There are new concerns over potential negative impacts new eviction rules put forward by the provincial government this month.
As of July 18, the province is requiring landlords to give four months’ notice instead of two when evicting tenants for personal or family occupancy
Since banks typically lock in financing terms with prospective buyers for periods shorter than this four-month eviction notification period, the new regulations could make buying a home with existing tenants more difficult, according to some in the housing industry.
New Eviction Rules
“If you’re doing subject to financing, which is a conservative, responsible thing to do, financing at major banks, credit unions and even private lending, are generally going to be up to 120 days, where they will hold your terms,” Keaton Bessey, managing broker for Greater Vancouver Tenant & Property Management Ltd. Told CTV Vancouver last week.
That could have implications for some buyers given the unpredictability of mortgage rates over the past few years.
However, B.C.’s new regulations are similar to other parts of Canada, such as Quebec, Manitoba, and Prince Edward Island.
Renter advocates insist the changes are long overdue and will protect renters who are in vulnerable housing situations.
VTU Weighs In
“[An additional] two months is not really much time at all to go through the mental shock of the roof over your head being taken away,” said Mariah Javadi, a volunteer with the Vancouver Tenants’ Union.
Amanda Burrows, executive director of First United in Vancouver’s Downtown Eastside noted that consequences of an eviction for people on low incomes can be particularly catastrophic.
“That extra two months for a renter could make the difference between community displacement or even homelessness as they’re trying to find another property,” she told CTV Vancouver.
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