If you're selling a tenant-occupied property, there are some critical changes to the Residential Tenancy Act (RTA) that you need to know. These updates affect how you handle eviction notices, especially when it comes to buyers planning to move into the property.
Key Changes to Know:
Eviction Notice Periods: Initially, the BC Government proposed increasing the notice period from two months to four months. However, after concerns were raised by the BC Real Estate Association (BCREA), the regulations were adjusted. Now, landlords and homebuyers must give tenants three months' notice before ending a tenancy for personal use or caretaker purposes.
Landlord Personal Use: If you’re planning to move into the rental property yourself or have a close family member move in, the notice period remains four months. This change came into effect on July 18, 2024.
New Notice Requirements for Buyers: Starting August 21, 2024, the new three-month notice period for buyers comes into effect. The government has also reduced the dispute period from 30 days to 21 days for tenants who receive a notice from a landlord on behalf of a buyer.
Provincial Web Portal: Landlords must now use a new provincial web portal to issue notices to end tenancy. This portal helps the government track how often evictions occur under personal-use provisions.
The BCREA and the Canadian Mortgage Brokers Association have expressed concerns about these changes, particularly regarding possession dates and mortgage qualifications.
Let’s Talk!
If you’re thinking about selling a tenant-occupied property, reach out today. I’ll guide you through these changes and ensure a smooth and successful sale.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.