The Minister of Municipal Affairs and Housing is listening to the concerns of renters and taking action on an early recommendation from B.C.’s Rental Housing Task Force by cutting the annual allowable rent increase by 2%, limiting it to inflation.
That means that effective Jan. 1, 2019, the annual allowable rent increase will be 2.5%.
“It’s simply not sustainable for renters, many of whom are on fixed incomes, to see their rent increase by more than inflation each and every year,” said Premier John Horgan. “We have to eliminate the risk of such huge increases for renters. Our new approach strikes a balance between giving relief to renters while encouraging people to maintain their rental properties.”
The previous formula, set in 2004, allowed annual rent increases of 2% plus inflation.
Making life more affordable is a shared priority between government and the B.C. Green Party caucus, and is part of the Confidence and Supply Agreement.
The new rent-increase limits are part of the many actions the B.C. government is taking to help renters.
British Columbia’s 30-point housing plan includes a record $7 billion over 10 years to create new affordable rental housing throughout the province.
The Province has closed a fixed-term lease loophole that resulted in people being unfairly evicted and stopped geographic rent increases that were unfairly driving up rents in some neighbourhoods.
Starting this month, the Province expanded the eligibility and increased the assistance to low-income families and seniors through the Rental Assistance Program and the Shelter Aid for Elderly Renters.
The speculation tax also encourages people with multiple homes in urban areas to rent them out, instead of letting them sit vacant.
You may find your electricity bill going up during the winter months.
Increased heating and other winter energy habits (such as using more lighting for longer hours), can make the average winter electricity bill 66% higher than the rest of…
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What do housing pundits predict will happen to the B.C. housing market over the next year?
2018 was an extremely taxing – quite literally – year for B.C. real estate, in which taxation measures and other government interventions slowed…
https://awmalliance.com/wp-content/uploads/2019/01/2016-real-estate-outlook-1.jpg450804[email protected]https://awmalliance.com/wp-content/uploads/2019/01/awm-color.png[email protected]2019-01-24 15:57:532019-01-25 11:12:222019 real estate market outlook: a forecast summary
With cannabis legalization fast approaching, it is a good time for strata council members to educate themselves about a strata corporation’s obligations when responding to smoking complaints.
Regardless of what a strata corporation’s…
https://awmalliance.com/wp-content/uploads/2019/01/photo-1518735881707-1a53be861a5f.jpg943639[email protected]https://awmalliance.com/wp-content/uploads/2019/01/awm-color.png[email protected]2019-01-24 15:48:382019-01-25 11:12:43STRATA ALERT: 8 STEPS EVERY STRATA COUNCIL SHOULD TAKE WHEN RESPONDING TO A SMOKING COMPLAINT
The British Columbia government has released regulations to create a new condo and strata assignment register.
This register is designed to crack down on tax evasion and make B.C.’s real estate market more transparent and fair for British…
https://awmalliance.com/wp-content/uploads/2019/01/photo-1521791055366-0d553872125f.jpg7011050[email protected]https://awmalliance.com/wp-content/uploads/2019/01/awm-color.png[email protected]2019-01-24 15:42:352019-01-25 11:13:02BC government launches promised condo flipping registry – Vancouver Courier
he Office of the Superintendent of Real Estate asked real estate licensees and members of the public to comment on proposed amendments to the Real Estate Rules.
The rules proposed by the Superintendent will:
1. Incorporate the Real Estate…
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The Trouble with Trifles: Although the Strata Property Act states that a strata corporation MUST enforce the bylaws, case law confirms that the strata has limited discretion to nor enforce the bylaws in some cases. In Curtain v The Owners, Strata…
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