Landlords in British Columbia will be allowed to raise rents up to 3.5 per cent in 2024, the province announced Monday.
The increase is below the current rate of inflation, and it is also more than the allowable increase for 2023, which was two per cent. The province said the 12-month average inflation rate is 5.6 per cent currently.
B.C. Premier David Eby said Monday that the province is trying to weigh the challenges faced by both renters and landlords.
But in a market where rents continue to rise and many landlords rely on rental income to help cover mortgages, both owners and tenants have expressed dismay over the announcement.
WATCH | Vancouverites react to rent increase
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