BC’s Minister of Housing, Ravi Kahlon, said costs are increasing for landlords and tenants. The need for affordable housing well documented, but many property owners are facing higher costs for repairs, financing and maintenance. The province claims the 3,5% cap will keep people housed while making sure rental units stay on the market.

The rent increase cap does not apply to commercial tenancies, non-profit housing with rent geared to income, co-op housing and some assisted-living facilities.