New Tenancy Rules British Columbia - Residential Tenancy Act Updates 2024

What are the new BC tenancy rules?

New rules to the BC Residential Tenancy Act became effective in July 2024 (with changes in August 2024), so we thought it would be helpful to go over these changes and how they will impact those buying a tenanted property in BC or selling a tenanted property in BC.

In this video, Mariko (residential realtor at Bridgewell Group in Vancouver) goes over what the key changes are, important considerations when buying or selling a tenanted property, and some example timelines to help understand these new rules. If you plan to sell or buy a tenanted property in British Columbia, then this video will be helpful for you.

DISCLAIMER: Keep in mind this is a general informational video and our team are residential realtors NOT property managers. If you are looking for advice on a specific or complex situation, your best resource is to reach out to the Residential Tenancy Branch or a licensed property manager.

At Bridgewell, we understand that buying or selling a tenanted property in BC can be a bit confusing at times. Our team have helped a number of clients safely buy and sell tenanted properties, and are here to help every step of the way to make sure they have all the knowledge & tools they need in their real estate journey. If you're looking to buy or sell in the Greater Vancouver area, reach out to our team today!

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Note: This video was filmed in July 2024, for the most up to date information on tenancy rules, make sure to check the BC government's website.
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In this video we discuss:
0:00 • Introduction
2:10 • Key changes to the Residential Tenancy Act #1: Increasing the notice period that a landlord must give a tenant for eviction purposes
3:10 • Key changes to the Residential Tenancy Act #2: Increasing the tenant dispute period
3:30 • Key changes to the Residential Tenancy Act #3: Individual moving into property must occupy it for AT LEAST 12 months
3:50 • Key changes to the Residential Tenancy Act #4: New web portal for landlords
4:15 • Key considerations for buying or selling tenanted properties
5:10 • Key consideration #1: Are the tenants in a fixed lease or month to month?
5:55 • Key consideration #2: Selling a tenanted property
6:50 • Key consideration #3: Purchasing a property as an investment vs occupying
8:05 • Example #1: Buying or Selling a Tenanted Property - Month to Month Lease
12:00 • Example #2: Buying or Selling a Tenanted Property - Fixed Lease
13:45 • Example #3: Landlord/Close Family Member to Occupy
18:20 • Recap & Conclusion - Reach out to our team for all your real estate needs in the Greater Vancouver area!

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