The Provincial Government has announced significant changes to the Residential Tenancy Act, effective July 18, 2024, aimed at protecting residential tenants from unfair evictions. If you’re a tenant or a landlord, it’s essential to understand these new rules to ensure everyone’s rights are respected.

Key Changes Effective July 18, 2024

1. New Web Portal for Landlords

• Mandatory Use: Landlords must use this new portal to issue Notices to End Tenancy for personal or caretaker use, and they need a Basic BCeID to access it.

• Transparency: Landlords must provide details about the new occupants, which will be shared with the tenant.

• Conditions and Penalties: The portal will inform landlords about the rules for ending a tenancy and the penalties for doing so in bad faith.

• Compensation Details: Information on the required compensation for tenants will also be provided.

2. Longer Notice Period

• Extended Notice: The notice period for ending a tenancy is now four months, up from two months.

• Extended Dispute Time: Tenants now have 30 days to dispute a Notice to End Tenancy, extended from 15 days.

3. Occupancy Requirements

• Minimum Occupancy: The new occupant must live in the property for at least 12 months.

• Penalties for Bad Faith: Landlords found to be ending a tenancy in bad faith could be ordered to pay the displaced tenant 12 months’ rent.

What This Means for You

For Tenants:

• If you receive a Notice to End Tenancy for personal or caretaker use, you now have more time to plan your next steps, thanks to the extended four-month notice period.

• You also have a longer period (30 days) to dispute the notice if you believe it is not issued in good faith.

For Landlords:

• You must use the new web portal to issue tenancy termination notices and provide detailed information about the new occupant.

• Be aware of the extended notice period and ensure you comply with the new rules to avoid penalties.

• Ensure the new occupant lives in the property for at least 12 months to avoid fines.

If You’re Selling or Buying Tenant-Occupied Properties

These new rules are important if you’re involved in selling or purchasing a property with tenants. The extended notice period means that any notice given to tenants after July 18, 2024, will require them to vacate after four months, not two.

Legal Advice

If you’re currently involved in a transaction with a tenant-occupied property, it’s a good idea to seek legal advice to navigate these changes effectively. This will help protect your rights and ensure compliance with the new regulations.

Additional Resources

For more information on these new regulations and to access the Landlord Use Web Portal, visit the BC Government Residential Tenancies or contact the Residential Tenancy Branch at 1-800-665-8779.

Other helpful resources include:

• Selling Tenant-Occupied Properties During the Residential Tenancy Act Transitional Period

• Legally Speaking #574: Landlords Take Notice – Recent Amendments to BC Tenancy Legislation by Amy Peck

• BrokerConnect (June 2024): Bill 14 Tenancy Statutes Amendment Act

• Real Estate Errors and Omissions Insurance Corporation: Selling tenanted property – don’t let assumptions get you into a tough situation

Stay informed and proactive to ensure your rights and responsibilities are protected under these new regulations.

You’ve been saving for awhile, weighing your options, looking around casually. Now you’ve finally decided to do it—you’re ready to buy a house. The process of buying a new home can be incredibly exciting, yet stressful, all at once. Where do you start?

It is essential you do your homework before you begin. Learn from the experiences of others, do some research. Of course, with so many details involved, slip-ups are inevitable. But be careful: learning from your mistakes may prove costly. Use the following list of pitfalls as a guide to help you avoid the most common mistakes.

1. Searching for houses without getting pre-approved by a lender:
Do not mistake pre-approval by a lender with pre-qualification. Pre-qualification, the first step toward being pre-approved, will point you in the right direction, giving you an idea of the price range of houses you can comfortably afford. Pre-approval, however, means you become a cash buyer, making negotiations with the seller much easier.

2. Allowing “first impressions” to overly influence your decision:
The first impression of a home has been cited as the single most influential factor guiding many purchasers’ choice to buy. Make a conscious decision beforehand to examine a home as objectively as you can. Don’t let the current owners’ style or lifestyle sway your judgment. Beneath the bad décor or messy rooms, these homes may actually suit your needs and offer you a structurally sound base with which to work.

Likewise, don’t jump at a home simply because the walls are painted your favourite colour! Make sure you thoroughly the investigate the structure beneath the paint before you come to any serious decisions.

