Letter: New rental rate regulations will reduce the supply of housing

What about landlords?

Renters in B.C. have just received a big handout from the NDP government on the backs of hard-working landlords. No longer will landlords be able to increase rents above the allowable 4 per cent in 2018. Increasing rents above 4 per cent was only allowable under certain “extraordinary” circumstances such as unexpected repairs or large operating cost increases to a rental property.

NDP MLA Spencer Chandra Herbert rationalized the decision by saying it gave more security to renters in B.C. What about landlords? Most of whom are harding-working people that have begged and borrowed to finance additional properties in hopes of getting ahead. Where is the security for them and other entrepreneurs in this province? In the light of historically low rental vacancy rates, the government should be encouraging and incentivizing landlords to buy and rent property, and developers to build more rental housing.

Increasing regulation to free enterprise in this province can only reduce the incentives to provide rental housing. These changes to rental increases will reduce the supply of rentals, making it even harder for people to find affordable housing. Further, people that live in a house that is renting well under the market rate will not be able to afford to move.

I have long dreamed of following in my parent’s footsteps of buying, renovating and renting out property on the side. I knew it wouldn’t be easy—saving up a down payment, taking on significant financial risk, spending all my free evenings and weekends renovating and managing rental properties—but I always thought it would be worth it. However, it is becoming more apparent that, under an NDP government, owning rental property is not something I want to do.

The vast majority of landlords here in B.C. are not wealthy. They are middle-class people trying to get ahead in life. It is about time our government consulted with them and asked what can be done to provide security for landlords. Let’s encourage people to become landlords, not penalize them for it.

Mitch LaRue, Kelowna

Just Posted

KFD, COSAR rescue injured hiker in Kelowna

Rescue happened after 1 p.m. on Lost Lake Trail after woman injured her leg

Firefighter spring training comes to Lake Country

From LNG to breaking down doors, firefighters get training from industry pros

Okanagan-Shuswap weather: Thunderstorm possible for South Okanagan

The rest of the region will enjoy a sunny day.

Free GolfBC Championship hits Kelowna golf course

Gallagher’s Canyon Golf Club hosts the Mackenzie Tour June 13

Okanagan FC kicks off regular season Saturday night

OKFC starts their inaugural season of the Pacific Coast Soccer League (PCSL) in Penticton

Police say it’s “impressive” no arrests were made after Raptors celebrations

Toronto will play the Western Conference champion Golden State Warriors next

Social media giants in hot seat as politicians consider regulations in Ottawa

Committee members will also grill representatives from Facebook, Twitter

Neighbours help save Okanagan garage fire from spreading

Neighbours knock down fire enough before BX-Swan Lake firefighters arrive to fully extinguish

UBC researchers want to hear from rural residents on health care

Once completed, the project will inform health care planning and policy decisions

Kamloops RCMP investigate violent home invasion

Police believe the incident was targeted

Wildfire crews watching for dangerous wind shift in High Level, Alta.

The Chuckegg Creek fire is raging out of control about three kilometres southwest of the town

UN urges Canada to take more vulnerable Mexican migrants from Central America

The request comes as the United States takes a harder line on its Mexican border

Trail played role during fur trade era

Fur Brigade Trail in Okanagan has long history

Most Read