Rent Increases in B.C. Capped at 3.5 % for 2024

Selling Vancouver Real Estate Podcast

In B.C.'s competitive rental market, landlords will soon be permitted to raise rents for existing tenants by 3.5%, up from the current 2% cap. This change, however, remains below the inflation rate for the second consecutive year, a shift from past policies that allowed rent increases based on inflation or inflation plus 2% prior to 2018.

Denny and Monica explain what this all means for landlords and renters and share how this will affect the Vancouver real estate market.

This episode will focus on the 3.5% rent increase cap in BC, the cost of strata fees and insurance, the impossibility of being cashflow positive, how low-paying tenants affect sales, the need for more rentals, the importance of small-time investors, and how the government plans on helping.

Podcast Videos can be found on the Garbutt + Dumas Real Estate Team YouTube channel - https://www.youtube.com/channel/UCHK2L-KswYO93195yndFAmA

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