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.

  • Kecessa
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    3 months ago

    “Risk of doing business” until it happens to you, then the State better save you, right?

    • TWeaK@lemm.ee
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      3 months ago

      Not even the state, it’s the poors that are paying all the costs while receiving none if the benefits.

      • Kecessa
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        3 months ago

        But it was the province’s decision that allowed it

        • gerbler@lemmy.world
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          3 months ago

          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.

        • SamuelRJankis@lemmy.world
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          3 months ago

          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

          The Housing Ministry issued this statement, attributed to Kahlon:

          “The policy that allows these kinds of exceptional rental increases because of financing is an old policy from the old government and this is the first time an application like this has been granted since we started collecting data in 2021.

          “I know people have a lot of questions and I’ve directed staff to review this policy and how it impacts renters in the current context.”