🚨 Breaking News! 🚨

A BC court just ruled that two landlords on the island could increase their rent by a whopping 27% over 2 years due to the rising costs of ownership. 🏠💸 With the staggering increase in interest rates, these landlords saw their costs skyrocket. Sound familiar? 📈💥

Instead of just complaining, they took action! 💪⚖️ They went to court and argued that, based on a long-standing rule, they were entitled to challenge the standard rental increase due to the dramatic change in home expenses. The judge agreed—mostly. While a 27% increase in one year was too much, spreading it over two years was deemed fair. 🤔📝

Now that we have this new case law on the books, the big question is: Will this become the norm? 🤷‍♂️💭 Over the past 4 years, mortgage interest rates have jumped from as low as 1.7% to 7.5%! Is it fair to expect tenants to pay more than the standard 2.5% or 3.5% annual limit? Or is it too much for tenants to bear, and should landlords be absorbing these costs with a smile on their face? 😊😅

Would love to hear your thoughts in the comments below! 👇👇 Please share this video and follow for more great content! 🎥✨

#realestate #bc #vancouver #surrey #langley #cloverdale #clayton