🏠💸 Landlord DENIED: $808 Rent Increase BLOCKED!
Here’s a quick summary:
A landlord in BC tried to push through a 22.56% rent hike, far exceeding the legal 3.5% cap.
What happened?
They bought the property in August 2021, when interest rates were at rock bottom. Fast forward to today—mortgage payments jumped by $1,100, so they argued this increase was “extraordinary” and fair to pass on to their tenant. The Tenancy Board? Denied.
Is this fair? 🤔
🏡 For tenants: A 25% rent hike feels unreasonable, especially with strict tenancy rules in place to protect renters.
📈 For landlords: Mortgage rates have doubled, and BC’s rent control doesn’t allow much flexibility—especially compared to US states like Texas, where rent caps are non-existent.
💬 What do you think?
Are BC’s rent control rules too restrictive, or did the Tenancy Board make the right call? Share your perspective!