In July 2021, the Residential Tenancy Act was amended to encourage more environmentally sustainable housing developments. Landlords who incurred a capital expenditure to reduce energy consumption at their property or reduce greenhouse gas emissions became eligable to obtain a higher than standard rent increase.
Given the strict limitaitons placed on increasing the rent for residential properties in B.C. over the last serveral years, this legislative amendment opened the door for more thoughtful building design and ultimately, offered a critical financial incentive to construct more modernized and sustanable retan housing stock.
To learn more about the additional rent increase available for capital expenditures, read the news release from the B.C. Residential Tenancy Branch.