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.
Not even the state, it’s the poors that are paying all the costs while receiving none if the benefits.
But it was the province’s decision that allowed it
So the province decided that the tenant should cover the risk for the landlord. Absolute insanity. I hope the tenants are able to appeal this decision.
At the current time this should only be viewed as a one off from a single arbitrator.
https://www.timescolonist.com/local-news/bc-landlord-can-increase-rent-235-because-of-variable-mortgage-arbitrator-9353007