Selling Tenant-Occupied Properties


On July 3, 2024, the Provincial Government announced significant changes that came into effect July 18, 2024, to protect residential tenants from ending tenancies in bad faith. Under the Residential Tenancy Act, a landlord can end a tenancy for personal or caretaker use.

Key Changes Effective July 18, 2024

  1. Mandatory Use of Landlord Use of New Web Portal:
    • Landlords must use this portal to generate Notices to End Tenancy for personal or caretaker use.
    • Landlords using the website portal will be required to have a Basic BCeID to access the site.
    • The portal will require landlords to provide details about the persons moving into the home. The details of the new occupant of the home will be shared with the tenant.
    • While using the website portal, landlords will be given information about the required conditions for ending a tenancy and the penalties associated with ending the tenancy in bad faith.
    • They will also be informed about the amount of compensation they will be required to issue to tenants when ending a tenancy.
  2. Extended Notice Period:
    • The Two-Month Notice is changing to a Four-Month Notice on July 18, 2024.
    • Tenants will have 30 days to dispute Notices to End Tenancy, extended from 15 days.
  3. Occupancy Requirements:
    • The individual moving into the property must occupy it for at least 12 months.
    • Landlords found to be ending a tenancy in bad faith could be ordered to pay the displaced tenant 12 months’ rent

No "doom and gloom" in store for Canadian real estate – Royal LePage’s Soper

by Ephraim Vecina29 Jul 2020


Sustained market strength, subject to supply constraints, will be the predominant dynamic in the Canadian housing sector for the rest of the year, according to Royal LePage CEO Phil Soper and Sotheby’s Canada CEO Don Kottick.


In a joint interview with The Financial Post, the two executives highlighted the major role that housing inventory will play in the period immediately after the COVID-19 pandemic eases.

Soper said that home prices largely rely on the balance between supply and buyer activity.

“There are a lot of people who are looking to put roofs over their heads,” Soper said. “We just don’t see the number of homes for sale, the supply side of this, climbing to the point where home prices will collapse.”

Royal LePage’s latest predictions have placed annual growth by year-end at 2.5%.


https://www.canadianrealestatemagazine.ca/news/no-doom-and-gloom-in-store-for-canadian-real-estate--royal-lepages-soper-331927.aspx

MORTGAGE RATE FORECAST......BCREA


As the year ends, it's worth reflecting on how significantly the Canadian interest rate environment has changed in just twelve months. One year ago, the Canadian yield curve was its usual upward sloping shape, with markets expecting gradual rate increases by the Bank of Canada. Based partly on those expectations, Canadian mortgage rates were climbing. However, within 8 months the yield curve in Canada had inverted, bond yields tumbled, and Canadian mortgage rates were once again heading lower.


https://www.bcrea.bc.ca/economics/mortgage-rate-forecast/


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B.C. Realtors' Group Criticizes Proposed Ban on Dual Agency

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The B.C. Real Estate Association is pushing back against a proposed ban on the controversial practice of allowing realtors to represent both sellers and buyers of a property.

The proposed ban on dual agency — also known as double-ending — is the most significant change among a number of rules proposed Wednesday by the B.C. government’s Office of the Superintendent of Real Estate. The draft rule changes, meant to protect consumers and improve transparency in B.C.’s red-hot real estate market, have been provided to realtors and the public for comment over the next month.

Dual agency has been restricted or banned in some U.S. states, and Ontario has also proposed a ban on it.

In an interview on Thursday, the B.C. Real Estate Association’s CEO, Robert Laing, said realtors worry that banning dual agency will hurt both consumers and realtors.

“Our biggest concern is the consumer’s right to make a choice about who they work with is being taken away from them,” Laing said. “The superintendent is trying to protect the consumers, but we think he is forgetting that in a free-enterprise market the consumer needs choice.”

 

http://vancouversun.com/news/local-news/realtors-group-criticizes-proposed-ban-on-dual-agency 

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