The NDP government is shortening the eviction notice period for landlords selling their property after pushback from the housing industry that argued the new rules are a barrier for homebuyers trying to buy a tenanted property.<\/p>\n
On Thursday, the B.C. Housing Ministry announced it is changing the notice period required when a landlord issues a notice to end tenancy on behalf of a purchaser to three months \u2014 down from four months \u2014 and cutting the dispute period from 30 days to 21 days.<\/p>\n
The new rules take effect on Aug. 21.<\/p>\n
B.C. changed the eviction notice period two months after government regulations meant to address bad-faith evictions kicked in on July 18.<\/p>\n
Under those regulations, landlords and homebuyers were required to give tenants four months\u2019 notice instead of the previous two months when evicting for personal use.<\/p>\n
But the change presented headaches for homebuyers, particularly for first-time homebuyers purchasing a home under\u00a0a Canada Mortgage and Housing Corporation program, which require a property to be vacant at the time of possession.<\/p>\n
Those rules were brought in with no consultation from the housing industry, said Vancouver realtor Steve Saretsky. \u201cIt was a bit of a head scratcher.\u201d<\/p>\n
\u201cIf you\u2019re a first-time homebuyer going through a CMHC insurance program, the government doesn\u2019t allow you to inherit the tenant,\u201d he said. \u201cYou have to get vacant possession, but how are you going to get vacant possession if you can\u2019t get vacant possession for four months?<\/p>\n
\u201cYou\u2019re basically asking a buyer to go unconditional on a purchase without secured financing, which is incredibly risky.\u201d<\/p>\n
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