The maximum amount of money by which a landlord can increase rent remains tied to the consumer price index, known as CPI, for Whitehorse, the Yukon government announced in a press release on Feb. 8.
The release states that as of May 15, the residential rent index will go down from five per cent to 4.9 per cent.
That means landlords can’t raise rent by more than 4.9 per cent which, the release notes, is aligned with inflation.
The rent index is meant to prevent “excessive rent increases,” per the release.
As noted in the release, if CPI is more than five per cent, then increases to rent are capped at five per cent. For example, in 2022, CPI was 6.8 per cent, so rent could go up by a maximum of five per cent in 2023. If CPI is less than two per cent, then increases to rent are capped at two per cent.
The rent index was brought into effect under a new regulation to the Residential Landlord and Tenant Act in 2023, as part of the territorial Liberal-NDP confidence-and-supply agreement, commonly referred to as CASA.
“In 2023, the Government of Yukon supported over 300 households with rent subsidies through the Canada-Yukon Housing Benefit program,” the release reads.
“In October 2023, the government provided a one-time subsidy of $338 per rental unit to landlords who were impacted by rent cap regulations for the 2023 calendar year.”
The act is currently under review.
Public engagements are running through in-person and online workshops and an online survey until Feb. 29.
The release points out that rent increases aren’t mandatory.
“Stable and affordable housing is good for everyone,” Community Services Minister Richard Mostyn said in the release.
“A rent index that aligns with the cost of living helps renters and landlords plan for the future. We continue to work with landlords and tenants to improve and balance in our complex housing market.”
Yukon NDP Leader Kate White is also quoted in the release.
“We’re here to make life better and more affordable for Yukoners, that’s why this CASA commitment was so important to us and why we’ll continue to support and advocate for it to be permanent,” she said.
Contact Dana Hatherly at firstname.lastname@example.org