Important News for Home Buyers and Sellers
Today, we have some significant news for both home buyers and sellers in British Columbia, particularly for sellers. A new website is set to launch on July 18, 2024, aimed at better protecting renters from being evicted in bad faith.

I'm Lisa Salt with RE/MAX Vernon Salt Fowler, and I believe this is a crucial development for the real estate industry. It's important to understand how this change will impact real estate investors buying and selling properties, as well as landlords and tenants not currently engaged in transactions.

The New Tenant Protection Website
The new website is designed to ensure that landlords who need to legitimately reclaim their units must report it. The government will now monitor when and how often these evictions are occurring. As realtors, we frequently encounter tenant evictions when someone sells a tenant-occupied property and the buyer wants to move in after purchase.

Currently, tenants receive two months' notice from the beginning of the next rental period, plus one month's rent in lieu of moving expenses. However, not all evictions are legitimate. Some landlords or buyers evict tenants claiming personal use, only to re-rent the unit at a significantly higher price. This new portal aims to stop these practices.

Rent Increase Regulations

In 2024, the maximum allowable rent increase in BC is 3.5%. Even if utilities and other fees included in the rent have increased, landlords cannot exceed this percentage.

Key Changes for Landlords

Starting July 18, 2024, landlords will be required to use the Landlord Use Web Portal to issue notices to end tenancy for personal occupancy or caretaker use. They must include detailed information about who will be moving into the home, significantly reducing privacy.

Increased Notice Period

The notice period for landlords has increased from two months to four months. If you sell a house now, say on July 12th, and give notice at the end of July, the new buyer cannot move in until December 1st. This change significantly delays the move-in date for buyers.

Extended Dispute Time

Tenants now have 30 days to dispute a notice to end the tenancy, up from the current 15 days.

Minimum Occupancy Requirement

The person moving into the home must occupy it for at least 12 months. If landlords are found to be evicting in bad faith, they could be ordered to pay the displaced tenants 12 months' rent.

Impact on the Real Estate Market

These changes make it more difficult for landlords to rent their homes. Landlords may be less inclined to rent their properties long-term, and investors might avoid purchasing rental properties due to these restrictions. Although the intention is to free up more housing for rent, it could have the opposite effect, with investors choosing to put their money elsewhere.

Questions?

If you have any questions about how these changes might affect your buying or selling plans, your landlord or tenancy plans, or your investment plans, feel free to reach out to RE/MAX Vernon Salt Fowler.

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About the Author: The article above, New Tenancy Changes: Challenges and Concerns for BC Property Owners, was provided by Lisa Salt, an authority on Vernon BC and area real estate and a leader in the field of real estate blogging and vlogging.  Lisa and her group have helped literally helped thousands of families buy and sell homes since 1993. 

Looking to buy a home in the Vernon/North Okanagan area?  Check out "Everything You Need to Know About Buying a Home" article. It’s free of charge and will save you a ton of time!

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We help people buy and sell real estate in the following Okanagan/Shuswap areas: Vernon, Armstrong, Enderby, Lake Country, Lumby, Westside and Salmon Arm/Shuswap.

Call or Text 250-549-7258 or email webinfo@saltfowler.com