@chek.news: There’s no doubt interest rates over the past few years have been high, and now in a recent ruling the B.C. Residential Tenancy Branch (RTB) found that those high interest rates are a valid reason for one landlord to increase rent above the allowable limit. “Tenants should be absolutely scared at a decision like this,” said Douglas King, the executive director of Together Against Poverty Society. In a decision posted earlier this year, the RTB approved a landlord’s request to hike rents by an additional 23.5 per cent over two years, because their variable mortgage interest rate nearly doubled to more than $80,000. #CHEKNews #News #CHEK #LocalNews #VancouverIsland #BC #BritishColumbia #Canada #Rent #RentIncrease #Housing #HousingCrisis #RentalHousing #TAPS #TogetherAgainstPovertySociety #ResidentialTenancyBranch #RTB

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Region: CA
Thursday 15 August 2024 15:01:21 GMT
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lintroller11
lintroller11 :
BC government: we don't know why homelessness is so bad here, we're doing so much to work on it 🤷‍♀️
2024-08-15 16:11:07
177
joshoclock_
Joshoclock :
They gambled on variable rates, lost and they get a break?
2024-08-15 18:52:36
107
wolviex
Joe 🇨🇦 :
sounds like the landlord made an investment that carries some risk. Except instead of taking a loss, they pass it on to the tenants and absolve themselves of risk. sure that makes sense.
2024-08-16 05:13:47
50
gabriel14233
G F ⬛🟧 :
RTB needs to clean house if they justify such an insane increase to rent. 😐
2024-08-15 16:11:45
44
manda.panda.0
Amanda :
Housing is a right not a commodity
2024-08-15 17:44:34
43
kylaajean
Kyla :
so if the variable mortgage rates drop back down does the rent drop back down with it? I'd also like to know what the rent cost was and what it was approved to be bumped to.
2024-08-16 04:31:44
31
cookinwithroro
Roro :
Why in the blue sky would they get a variable mortgage rate.
2024-08-15 18:55:11
16
melinasorensen
Melina Sorensen :
Housing being used as an ‘investment’ should be treated just like investing in the stock market. There is risk involved, this is part of the risk
2024-08-16 03:59:58
11
chillhumandisaster
leprechauntits :
bailout! just never for the people, only the owning class...
2024-08-16 01:29:40
10
davepollock07
Dave Pollock :
Sooooo you now have potentially 100% of your tenants moving out to become homeless potentially. Meanwhile, people moving in are affluent. Is this success within division?
2024-08-15 16:04:43
10
djbystedt
DJ :
O V E R T U R N
2024-08-15 17:14:07
9
kc21213
KC :
BS it is precedent setting. If they don't approve another applicant they open the door to be sued. They either have to resent the decision or rubber stamp it.
2024-08-15 15:53:18
9
tittson21
Shawna :
It’s landlord problem
2024-08-15 17:42:30
8
shitalkingmushroom
flora :
Investments go up and down, they are never 100% profitable. Rent keeps going up, and even if interest rates drop, rent won't. They call it "Market Value" even when it's fully paid off.
2024-08-16 00:13:06
7
jeko219
Jeff :
Uncontested, why didn't the tenant respond?
2024-08-15 19:44:37
7
hydrovacman7
hydrovacman :
slowly turning the lower mainland into a place where only the wealthy can afford to either buy a house or pay $5000 plus on rent to care for children and aging parent's because seniors homes are to $$
2024-08-15 17:34:30
6
lookitsanouk
Anouk :
so no consequences for the choices of homeowners? if you make a bad call, you shouldnt be able to push that off to someone else
2024-08-15 23:02:33
4
fairfieldtokker
WTFisEvenHappening :
So sell the house if you can’t afford it!
2024-08-15 20:50:59
4
briancampbelllrc
briancampbelllrc :
so laws put in place by governments can just be ignored 🤔 that makes sense 🙄
2024-08-16 14:34:48
3
lizzardperson8
lizzardperson :
Landlords = largest welfare class
2024-08-15 21:51:05
3
cariboodi
Cariboodi :
They tried to say covid was a forseable issue for their variable mortgage and was agreed with. How. They bought their place in 21. Covid was 20. Uh?
2024-08-15 16:21:20
3
markking1995
Mark King8920 :
So when the rates go really low and the landlord makes lots of money, they lower everyone’s rent by 25% right?
2024-08-17 01:40:30
2
e.man85
E-Man :
oh my goodness I'm having a hard time paying my bills do you think the rental board will decrease my rent. 😆😂
2024-08-15 23:20:34
2
jet_aime_8
Only collectivism will save us :
JOIN THE VANCOUVER TENANTS UNION THIS IS CRIMINAL
2024-08-15 22:28:46
2
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