The BC residential rental market has been a hot topic lately for a variety of reasons. With a lack of housing supply different business and social circles have voiced their opinions. Restrictions imposed on the short-term rental market have taken several homeowners by surprise.
The BC Government has again changed the rental landscape with the passing of Bill 14 – Tenancy Statutes Amendment Act, 2024, which amends the BC Residential Tenancy Act (RTA) and the BC Manufactured Home Park Tenancy Act. Bill 14 was granted royal assent and became law on May 16, 2024, and the changes will take effect in phases, so it is very important that your real estate professional knows all the changes.
Transitional Period Rules
Since Bill 14 came into effect at different times, after its introduction ( upon royal assent) , and throughout the summer of 2024, this Bill includes transitional period rules ( Transitional Provisions), which specify whether the old rules or new rules apply.
Since the Bill’s changes come into effect at different times, Bill 14 includes transitional period rules (Transitional Provisions), which specify whether the old or new rules apply.
Tenant Compensation (RTA Section 51-Tenant’s Compensation
If a landlord does not occupy the property for personal use contemplated by TA Section 49 – Landlord’s Notice: Landlord’s Use of Property. Prior to Bill 14, if a landlord evicted their tenant for the landlord’s ( or buyer’s) personal use had to demonstrate a good faith intent to occupy the unit for at least six months. Bill 14 changes the six-month period to a 12-month period
If the landlord cannot prove the RTA Sections 49 and 51 have been met, the tenant will be entitled to compensation, 12 times the monthly rent.
In short, if notice was given before April 2, 2024 the rules fall to the previous six-month occupancy. If notice was given after April 2, 2024 the rules fall to the twelve-month occupancy.
Increasing Rent Based on Number of Occupants
Another change is where a landlord must not increase rent based on number of occupants.This will protect growing families by restricting rent increases if a tenant adds a child under 19 to their household.
Key Changes Effective July 18, 2024
- Mandatory Use of Landlord Use of New Web Portal:
- Landlords will use this portal to generate Notices to End Tenancy.
- A BCeID is required to access the website portal
- Landlords will be providing details about the persons moving into the home and then 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
- Information about the amount of compensation will also need to be disclosed.
- 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.
- 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
****Any notice to end a tenancy for the buyer’s personal use given to a tenant on or after July 18, 2024, cannot end the tenancy until after the expiration of the four-month notice period.
Selling A Tenant Occupied Property?
It is imperative to follow the right steps and obtain written confirmation from buyers requesting vacant possession. Knowing in good faith that the new buyers will be occupying the property.
For any other information regarding Real Estate, please visit www.westcoastivana.com.
Your Tri-Cities expert covering Coquitlam, Port Moody and Port Coquitlam.
Search for Coquitlam Condos, Coquitlam Townhomes, Port Moody Townhomes and New developments in West Coquitlam.