British Columbians searching for affordable housing may have more stability after the Province set the 2027 annual allowable rent increase at 2.2 per cent for 2027, down from 2.3 per cent in 2026.
“At a time when many people are feeling the impact of rising costs, linking rent increases to inflation helps renters, including seniors and families, meet their housing expenses, while also ensuring landlords can continue providing stable, well-maintained homes for renters for years to come,” said Christine Boyle, Minister of Housing and Municipal Affairs.
“Our focus from the start has been on helping people across B.C. find housing that fits their needs and budgets. Thanks to our work to increase housing supply, crack down on illegal short-term rentals and limit foreign investment in the housing market, B.C. has seen a 4.5 per cent decrease in overall average rents.”
Before 2019, renters faced an additional 2 per cent rent increase in addition to inflation, costing the average B.C. family hundreds of dollars in additional rent.
If the change had not taken place, allowable rent increases would have reached 5.4 per cent in 2023 and 5.6 per cent in 2024.
The maximum annual allowable rent increase for 2027 takes effect on January 1, 2027.
This announcement provides landlords time to give the required minimum of three months notice of the change so renters can plan ahead.
Landlords can only increase rent once every 12 months and any increase must be within the yearly allowable rent increase limit.
This follows a recent report by Rentals.ca that provincial initiatives to increase rental housing supply continue to have positive impacts, with average asking rents decreasing by 4.5 per cent overall and 4.1 per cent for purpose-built rentals and apartments in the province.
Since 2017, the Province has been implementing changes that include creating more transparency for landlords and renters by publishing the outcomes of monetary orders. The annual renter’s tax credit provides $400 a year to renters with low and moderate incomes.
The Rental Protection Fund has helped preserve more than 2,000 existing affordable rental units in communities throughout the province.
To learn more about the annual allowable rent increase, click here.
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