The BC Liberals say they have no plans to do away with controversial fixed-term leases, which have come under fire amid Vancouver’s rental crunch.
The NDP says developers are abusing the leases to foist steep rent increases in the double digits on desperate renters.
Housing Minister Rich Coleman says the leases are legal and fair.
“People are entitled to enter into a contract between two parties where there’s a willing person on either side of the contract, and that’s what these leases are. And when they expire they expire, and the opportunity to enter into an agreement between the two parties can continue if they wish to reach another agreement.”
But the NDP describes the leases as a “loophole,” which allow landlords to either force tenants out in an already tight market, or make them re-sign a new lease with a potentially jacked up rent.
Under month-to-month rental agreements, landlords are limited to an annual rent increase of 2.9%.