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What is the rent increase for 2023 in BC?

Annual allowable rent increase for 2023 will be 2% The 2023 maximum increase will be 2%

Is an addendum?

An addendum is an addition to a finished document, such as a contract. The most common addendum is an attachment or exhibit at the end of such a document. For example, a contract to manufacture widgets may have an addendum listing the specifications for said widgets.

How do I amend a lease in Ontario?

Both parties must agree to the proposed amendments. A lease is a legally binding agreement between a tenant and landlord, therefore it cannot be altered without both parties consent. Typically, a landlord is more likely than a tenant to propose an amendment to the lease.

What is the most a landlord can raise rent?

The Tenant Protection Act of 2019 (AB 1482) restricts rent increases in any 12-month period to no more than 5% plus the percentage change in the cost of living (CPI), or 10%, whichever is lower. For increases that take effect on or after Aug. 1, 2022, due to inflation, all the applicable CPIs are 5% or greater.

Is an addendum the same as a lease?

A lease addendum is a separate legal document that allows a landlord to add additional information or make changes to a lease agreement. Instead of changing the actual lease agreement, an addendum is a document added that outlines its modifications.

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