12 Key Points You Must Know As Landlord In Vancouver

As a landlord in Vancouver, here are key points you must be aware of:

Legal Contracts

Any foreign languages, except English and France contracts in Vancouver are not legally binding. Landlords must sign an English contract following the Canadian RTB regulations. Additional clauses can be added to the standard contract.

Deposit Regulations

Remember, you can only collect half a month’s rent as a deposit.

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Lease Duration

Differentiate between a monthly lease and a fixed-term lease when signing. If it’s a fixed-term lease, after expiration, if the tenant continues to reside without signing a new contract, it automatically converts to a monthly lease.

Canadian RTB regulations

Occupancy Limits

Clearly state the allowed number of occupants or family members. Exceeding the limit may increase home insurance costs and might even result in insurance companies refusing coverage.

Check-in and Check-out Inspection

Before move-in and upon move-out, it’s essential to complete an inspection checklist with the tenant (available for download on the government website). Take photos in advance of any damages to avoid disputes during move-out. Insurance: Obtain adequate landlord insurance to protect your property from potential risks, such as damage, liability claims, or loss of rental income.

Rent Adjustments

Be aware that there are regulations on the annual rent increase, such as 2% in 2023. To raise the rent, you need to notify the tenant three months in advance, using the official notice of rent increase form.

Monthly Inspections

As a landlord, you have the right to inspect the rental property once a month, but you must provide a written notice to the tenant at least 24 hours in advance. Inspections should occur between 8 am and 9 pm.

Subletting Regulations

When renting out, you can inform tenants in advance whether subletting is allowed. If permitted, tenants must notify the landlord in writing and provide information about the new tenant. However, note that you cannot unreasonably refuse a subletting request.

Late Rent Handling

If a tenant is late on rent, you can issue a 10-day eviction notice. If the tenant doesn’t pay rent or utilities within 5 days of receiving the notice, they must vacate, unless there is a dispute.

Check-out Inspection

Landlord’s Own Use

If the landlord or their children need to move into the rented property, they must provide a two-month notice to the tenant and exempt one month’s rent as compensation. If the tenant discovers that the landlord is not residing but subletting to others, the tenant can apply for compensation of up to one year’s rent.

Selling the Property

If the house is sold, and the new buyer intends to occupy it, they or the current landlord must give a two-month written notice to the tenant to vacate.

Emergency Situations Handling

In case a tenant is found causing damage to the property, engaging in illegal activities, or posing a threat to others, an expedited enforcement of eviction, known as an emergency hearing, can be applied for to speed up the resolution process.

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