Today the BC Rental Housing Task Force released an interim recommendation concerning the formula used to calculate maximum allowable rent increases in BC. In particular, the task force recommended:

• changing the maximum rent increase formula, from the current formula of inflation plus 2%, to inflation only (2.5% for 2019), which would remove the automatic 2% yearly increase.
• giving landlords the ability to apply for an additional increase if they can show the formula would not cover maintenance and other costs incurred.

As I noted earlier, BC was to allow a maximum rent increase starting January 1, 2019 of 4.5%. This would have been the largest allowable increase since 2004 and follows on the heels of a 4% increase in 2018. In fact, during the four years under the BC Liberals, the compounded maximum allowable rental increase was 11.8%. In just two years, the BC NDP would have allowed an 8.7% compounded increase.

As pointed out by my colleague Adam Olsen:

“Providing relief for British Columbians struggling amidst the affordability crisis is a key shared commitment between our two caucuses. This task force exemplifies how minority governments lead to sensible policies that will make a real difference in peoples’ lives“

Below I reproduce the statement my office released in support of the task force recommendation. We look forward to government adopting this recommendation and to the task force releasing their full report later this fall.

Media Release

Weaver responds to Rental Task Force Recommendation
For immediate release
September 24, 2018

VICTORIA, B.C. – Andrew Weaver, leader of the B.C. Green party, responded to the Rental Housing Task Force recommendation that the provincial government amend the annual allowable rent increase formula, to restrict increases to the rate of inflation:

“I want to commend the Task Force for their work on an issue of critical importance to British Columbians, and I urge the provincial government to adopt the recommendation. Today’s announcement is a strong step in addressing both current and ongoing rental affordability.

“The rental task force represents the best of minority government. We have two different parties that have come together on an issue of shared interest and have developed solutions for government to consider. This is exactly the type of collaboration that we need more of in our political system.

“I look forward to reviewing the other recommendations this committee brings forward and working with the government to ensure good policy is implemented that will improve fairness for both landlords and renters in our province.”

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Media contact
Jillian Oliver, Press Secretary
+1 778-650-0597 | jillian.oliver@leg.bc.ca