The B.C. government is capping rent increases in the province at the rate of inflation, a move that will drastically cut the maximum annual rent hikes that had been allowed under the old formula.
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.