3. Failing to have the home inspected before you buy:
Buying a home is a major financial decision that is often made after having spent very little time on the property itself. A home inspection performed by a competent company will help you enter the negotiation process with eyes wide open, offering you added reassurance that the choice you’re making is a sound one, or alerting you to underlying problems that could cost you significant money in both the short and long-run. Your local Cowichan Valley realtor can suggest reputable home inspection companies for you to consider and will ensure the appropriate clause is entered into your contract.

4. Not knowing and understanding your rights and obligations as listed in the Offer to Purchase:
Make it a priority to know your rights and obligations inside and out. A lack of understanding about your obligations may, at the very least, cause friction between yourself and the people with whom you are about to enter the contract. Wrong assumptions, poorly written/ incomprehensible/missing clauses, or a lack of awareness of how the clauses apply to the purchase, could also contribute to increased costs.

These problems may even lead to a void contract. So, take the time to go through the contract with a fine-tooth comb, making use of the resources and knowledge offered by your Realtor and lawyer. With their assistance, ensure you thoroughly understand every component of the contract, and are able to fulfill your contractual obligations.

5. Making an offer based on the asking price, not the market value:
Ask your realtor for a current Comparative Market Analysis. This will provide you with the information necessary to gauge the market value of a home, and will help you avoid over-paying. What have other similar homes sold for in the area and how long were they on the market? What is the difference between their asking and selling prices? Is the home you’re looking at under-priced, over-priced, or fair value? The seller receives a Comparative Market Analysis before deciding upon an asking price, so make sure you have all the same information at your fingertips.

6. Failing to familiarize yourself with the neighbourhood before buying:
Check out the neighbourhood you’re considering, and ask around. What amenities does the area have to offer? Are there schools, churches, parks, or grocery stores within reach? Consider visiting schools in the area if you have children. How will you be affected by a new commute to work? Are there infrastructure projects in development? All of these factors will influence the way you experience your new home, so ensure you’re well-acquainted with the surrounding area before purchasing.

7. Not looking for home insurance until you are about to move:
If you wait until the last minute, you’ll be rushed to find an insurance policy that’s the ideal fit for you. Make sure you give yourself enough time to shop around in order to get the best deal.

8. Not recognizing different styles and strategies of negotiation:
Many buyers think that the way to negotiate their way to a fair price is by offering low. However, in reality, this strategy may actually result in the seller becoming more inflexible, polarizing negotiations. Employ the knowledge and skills of an experienced realtor. S/he will know what strategies of negotiation will prove most effective for your particular situation.

Let me know if you have questions.

The process of buying or selling a house seems to involve a million details. It is important that you educate yourself on as many parts of this process as you can—this knowledge could mean the difference of thousands of dollars in the long-run. The legal issues involved in the process are often particularly intricate, ranging from matters of common knowledge to subtle details that might escape the untrained eye. Any of these issues, if not handled properly, could develop into larger problems.

With so many legal issues to consider, your first step should be to seek out experienced professionals to help educate you and represent your best legal interests. Begin with an experienced real estate agent, who can help guide you through the initial hoops. S/he should also be able to point you in the direction of a reputable local real estate lawyer to assist you in all legal matters involved in the purchase or sale of your house. While there are countless legal details involved in a real estate transaction, some seem to pose larger problems than others.

We’ve outlined two legal clauses that are commonly misunderstood and may cost you money if not worded correctly. Handle these carefully and you will be on track to a successful sale or purchase!

1. Home Inspection Clause

Some real estate transactions have been sabotaged due to the wording of the home inspection clause. This clause originally allowed that the buyer has the right to withdraw their offer if the home inspection yielded any undesirable results. However, this allowance was known to backfire, as buyers took advantage of it, using some non-issue stated in the inspection as an excuse for having changed their minds.

Of course, this was unfair to the sellers, as they’d poured time and money into what they believed was a sure deal. Not only might they have missed out on other offers in the interim, but their house might also now be unfairly considered a “problem home.” Additionally, they’d now have to shoulder the costs of continuing to market the property. All of this adds up.

