British Columbia shortens landlord eviction notice period, sparking strong opposition from the housing industry
Under opposition from the housing industry, the NDP government in British Columbia has shortened the eviction notice period for landlords selling their properties. The housing industry believes that the new regulations in the province pose obstacles for homebuyers to purchase rental properties.
On Thursday, the British Columbia Department of Housing announced that it would shorten the notice period required for landlords to issue termination notices on behalf of buyers from 4 months to 3 months, and reduce the dispute resolution period from 30 days to 21 days.
This new rule will come into effect on August 21st.
Two months after implementing government regulations aimed at addressing malicious eviction on July 18th, British Columbia has changed the notice period for eviction.
According to these regulations, landlords and buyers are required to give tenants four months' notice when evicting them for personal use, instead of the previous two months.
But this change has caused trouble for homebuyers, especially first-time buyers, as they are required to leave the property vacant at the time of handover when purchasing under the Canadian Mortgage and Housing Corporation (CMHC) program.
These rules were introduced without consultation with the housing industry, "said Steve Saretsky, a Vancouver real estate agent," which is a bit confusing.
Image source: Carmine Marinelli / QMI AGENCY
He said that if you are a first-time homebuyer through the CMHC insurance plan and the government does not allow you to accept tenants, you must obtain a vacant house at the time of handover. However, if you cannot obtain a vacant house within 4 months, how can you obtain a vacant house? You are basically asking buyers to purchase unconditionally without confirming financing, which is very risky.
The 4-month notice period also affects buyers whose mortgage loan holding period (usually 120 days) with the bank expires before the handover date.
Saretsky said that a three-month notice is "much better than four months" and it is "a happy middle ground".
It is reported that this change only applies to the sale of real estate.
Landlords who plan to move into rental properties or have close relatives moving in still need to provide a 4-month notice period for personal use eviction. Tenants still have 30 days to raise objections to the notice.
People who move into rental properties must have lived there for at least 12 months.
According to data from the Housing Department, the waiting time for quick resolution of disputes related to overdue rent and/or utility bills has been reduced from 10.5 weeks in February to slightly over 4 weeks in May, allowing landlords to resolve disputes faster.
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https://vancouversun.com/news/bc-shortens-eviction-notice-period-properties-being-sold#: ~: text=Housing%20Ministry%20announced%20it%20is,30%20days%20to%2021%20days.