this post was submitted on 15 Aug 2024
153 points (98.7% liked)

Canada

7185 readers
494 users here now

What's going on Canada?

Communities

🍁 Meta

πŸ—ΊοΈ Provinces / Territories

πŸ™οΈ Cities / Local Communities

πŸ’ SportsHockey

Football (NFL)

  • List of All Teams: unknown

Football (CFL)

  • List of All Teams: unknown

Baseball

Basketball

Soccer

πŸ’» Universities

πŸ’΅ Finance / Shopping

πŸ—£οΈ Politics

🍁 Social and Culture

Rules

Reminder that the rules for lemmy.ca also apply here. See the sidebar on the homepage:

https://lemmy.ca

founded 3 years ago
MODERATORS
otter@lemmy.ca
153
B.C. landlords allowed to impose massive rent hikes after mortgage payments spike (bc.ctvnews.ca)
submitted 2 months ago by girlfreddy@lemmy.ca to c/canada@lemmy.ca
57 comments fedilink hide all child comments
 

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.

you are viewing a single comment's thread
view the rest of the comments
[–] Croquette@sh.itjust.works 6 points 2 months ago

Tenants are already getting fucked over. People already on financial strain hit by a 25% rent increase over 2 years like it happened here will lose their apartment and the landlord gets to keep his property that "pays for itself" (see: someone else is paying their property). And that sets a precedent for other landlords.

At one point in time, the trade off for renting was a lower monthly payment than a mortgage and a maintained apartment by the landlord.

Nowadays, tenants pay for the entirety of the mortgage, and landlords complaint when they aren't cashflow positive month to month and don't maintain their property because they have the big end of the stick on a human right.

And the response from the government? "We'll look into it". Fuck that noise.