Last week, a study conducted by the Vancouver Board of Trade found that over half of Vancouver residents consider leaving to due affordability issues.
Now, the affordability issue may be further exacerbated as the NDP government announced that they plan to increase the allowable rent increase in 2019.
They announced the decision on Friday, September 7th, stating that they plan to increase the allowable percentage in BC to 4.5%. Right now, the maximum allowable increase is 4%.
What’s more, this percentage would be the largest in 15 years. In 2004, the maximum percentage was 4.6%.
Of course, the message doesn’t bode well for renters. A recent poll conducted by the Canadian Payroll Association found that “half of BC employees (49%) live pay cheque to pay cheque.”
If the increase goes into effect, renters who pay $1,000 a month will see an increase $45 a month. In other words, $540 a year.