Vancouver's rental prices are the highest in Canada and can easily eat up half of a couple's pre-tax income
B.C. United housing critic Karin Kirkpatrick pointed out rental prices have almost doubled since 2019 when the average one bedroom was listed for $1,700 according to Rentals.ca.
Housing Minister Ravi Kahlon told Postmedia News Monday he’s just as concerned about sky-high rents caused by a lack of housing supply even as record numbers of newcomers move to B.C. Kahlon said the government through B.C. Housing is committed to funding below-market housing projects as quickly as possible but federal dollars are needed to keep up with demand.
Patterson also called for changes to the Residential Tenancy Act that tie rent controls to the unit rather than the tenant, which would limit the amount landlords can raise the rent when a tenant moves out. Currently, the province dictates how much a landlord can increase the rent each year — in 2023 it was two per cent — but when the tenancy ends, the landlord can set any price for the next tenant.
Kahlon said his ministry is working on legislation that will allow the province to work with municipalities to strengthen enforcement of short-term rentals to ensure people aren’t operating them under the radar without paying the required taxes. “Those people who are renting those units out and are accustomed to Airbnb-level profits are not going to the come to the table offering their units at an affordable rate,” Patterson said. “They’re going to be charging as much as they possibly can for them.”Article content
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