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October 2018

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B.C. government cuts allowable rent increase by two per cent

Three weeks after announcing the 4.5 per cent rental increase for 2019, and just two days after the rental housing task force recommended limiting increases to the rate of inflation, the B.C. government Wednesday announced that it is cutting next year’s allowable rent increase to 2.5 per cent.

"It’s simply not sustainable for renters, many of whom are on fixed incomes, to see their rent increase by more than inflation each and every year," said Premier John Horgan. "We have to eliminate the risk of such huge increases to renters."

On Sept. 7, the government announced that, based on the consumer price index and the formula used for rent increases, the maximum annual allowable rent increase for 2019 would be 4.5 per cent. The formula, which has been in place since 2004, allows for rent increases equal to the rate of inflation plus two per cent.

However, on Monday the rental housing task force announced its recommendation to change the formula and tie the annual allowable rent increase to the rate of inflation only. The recommendations also included a stipulation that allows landlords to apply for an additional increase on top of the inflation rate, but they would have to prove that the new formula would not cover maintenance and other costs.

 
 

Monthly Local Market Update

Click the link below to view the monthly market statistics for your area in an easy to understand infographic. Listings, sales and prices are summarized for condos, townhomes and single family homes for cities across B.C.

 

Abbotsford

Bowen Island

Burnaby East

Burnaby North

Burnaby South

Cloverdale

Coquitlam

Kelowna

Ladner

Langley

Maple Ridge

Mission

Nanaimo

New Westminster

North Delta

North Surrey

North Vancouver

Parksville

Pitt Meadows

Port Coquitlam

Port Moody

Richmond

South Surrey/
White Rock

Squamish

Sunshine Coast

Surrey - Central

Tsawwassen

Vancouver - East

Vancouver - West

Victoria

Vernon

West Vancouver

Whistler

A beginner's guide to plastic-free living

We all want to reduce our use of plastic but where to start? This guide to getting started with plastic reduction is not comprehensive, but these are three key changes that the author considers to be the most effective. This is where people can start.

 

B.C. Real Estate News

LOWER MAINLAND

Real estate board reports Metro Vancouver home sales down sharply (CTV News)

West Vancouver proposes subsidized housing for working professionals (CTV News)

City council approves rezoning major parts of Vancouver to allow duplexes (CBC News)

Fraser Valley becomes favoured real estate investment destination (North Shore News)

VICTORIA & VANCOUVER ISLAND

Condo sales fall 30 per cent year-to-year in Greater Victoria (Sooke News Mirror)

Building permit value more than doubles in Victoria since last year (Victoria News)

Greater Victoria’s real estate market remains strong compared to rest of Canada (Sooke News Mirror)

OKANAGAN

Flat prices may suggest strong fall for South Okanagan real estate market (Penticton Western News)

Housing market in flux (The Daily Courier)

 
 

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©2018 Macdonald Realty Ltd. 2105 W 38th Ave, Vancouver, B.C. V6M 1R8 | macrealty.com