New Rent Increase Effective Dates in BC

In March, a Ministerial Order delayed rent increases in BC until after the end of the Provincial State of Emergency. Following a recent change to the Residential Tenancy Regulation, rent increase notices served from December 2019 to August 2020 will now take effect on December 1, 2020. 
Categories: Personal Insurance
Sep 10th, 2020 | By: CapriCMW

In March, a Ministerial Order delayed rent increases in BC until after the end of the Provincial State of Emergency. Following a recent change to the Residential Tenancy Regulation, rent increase notices served from December 2019 to August 2020 will now take effect on December 1, 2020.  

Rent increases that are coming into effect on December 1 must adhere to the 2020 maximum allowable rent increase of 2.6%. Landlords will not permitted to increase rent further until December 1, 2021. 

Landlords serving rent increase notices from September 2020 onwards must provide three full calendar months of notice to tenants (e.g. notices served in September 2020 take effect in January 2021) using the Residential Tenancy Branch Notice of Rent Increase. Additionally, they will be subject to the 2021 maximum allowable rent increase of 1.4%. 

Those who have already served notices are not required to serve new notices. However, it is advised that landlords communicate with tenants to alert them of the new December 1 effective date. 

 

Recent Blog Posts

Business Insurance / Real Estate, commercial property, COVID-19
Federal Government Introduces New Canada Emergency Rent Subsidy

On October 9, 2020, the federal government introduced the new Canada Emergency Rent Subsidy,…

Oct 15th, 2020 | By: CapriCMW
Business Insurance / Small Business, SME, COVID-19
Federal Government Announces Additional $600 Million for the Regional Relief and Recovery Fund

The federal government has announced another $600 million in funding for the Regional Relief and…

Oct 8th, 2020 | By: CapriCMW
Business Insurance / Cannabis
BC Government Announces New Programs to Support Local, Small and Indigenous Producers in the Cannabis Industry

The BC government has announced three new programs expected to launch in 2021 and 2022 that will…

Sep 30th, 2020 | By: CapriCMW
photo-10.jpg

Confidence and Freedom

At CapriCMW, we provide personalized insurance and custom risk solutions to give you the confidence and freedom to focus on what matters to you. Talk to an Advisor or get a quote today.

Get a Quote    Or call 1-800-670-1877

Can’t find what you are looking for? Ask us!