As NDP promised, prior to being elected again as the BC government, rent increases have now been frozen and will not be valid until July 10th 2021.
What does this mean for your rental?
Currently, the government has announced that any rent increases that were suppose to begin December 1st 2020 onward are now void. If your tenant does pay the rent increase, they can deduct the increase amount from the next months rent.
NO increases are to be sent out until April 11th, 2021 ensuring that rent increases do not begin until the 10th of July 2021.
The rent increases that are to start July 10th, 2021 will have to be capped at the legal 1.4% rent increase amount as appointed by government.
If you have any questions regarding serving rental increases or what to do about increasing the rent, please give us a call or send us an email!
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We specialize in Coquitlam, Port Moody, Maple Ridge, New Westminster, Burnaby, and Port Coquitlam Property Management Services.