Buying a Tenanted Condo

With rising prices many First-Time Home buyers are looking to continue to rent in their ideal location and buy an investment property in more affordable cities across the lower mainland. An important side note, 20% down is needed to buy an investment property. Since the buyer will not be living in the property they save their First-Time Home Buyer property tax exemption for when they buy their primary residence down the road and after they have built equity on their investment property.

Thinking of buying an investment property? If the condo has a tenant that would like to stay, this is what you need to know as the landlord. Becoming a Landlord can be a rewarding experience if done correctly, for more information on how to protect yourself as a landlord visit and


Tenancy issues to consider before purchasing a condo:

  1. Is there a written tenancy agreement?
  2. What rules – such as smoking and pets prohibitions – are in place?
  3. Did the seller take a security deposit from the tenant?
  4. Was a move-in inspection report completed by the seller and the tenant at the beginning of the tenancy?
  5. Did the seller increase the tenant’s rent at any point in time during the tenancy?
  6. If the property is sublet or the tenancy is assigned, did the seller provide their written consent to this sublet or assignment?
  7. Is there history of disputes between the seller and the tenant?



Questions? Comment below.

No comments

Post Your Comment:

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.