If landlords do raise the rents beyond the capacity of people to pay, you are going to see some problems cropping up. Vacancies are already higher than they have been for some time, people are already stretched to make ends meet, more people lining up for food banks every month (including the working poor). It doesn't matter if the increase is "justified" because landlords have overpaid for homes bought in recent years. Tenants are constrained by ability to pay, which is not increasing with the cost of living. It's going to be crunch time in the B.C. economy. If increases didn't fly during the "boom", what makes anyone thing they will fly right now?
Maybe the plan is to tip the richer renters into buying, if they have been planning to, have a little downpayment saved up, but have been reluctant to take the leap because rent looks like a better deal. It will still leave the poorer people scrambling, being forced to change location to cheaper place to rent to save a few bucks.