Whether you’re already a landlord, thinking of buying an investment property, or currently a tenant, it’s important to know the newest changes to the Residential Tenancy Act. Knowing your rights are vital in avoiding any hardship or disputes down the road.
Here’s what has changed in the Residential Tenancy Act, as of May 17 2018:
- Landlords must give four months' notice to end tenancy for demolition, renovation or repair, or conversion, and tenants have 30 days to dispute the notice,
- A landlord or purchaser if applicable must compensate a tenant 12 months’ rent (unless excused by an arbitrator in extenuating circumstances) if a landlord or purchaser ends a tenancy under section 49 (landlord use) and they don't:
- take steps to accomplish the stated purpose for ending the tenancy under section 49 within a reasonable period after the effective date of the notice, or
- use the rental unit for that stated purpose for at least 6 months beginning within a reasonable period after the effective date of the notice.
- A tenant has a right of first refusal to enter into a new tenancy agreement at a rent determined by the landlord if the landlord ends their tenancy to renovate or repair the rental unit. This right of first refusal applies only to a rental unit in a residential property containing 5 or more units.
- A landlord must compensate a tenant 12 months’ rent (unless excused by an arbitrator in extenuating circumstances) if the tenant exercises a right of first refusal and the landlord does not give the tenant:
- a 45 day notice of availability
- a tenancy agreement to sign.
- If a landlord is ending a tenancy on behalf of a purchaser, the notice must contain the purchaser’s name and address.
For more info Click Here