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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A 23-storey residential tower is being proposed for the Central Londsale neighbourhood of North Vancouver, following City Council's decision to bring the development to public hearing in the fall. 

The 166-unit development would be located at 1441 St. Georges Avenue, just west of the 14-storey Royal George rental building, which has stood in the area since 1968. The Royal George would be refurbished and be brought up to modern building codes as a part of the development. Nine additional rental units would also be added to the existing building. 

http://www.rew.ca/news/23-storey-residential-tower-proposed-for-north-vancouver-1.21496704

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While residential real estate transactions continue to drop on a weekly basis as summer deepens, condo sale prices remain robust, increasing again during the week of July 24-30.

There were 323 home sales registered as sold last week, as of August 3, in the area covered by the Real Estate Board of Greater Vancouver. Of those, 197 units were condos, 58 were townhomes, row houses or duplexes, and the remaining 68 were detached houses (including float homes and manufactured homes).

http://www.rew.ca/news/condo-sale-prices-defy-summer-market-slowdown-1.21590780

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Owning real estate is a privilege, and in doing so, you are committing not only to serving your own personal interest, but potentially that of your family for years to come. A success story is increasingly possible, and for many of us real estate is our single most important asset when it comes to retaining value. When managed well, the rights in land associated with the building on it, not only maintain their value while factoring in inflation, but increase in value. The key to retaining your home’s value while ensuring comfort is good maintenance and a few simple upgrades.

http://www.rew.ca/news/how-to-maintain-the-value-of-your-biggest-asset-1.21248389

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The Vancouver real estate market, far from reaching its peak in terms of unaffordability and lack of housing, is merely “dancing on the edges of a massive problem,” according to one leading development marketer.

Speaking to a packed audience at the Urban Development Institute luncheon on new home marketing at the Fairmont Hotel Vancouver June 8, Cameron McNeill of MLA Canada added, “We ain’t seen nothing yet.”

http://www.rew.ca/news/vancouver-housing-market-ain-t-seen-nothing-yet-1.20508243

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Affordability continues to be a "major vulnerability" in Vancouver's housing market, as the effects of the 15% foreign buyer tax implemented last year seem to be waning, according to RBC's Canadian Housing Health Check. The report, published July 27, measures affordability by examining the cost of home prices as a percentage of household income. 

The report found this ratio to be 79% in Vancouver, over 30% higher than the national average of 45.9%. The report states that anything above 45.1% poses a major risk.

http://www.rew.ca/news/affordability-still-a-major-vulnerability-in-vancouver-housing-market-1.21446622

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Over $40,000 has been raised by real estate agents across Metro Vancouver for the Red Cross BC Fires Appeal, in an effort to aid victims of the ongoing wildfires affecting communities across British Columbia. 

Through the REALTORS Care® initiative, members of the Real Estate Board of Greater Vancouver (REBGV) donated $10,000 to the cause, with the BC Real Estate Association (BCREA) matching the donation and Board members continuously raising money by organizing fundraising events around the province. 

 

http://www.rew.ca/news/local-real-estate-industry-comes-together-to-aid-wildfire-victims-1.21707642

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