BC Rent Increases How Do You Manage?

_{By Bromwich+Smith Staff | 541 words | Reading Time: 3 minutes | Date: 2022/04/21}

Those of us living in Canada are very well aware of the huge and ever-increasing property values of homes in British Columbia. For renters in B.C. this has an enormous impact and during the pandemic there was a rent increase freeze which has been capped at 1.5 per cent in 2022. This rent cap unfortunately does not apply to Crown land rent. Crown lands refer to land owned by the federal or provincial governments. 

With British Columbia’s property values soaring astronomically at 180 per cent this has had a reciprocal effect of a 180 per cent rent hike on Crown lands. For comparison, if a couple were renting at $9,590 in 2021, it has now jumped to $26, 932 in 2022.* 

With the cost of living going up dramatically because of supply and demand challenges and economic recovery coming out of the pandemic this will feel very difficult to navigate. This type of increase for Crown land renters is yet another challenge for many British Columbian’s who already find rent to be very expensive.  Resulting in tough financial decisions for a variety of renters. 

Many B.C. renters who are on fixed incomes can expect a doubling of their rent if they are on Crown lands. This can be a real financial struggle for many. 

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So how does one manage a situation like this? 

Faced with what feels like an enormous financial obstacle can leave you feeling vulnerable, alone and with nowhere to turn. However, there is support like debt relief programs that can offer you a workable solution to get through these financial challenges. 

Debt relief programs can alleviate the anxiety you may be facing with these unexpected rent hikes and any other financial concerns. 

Types of Debt Relief

1. Credit Counseling can provide you with the tools and knowledge you need to take control of your finances. Helping you build a secure financial future by better managing your debt and supporting you to stay out of unnecessary debt.
2. A Debt Consolidation loan consolidates all of your creditors into a single loan. With this type of loan you are required to pay back 100% of your debt with interest. 
3. A Consumer Proposal consolidates all your debts into one monthly payment, but unlike a consolidation loan, you pay back only the portion of your debt that you can afford. A consumer Proposal offers significant legal protection against creditor actions, which are immediately stopped upon filing.
4. Bankruptcy eliminates debt and allows you a clean slate. If you do declare bankruptcy there will be no garnished wages, active lawsuits come to an end, and any frozen bank accounts are thawed.

It should be noted that not all debt-relief programs work for everyone.  Make sure you do your homework and work with a professional Licensed Insolvency Trustee or a Debt Relief Specialist to determine the best course of action for you.  

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If you are facing overwhelming debt, remember that you are not alone. Bromwich+Smith has a number of debt relief strategies to help you regain control of your finances and get your life back on track. Reach out today for a free, confidential, no obligation consultation. Bromwich+Smith’s Debt Relief Specialists are available by phone at 1.855.884.9243, or request a call back at contact us page. 

_{*Referenced: Crown land renters facing astronomical increases as B.C. property values soar | CBC News}