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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23rd REALTORS' CARE BLANKET DRIVE

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Last year, so many of you so generously donated items to the REALTORS’ CARE BLANKET DRIVE and  as a result, that success contributed to the more than 300,000 people in our communities who have been helped over the past 22 years.

 

This year, THE NEED HAS NEVER BEEN GREATER.

 

Between Tuesday, November 14 to Tuesday, November 21, is the 23rd REALTORS’ CARE BLANKET DRIVE, and we are asking you to help the homeless and working poor stay warm and dry again this winter.

 

Of course, the BLANKET DRIVE does not just mean blankets…….

 

You can help with donations of:
  • gently used or new blankets or sleeping bags
  • warm clothing, coats
  • hats, gloves, scarves
  • new socks and underwear
  • plastic ponchos, bivy sack

 

Although there are many drop off locations on the North Shore, we will save you a trip …….just give us a call and we will pick up your items from you!  Judi 604-868-9812 or Cathy 604-760-2786

 

Thank you in advance for your help again this year. The unbelievable success of this yearly BLANKET DRIVE  is thanks to your donations!

 

 

 

Judi Whyte                                                                  Cathy Wood

604-868-9812                                                              604-760-2786

 

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