The 2024 B.C. rent cap must reflect the reality of today

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Rent is one of the innumerable irks that about one-third of Canadians face during these increasingly expensive times. While the total number of homeowners are still higher than that of renters, the percentage of the latter has grown quicker than the former. 

Also going up is the price of rent itself. The national average has risen 9.6 per cent in the last year, and Vancouver maintains its reputation of unaffordability with the average asking price for a two-bedroom unit in the city being $3,983 monthly. This is particularly crushing for families and young people who have enough trouble keeping up with their finances as is. In response, the provincial government has stepped up with a policy that has mixed opinions.

The province has capped the annual rent increase to 3.5 per cent for 2024, below the current 5.6 per cent inflation rate. This means that, effective Jan. 1, 2024, landlords cannot raise rents above 3.5 per cent. Other rules of being a landlord include only being allowed to increase rent once per year and giving a mandatory three month’s notice to tenants. The Ministry of Housing has touted this as being a fair “balance” for all parties. However, not everybody agrees.

Landlords and their associations, in typical fashion, are not keen on the cap. They view it as an obstruction to their ability to pay the mortgages on their units and supplement their incomes. 

Tenants and tenant unions have also expressed dismay at the cap. Since wages are not rising at the 3.5 per cent rate, this means that paying the monthly dues will still be a challenge for many tenants, especially those living off of fixed incomes. It is apparent that this so-called “balance” is making both sides unhappy.

Considering the current state of housing in Canada and B.C., having a cap that is below the inflation rate — and, by extension, housing units rented out below market value — is a desperately needed measure to ensure people can have a basic necessity. 

Rental regulations are one tool that can work in conjunction with other policies to house as many people as possible. Bill C-43, the Housing Supply Act, sets out to increase the number of housing units available in the province in the coming years, including affordable ones. 

Failure to shelter people regardless of their backgrounds and life circumstances is always a poor reflection upon society itself. It certainly is the case that the rate selected by the housing ministry is not perhaps the best one considering how the rate of real wages to the cost of living is lopsided. Nevertheless, we are in need of something rather than nothing.

If the Eby government wishes to gain further approval from British Columbians then it has to do more to fight for housing. A guarantee for good, affordable or social housing would be a good start to keep people from going unsheltered. 

Strengthening welfare programs to keep lower-income British Columbians afloat would also work in tandem with housing policies to further aid people looking for work and achieve self-sustainability by providing stable support measures. 

The cap alone cannot fix everything, it needs to be a part of an entire network of policies, programs, and measures that keep people healthy and supported during hard times. 

It’s through co-operation and mutual understanding of circumstances that we can push ahead and move forward during these times. We must demand more from our elected MLAs who are there to serve our needs. Right now, it’s time for us to be making demands instead of politely asking.