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How Much Can BC Landlords Legally Raise The Rent in 2016?

July 10th, 2016 · No Comments · BC Landlord Rent Increase 2016, Landlords BC, Latest News

BC Landlords Association Rent Increase Guideline 2016

BC Landlords – The 2016 Rent Increase Guideline is 2.9%

Experienced and successful BC landlords know the importance of maintaining high quality rental properties. Good, safe, well-maintained and attractive rental properties catch the attention of good, paying tenants. And you need to rent to good paying tenants to be a successful landlord.

With proper tenant screening landlords in British Columbia know you can find good tenants, but you must have nice properties to attract them to even apply to rent from you. You need to get potentially good tenants to have an interest in your property.

Experienced and successful BC landlords also know that maintaining safe and well maintained properties is also expensive, especially with landlord costs increasing fast.

How Are Costs Increasing?

First of all you can see property taxes increasing. And then you can add in the fact the prices of professional contractors, electricians, plumbers and others are rising.This means if you want to replace that older roof with a new one, it will cost more in 2016. If you want to replace an older toilet with a more efficient one, it will cost more. If you want to repair a deck, or add more security features, or put in new windows that will save energy…you name it, and it’s likely to empty your wallet more than in 2015.

Increased Housing Prices

The entire province has also seen a lot of appreciation in housing market. This means if you bought over the past few years your rents are going to need to be high in order to help cover your mortgage. Old time landlords with long term tenants want to make sure their rents are in the same ball park as all the new landlords.

BC Landlords Can Raise the Rent By 2.9% in 2016

According to the BC Residential Tenancy branch BC landlords can raise the rent by 2.9% in 2016. In BC their is rent control and you have to follow the guideline for existing tenants.

Is 2.9% Fair?

Is this enough of an allowable rent increase for your rental property? Canadian landlords often look at other provinces to compare how much other landlords can raise the rent.

How Much Can Other Canadian Landlords Raise the Rent in 2016?

While 2.9% looks small compared to what Alberta landlords can charge (they don’t have a rent increase guideline for residential landlords who want to raise the rent), in Ontario landlords can only raise the rent by a 2% in 2016 (and they have fast rising costs just as we do.)

Are You Going To Raise the Rent in 2016?

If you are make sure you follow the rules. BC landlords can raise the rent by 2.9% in 2016 and it’s a good idea to do so and use your increase to have safe, well-maintained and attractive properties.

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