Government rental rules have made things worse

In 2018, without any consultation, the NDP government abruptly changed the rules for rent increases. No more top-up on top of the rate of inflation, which was very low at that time.

In 2020, despite the fact most people were still getting paid or had rent subsidies or income subsidies, the government eliminated even those meagre rent increases for more than a year.

In 2021, despite the fact inflation had started to increase rapidly, including the runaway cost of housing, the government decided that landlords should be required to continue subsidizing the fortunate people who had rental accommodation and limit rent increases to 1.5 per cent.

In 2022, with inflation approaching 10 per cent and people getting raises to keep up and insurance costs through the roof as well as all other costs, landlords were limited to a two per cent increase.

So the result is record-high rents to replace the few tenants that do move out, or the sale of a large number of the strata units that were previously occupied by tenants because most landlords couldn’t absorb the increase in monthly strata fees that have no controls. The attraction of getting out was just too strong. Yes people on fixed income need help, but to treat all tenants the same is not productive and leads to these major problems.

There is no tax incentive for investors to build rental accommodation, and the laws are stacked against them if they do. So it is left to the government to keep up, and they have always shown they cannot.

And as we have recently seen the more money you throw at the problem the more opportunity there is for mismanagement.

Fair rules lead to fair outcomes. Manage the problems, not the politics.