Two B.C. landlords whose costs have skyrocketed – due to their variable-rate mortgage – have been allowed to impose huge rent hikes on their tenants to offset their financial losses.
In a recent ruling, an arbitrator with the province’s Residential Tenancy Branch approved increases totalling 23.5 per cent over two years for each of the landlords’ four rental units.
That’s on top of the 3.5 per cent annual increase previously approved by the B.C. government for 2024.
“The landlords experienced dramatic interest rate increases which have made managing the property unsustainable,” reads the ruling, which was published in May.
They’re allowed to give the tenants one month notice if they or their immediate family are moving in but yeah outside of that they just inherit the lease as is.
If they do that and then rent it out within 6(?) months they have to pay the tenants 12 months of rent… IF the tenants can prove it and then take the landlord to court. So not ideal eitherway.
The law just changed to 4 months notice for landlord/family use (3 months if it’s for a new buyer) and the landlord/new buyer/family must live there for 12 months (actually live there, not just keep it off the rental market).