In order to remedy this potential problem, the clause should indicate that the seller has the option of repairing any problems the home inspection might point to. With this slight change in the clause, both buyer and seller are protected. To ensure this clause is fair from one side of the bargain to the other, work closely with a lawyer experienced in these transactions and all the nuances that may affect the outcome for you.

2. Survey Clause

It is the right of a home buyer to add a survey clause to the real estate contract on the home they’d like to purchase. If you are on the selling end of the contract, be aware.

If you have added an addition or a pool to your property since the last survey was produced, your survey will no longer be considered up-to-date and the buyer may request that a new one be drawn up—the cost of which you will incur. The price of this process will run anywhere from $700 to $1,000.

Your real estate agent has the responsibility to provide you with the most recent survey of your home. It is then the Buyer’s right to decide if it is acceptable. An experienced agent should offer you reliable counsel if you encounter an issue with this clause, but it is advisable to talk to your lawyer if you’re unsure at all of the potential ramifications involved. Remember, the wording of this clause could cost or save you thousands of dollars.

The thousands of dollars in rent you’ve already paid to your landlord may be a staggering figure—one you don’t even want to think about. Buying a house just isn’t possible for you right now. And it isn’t in your financial cards for the foreseeable future. Or is it?

The situation is common and widespread: countless people feel trapped in home rental, pouring thousands of dollars into a place that will never be their own—yet they think they’re unable to produce a down payment for a home in order to escape this rental cycle. However, putting the buying process into motion isn’t nearly as impossible as it may seem. No matter how dire you believe your financial situation to be, there are several little-known facts that may be key to helping you step from a renter’s rut to home-owning paradise!

Initially, of course, the most daunting factor involved in buying a house is the down payment. You know you’ll be able to handle the monthly payments—you’ve done this for years as a renter. The hurdle, instead, seems to be accumulating the capital needed to put money down. However, this hurdle may be smaller than you think. Take a look at the following points and explore whether any of these scenarios may be possible for you.

1. Find a lender to assist you with your down payment and closing costs.
If you’re free of debt, and own an asset outright, your lending institution may lend you the money for a down payment by securing it against your asset. In this case, you won’t need to have accumulated capital for a down payment.

2. Buy a home even if your credit isn’t top-notch.
If you have saved more than the minimum for a down-payment or can secure the loan against other equity, many lending institutions will still consider you for a mortgage, despite a poor credit rating.

3. Find a seller to assist you in buying and financing the home.
Some sellers may be willing to bear a second mortgage as a seller take-back. The seller then assumes the role of the lending institution, and you pay him/her the monthly payments, rather than paying the price of the home in a lump sum. This is an additional option if you have a poor credit rating.

4. Buy a home with much less down than you’d think.
Investigate local and federal programs, such as first-time buyer programs, that are designed to help people like you break into the housing market. An experienced real estate agent will be equipped to give you all the information you need about these programs, and counsel you on which options are best for you.

5. Create a cash down payment without going into debt.
By borrowing money for specific investments, you may be able to produce a large income tax return that you can use as a down payment. Technically, the money borrowed for these investments is considered a loan, but the monthly payments can be low, and the money you put into both the home and the investments will ultimately be yours.

So, you know there are options out there. The next step is to educate yourself on what your own personal possibilities might be, and how to follow through with the means to achieve these goals. Keep in mind, too, that you can get pre-approved for a mortgage before you begin searching for a home. In fact, you should get pre-approved—the process is free and doesn’t place you under any obligation. You can be pre-approved over the phone. Or, take the next step and complete a credit application.

Once a credit application is submitted, you’ll receive a written pre-approval, which will guarantee you a mortgage to a specified level. When you have a concrete price range, you’ll know where to begin looking. Make a commitment to yourself to break out of the renting rut. Start today

Let me know if you need help getting started.

Budgeting for a new home can be tricky. Not only are there mortgage installments and the down payment to consider, but there are also a host of other—sometimes unexpected— expenses to add to the equation. The last thing you want is to be caught financially unprepared, blindsided by taxes and other hidden costs on closing day.

These expenses vary: some of them are one-time costs; others will take the form of monthly or yearly installments. Some may not even apply to your particular case. But it’s best to educate yourself about all the possibilities, so you will be prepared for any situation, armed with the knowledge to budget accordingly for your move.

