Why is it that our housing prices go up but never seem to come back down? In B.C., rent can go up next year by a relatively small percentage compared to what it used to be.
Rent increases were frozen for most of the year to help people out who may have lost their jobs during COVID-19 but they're thawing after December 2020.
Maximum allowable rent increase for 2021
According to Rentals.ca's August 2020 report, the average cost of a one-bedroom apartment in Vancouver was $2,004.
An increase of 1.4% percent would mean that place would cost an extra $28 per month which, over a year, adds up to $336.
Still, it's actually not as drastic as it sounds because in 2018 the increase was 4%.