B.C. caps rent increases as cost of living climbs

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    The B.C. government announced measures to address the cost of living squeeze, including a cap on rent increases and an increase to the Climate Action Tax Credit. Monika Gul reports.

    The B.C. government announced measures to address the cost of living squeeze Wednesday, including a cap on rent increases and an increase to the Climate Action Tax Credit.

    “Everyone is feeling the squeeze of global inflation, which is driving up the cost of groceries, gas, and other goods and services,” Premier John Horgan said. “Our next support measures will help bring down costs for renters, put money back into people’s pockets, and offer families a cushion during challenging times.”

    In addition, the province is also boosting the B.C. Family Benefit, which all together it says will help British Columbians by up to $1,500 for a family of four.

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    “We’ve decided that we want to focus and target the help that we’re giving to British Columbians, because not all British Columbians are in a position that they’re struggling, whether it be with groceries, whether it be with rent, whether it be with meeting their other daily costs,” Horgan said.

    In October, the maximum amount for the Climate Action Tax Credit for low- and moderate-income British Columbians will be increased by up to an additional $164 per adult and $41 per child.

    In January, February, and March 2023, the B.C. Family Benefit will increase by as much as $58.33 per child, for each month. And for renters, the government is placing a two per cent cap on increases for 2023. According to the province, for a renter paying $2,000 in rent, this will mean saving up to $816 next year.

    “Right now, Canada is seeing the highest levels of inflation in decades – especially when it comes to housing costs,” housing minister Murray Rankin said. “By setting the maximum annual allowable rent increase for 2023 at two per cent, we’re helping renters keep more money in their pocket. We also recognize that landlords are facing the same inflationary pressure, and we are committed to ensuring that landlords can make the necessary repairs and upgrades to their rental units so they can provide housing for years to come.”

    But the cap on the allowable rent increase for next year is not sitting well with David Hutniak, CEO of Landlord BC.

    “We have many conversations with these folks, trying to support them, but they’re increasingly reaching that point where they’re saying that you can’t have negative cash flow, year after year,” he said. “It’s just not a sustainable business model.”

    The province said Wednesday it is also working with provincial service provider BC Hydro on an additional cost of living measure.

    With files from Robyn Crawford and Martin MacMahon

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