Kamloops continues to attract investors in Rental Properties. Low vacancy rates of 0.9% to 1.3% depending on the area, relatively low purchase prices, and rental income comparable to what is being received in the Lower Mainland are contributing factors.
I am working with investors who are looking for the right property - please contact me if you are thinking of selling.
If you already own a rental property, the amount rent can be increased in 2020 is 2.6%.
The increase amount is set by the Residential Tenancy Branch, using the instructions and formula provided in Section 22 of the Residential Tenancy Regulations. Section 22 states:
Annual rent increase
22 (1) In this section, “inflation rate” means the 12 month average percent change in the all-items Consumer Price Index for British Columbia ending in the July that is most recently available for the calendar year for which a rent increase takes effect.
(2) For the purposes of section 43 (1) (a) of the Act [amount of rent increase], a landlord may impose a rent increase that is no greater than the percentage amount.
It is important to be aware that there is a mandatory form you must use as well as rules regarding when a rent increase can be served and how much notice a tenant is entitled to.
For more information please click the link below.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.
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