Eviction is not a pretty word. And, really it is a last resort but it is a reality for landlords and tenants alike. The most common reason for eviction is unpaid rent. As a landlord, missed rent payments can have a huge impact on your cash flow so sometimes eviction notices are a necessary evil. Causes for Eviction If it comes to this, you will have to give your tenant approved notice ...
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As a landlord in BC, at the beginning of a tenancy, you can require a tenant to pay: a security deposit equivalent to one-half of one month’s rent; and if they have a pet, a pet deposit equivalent to one-half of a month's rent (so a full month's rent in the case of pet-owning tenant) Tenants must pay the security deposit within 30 days of entering into the tenancy agreement or ...
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Landlord Guide to Ending & Extending a Lease As a landlord, many months may go by without any contact with your tenant and usually this is a good thing. However, once or twice a year, depending on the lease terms, you will need to reach out to your tenant to discuss the terms of the tenancy as the lease contract nears its end. In less common instances, you may want to ...
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What is a strata? In Vancouver, the most common form of strata housing is a condo. Typically these are apartments, townhouses, duplexes or even single family homes owned by a governing body known as the strata corporation - or strata for short. However, a strata can also be land, just rarely in Vancouver. When you buy one of these properties, you become a co-owner of the self-governed, strata corporation and, as ...
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Finding a place is hard enough. When it comes to signing the BC Residential Tenancy Agreement, or rental agreement, it's a whole other ballgame. Read on as we break down what you need to know and pay attention to regarding BC Residential Tenancy Agreements. With Liv Rent, we make it easy as any past, current, and upcoming lease contracts signed on our platform can be pulled up and exported in ...
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A rent increase is something that concerns every renter in the province. Rest assured, however, your landlord can only raise rents by an amount dictated by the Residential Tenancy Branch of BC (RTB). This is the second year under new provincial regulation that the allowable increase is limited to the cost of inflation. Previous to 2019, old rules permitted landlords to raise rents by the cost of inflation plus 2 ...
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As law-abiding and polite as Canadians might be, there are a few bad apples out there who attempt to scam renters. Vancouver is no exception. In fact, given how hot the Vancouver rental market is, it is no surprise that you'll discover that rental scams exist. Finding a place to rent in Vancouver is difficult enough and the last thing you want to deal with is financial or identity theft. ...
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What is the Empty Homes Tax? After its first year of implementation, the Empty Homes Tax and Speculation + Vacancy Tax, instituted to target vacant properties, increase vacancy rates and create affordable housing, is estimated to generate $38 million dollars - $8 million more than originally projected. As this wasn't the original intent of the tax, the City is now considering a number of changes. As a quick summary, here is an ...
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Do you take advantage of all the deductions available to you as a B.C. landlord? When you own a rental property, you are legally obligated to report all rental revenue on the Statement of Real Estate Rentals schedule on your personal tax return. Thankfully, you are also able to deduct a number of landlord expenses from your gross rental revenue and then pay tax only on the amount remaining. To ...
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When you're nearing the end of your lease, you have a few options as renter. One of those options is renegotiating your lease with your current landlord. This is a daunting exercise for many but it doesn't have to be if you prepare and develop a strategy. Chances are your landlord will take the opportunity to raise the rent by the allowable amount (2.6% for BC in 2020). However, if ...
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