Inflation, rising interest rates create caution across Metro Vancouver’s housing market VANCOUVER, BC –…
The B.C. Ministry of Housing of Municipal Affairs has backed down on a controversial amendment to the Residential Tenancy Act regarding fixed-term rentals. The amended Act came into effect May 17.
The changes include the outlawing of fixed-term rental agreements, where-in a landlord requires a tenant to sign a contract stating they will vacate the premises on a fixed date. Under the former legislation, the landlord could raise the rent by amounts higher than that allowed under the act, which is currently the rate of inflation, plus 2%.
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B.C. Housing Minister Selina Robinson said the amended legislation would protect the rights of renters who have been left open to “unfair and unjustified rent increases.”
The new legislation restricts a landlord’s ability to use a vacate clause in fixed-term tenancy agreements. It does allow the landlord’s family to take possession of the unit, but only for long-term occupancy.