Use the following list to determine which costs will apply to your situation prior to structuring your budget.

1. Purchase offer deposit.
2. Inspection by certified building inspector.
3. Appraisal fee: Your lending institution may request an appraisal of the property. The cost of this appraisal is your responsibility.
4. Survey fee: If the home you’re purchasing is a resale (as opposed to a newly-built home), your lending institution may request an updated property survey. The cost for this survey will be your responsibility and will range from $700 to $1,000.
5. Mortgage application at your lending institution.
6. 5% GST: this fee applies to newly built homes only, or existing homes that have recently undergone extensive renovations.
7. Legal fees: A lawyer should be involved in every real estate transaction to review all paperwork. Experience and rates offered by lawyers range quite a bit, so shop around before you hire.
8. Homeowner’s insurance: Your home will serve as security against your loan for your financial institution. You will be required to buy insurance in an amount equal to or greater than the mortgage loan.
9. Land transfer (purchase) tax: This tax applies in any situation in which a property changes owners and can vary greatly.
10. Moving expenses.
11. Service charges: Any utilities you arrange for at your new home, such as cable or telephone, may come with an installation fee.
12. Interest adjustments.
13. Renovation of new home: In order to “make it their own,” many new homeowners like to paint or invest in other renovations prior to or upon moving in to their new home. If this is your plan, budget accordingly.
14. Maintenance fees: If you are moving to a new condominium, you will likely be charged a monthly condo fee which covers the costs of common area maintenance.

Please let me know if you have any questions about these expenses when buying a home.

The asking prices of most homes on the market indicate the current state of the market and usually mirrors the prices for which other similar homes in the area have recently sold. In deciding upon a selling price, a home-seller must establish a balance between the desire to draw the highest offer and finding a price that will be reasonable enough to attract an appropriate pool of prospects and competitive offers. While most selling agents counsel their clients to consider this equation when pricing their home, keep in mind that some homes are not properly priced.

It’s important to educate yourself about the current market before thinking about buying a home. The market will always influence a property’s value, regardless of the state of a home, or its desirability.

Here are the types of market conditions and how they may affect you.

1. Seller’s Market

A seller’s market is considered a “hot” market. This type of market is created when demand is greater than supply – that is, when the number of buyers exceeds the number of homes on the market. As a result, these homes usually sell very quickly, and there are often multiple offers.

As a buyer, you need to consider that many homes will sell above the asking price. In other words, you may have less room to negotiate, and may encounter competing offers. Though most buyers want to get a home for the lowest price possible, reducing your offer could mean opening the door for another buyer instead.

2. Buyer’s Market

A buyer’s market is a slower market. This type of market occurs when supply is greater than demand, the number of homes exceeding the number of buyers. Properties are more likely to stay on the market for a longer period of time. Fewer offers will come in, and with less frequency. Prices may even decline during this period.

As a buyer, you will have more selection and flexibility in terms of negotiating toward a lower price. Even if your initial offered price is too low, the seller will be more likely to come back with a counter-offer, so you can begin the process of negotiation.

3. Balanced Market

In a balanced market, supply equals demand, the number of homes on the market roughly equal to the number of buyers. When a market is balanced there aren’t any concrete rules guiding whether you should make an offer at the higher end of your range, or the lower end. Prices will be stable, and homes will sell within a reasonable period of time. You will have a decent number of homes to choose from and may encounter some competition for offers on the home of your choice, or none at all.

The other main factors that affect market value are:

Before you make an offer to purchase a home, establish whether the current market is a Buyer’s, Seller’s, or Balanced market. Also, evaluate the price similar properties have sold for in the area, and the length of time these properties spent on the market. Determine how the home you’re considering compares to these other sales. Is this one over-priced, under-priced, or a fair price? By establishing this information prior to making an offer, you will be in a position to negotiate the best price for the home and be prepared for any additional opportunities that may come your way.

Keep in mind, a local realtor is trained to provide clients with this information about the market, helping you make the most informed decision possible. The right realtor will guide you through the ups and downs of the market and keep you up-to-date with the types of changes you might expect. These realtor resources and connections will prove to be invaluable as you navigate the Cowichan real estate market.

