Two B.C. landlords whose costs have skyrocketed – due to their variable-rate mortgage – have been allowed to impose huge rent hikes on their tenants to offset their financial losses.
In a recent ruling, an arbitrator with the province’s Residential Tenancy Branch approved increases totalling 23.5 per cent over two years for each of the landlords’ four rental units.
That’s on top of the 3.5 per cent annual increase previously approved by the B.C. government for 2024.
“The landlords experienced dramatic interest rate increases which have made managing the property unsustainable,” reads the ruling, which was published in May.
I don’t really have an opinion on weather this particular decision is justified - tenant boards are known to usually side with tenants. But, to be fair, setting rent controlled increases to amount less then inflation is not really fair - it creates imbalances, where wealthy tenant maybe paying way less than market rates (like surgeons renting in San Francisco)
A 23.5% rate hike is far, FAR beyond a cost of living increase and therefore unjustifiable.
Those landlords can go to hell.