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Rent Increases in B.C. Capped at 3.5 % for 2024
Manage episode 379682542 series 2794891
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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
Please email us at garbuttdumaspodcast@gmail.com
James Garbutt Instagram: https://www.instagram.com/jamesgarbutt Facebook: https://www.facebook.com/jamesgarbutt Website: https://jamesgarbutt.com
Denny Dumas Instagram: https://www.instagram.com/denny.dumas Facebook: https://www.facebook.com/denny.dumas.5 Website: https://www.dennydumas.com
Monica Harmse Instagram: https://www.instagram.com/monica_harmse Facebook: https://www.facebook.com/MoodyProperties.ca Website: https://moodyproperties.ca
Garbutt + Dumas Real Estate Instagram: https://www.instagram.com/garbuttdumas Facebook: https://www.facebook.com/GarbuttDumas Web
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