1. Location

The proximity of the home to amenities such as schools, parks, public transportation, and stores will affect its status on the market. Also, the quality of neighbourhood planning and future plans for development and zoning will influence a home’s current market value, as well as the ways in which it might change.

2. Property

The age, size, layout, style, and quality of construction of the building will all affect a property’s market value, as well as the size, shape, seclusion and landscaping of the yard.

3. Condition of the Home

This includes the general condition of the home’s main systems, such as the furnace, central air, electrical system, etc., as well as the appearance and condition of the fixtures, the floor plan of the house, and its first appearances.

4. Comparable Properties

Examine the selling and asking prices of similar homes in the neighbourhood. Ask your local Cowichan Valley realtor to prepare you a general market analysis of the neighbourhood you’re interested in, so you can determine a range of value for a particular property. A market analysis will provide you with a market overview and give you a glimpse at what other similar properties have been selling for in that area.

5. Market Conditions/Economy

The market value of a home is additionally affected by the number of homes currently on the market, the number of people looking to buy property, current mortgage rates, and the condition of the national and local economy.

Whether seeking solace, activity, schools, churches, or green space, every homebuyer looks for a different combination of attributes in a new community. Choosing a neighbourhood that suits your needs and wants is one of the most important decisions you’ll make in the home buying process; your choice of environment will affect the way you experience your new home.

This is a very personal decision, influenced by countless unique factors colouring your own lives, but you should always keep the following in mind:

1. If you’re considering buying a home in a community that is unfamiliar to you, get to know its layout, offerings, and ambiance. Take some time to walk or drive through the neighbourhood, both during the day and at night, familiarizing yourself with the sights, sounds, and smells.

2. What amenities does the neighbourhood have to offer? Is public transportation readily accessible? Are there schools, churches, parks, or grocery stores within reach? Consider visiting schools in the area if you have children.

3. What is the nature of the job market in the area? Keep in mind that if area employers are producing more jobs, you can expect property values to increase, especially if the jobs offered fall within a higher salary bracket.

4. Speak with the neighbours. Ask questions. They can offer you a wealth of information from an inside perspective.

5. How will you be affected by a new commute to work? Drive the route between the new neighbourhood and your office during the appropriate times to gauge the volume of traffic you could expect to encounter, and the amount of time you’d need to put aside for daily travel.

6. Contact local land-use and zoning officials to determine existing development plans or potential for development in the area. A strong agenda for neighbourhood planning and local zoning will increase the value and draw of a neighbourhood. Keep in mind that any large, tree-covered area may be a target for future development in popular communities.

7. Determine whether financial resources have been put in place to support infrastructure projects in the area. These construction projects might include building, replacing, or improving anything from schools to roads, and are usually part of a city or town’s long-term plan. While disruptive, construction could also be a benefit to your experience of a community, influencing the long-term value of the area.

Please let me know if you have questions.

Imagine being in the market for a new home – you walk into a place and everything seems perfect. The home checks all the boxes: right number of bedrooms; adequate kitchen and living space; great storage space; and is in overall good condition.

Yet you still have many unanswered questions such as:

• Has the municipality issued an occupancy certificate for the home?

• Where are the property lines?

• What do the bylaws and zoning allow for if I want to make changes to the property in the future?

• Was a proper permit issued for the renovations done on the home?

• Where is the septic field?

• Has it ever been updated or serviced?

• Is the suite legal?

• Does the garage the former homeowner added built to code?

• Does the wood stove have a WETT Certificate?

• How old is the roof?

• Has the property had any issues with flooding?

• Have there ever been any problems with the foundation?

• Is the home still under warranty?

As a potential buyer, how confident would you be to make an offer without having your questions answered first?

As the listing agent, I believe it's my responsibility to anticipate and research any questions a potential buyer may have about the property before they even realize it. When potential buyers move their home search from looking at listings online to viewing homes in person, chances are they are ready to make a decision on the next place they’ll call home. The more information I can provide at this point, the greater the likelihood of a favourable offer being made and your home being sold.

Make the best move when it comes to choosing your Realtor®. Why would you settle for anything less?