Real Estate Matters: July 2024 - New rental rules, implications, opportunites, and more!

What does the new rental rules mean to you?  For those not familiar with the most recent announcement, please see this link - Website launched to protect renters from bad-faith evictions | BC Gov News

The most impactful points to consider for landlords or potential landlords are:

- New portal established for July 18th, where if a landlord wishes to evict a tenant, he/she/they must fill out information in the portal to automatically generate the eviction notice to provide to tenants.  It will also advise the proper timing as well as compensation through that portal.
- Eviction for self use (or caretaker, immediate family, etc.) notice period has been increased from 2 full calendar months to 4 full calendar months.
- After eviction, landlord (or caretaker) has to live in there without renting out for the subsequent 12 months.

What does this mean to you?  How will this impact the market?  What are some implications and details to look out for?  More importantly, what opportunities are there?  Please see the above video where I give real world thoughts to these new rules.

As usual, if I may be of service, I would be happy to chat!  Just reply to this email and we can set up a time to do so!

Alex Yao | Yao Real Estate Group
Personal Real Estate Corporation
Re/Max Select Properties
604-374-5534
[email protected]
www.yaoreaestate.comom/