A potentially precedent-setting ruling from the Residential Tenancy Branch has prompted B.C. Minister of Housing Ravi Kahlon to review regulations for special rent increase applications from landlords.
At issue is the recently published May 8 ruling that allowed a landlord to increase the rent charged to their four tenants by 23.5 per cent because the landlord claimed their increase in mortgage financing costs, due to a sharp rise in interest rates in 2022, “could not have been foreseen under reasonable circumstances.”
Questions are now being asked in the B.C. real estate industry as to whether this will prompt more applications for rent increases beyond those allowed by the provincial
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