Controlled by the BC Government Residential Tenancy office, rent increases allowable to take effect in 2017 are 3.7%, up from 2.9% in 2016. There is not a restriction when renting to new tenants. For assistance with determining current fair market rent, or market value, please contact us today.
Remember also that three calendar month written notice is required with the right form and that landlords can only increase the rent once a year by an amount permitted by law or an additional amount approved in advance by an arbitrator.
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The Neal Estate Team is your #1 source for all of your Victoria BC real estate needs. Get in touch with us online or by phone at (250) 386-8181 to speak with a Victoria real estate buying or selling expert today. With decades of experience as a top selling Victoria REALTOR® and ranked in top 1% globally with over 4,000 transactions and $1 Billion SOLD, Ron Neal & The Neal Estate Team have the industry experience and market knowledge to help you make smart and informed buying or selling decisions.