B.C. government cuts automatic 2% increase in annual rent allowance for 2019
The province dropped the automatic two per cent increase in annual rental costs for renters around the province, starting next year.
The increase will now be limited to the annual rate of inflation, which now stands at 2.5 per cent.
This comes on the heels of recommendations from the Rental Housing Task Force to limit rental increases to the inflation rate alone.
The maximum rent increase that was allowed for next year, under the current formula, was 4.5 per cent.