The Influential Role of Community on Property Value in Hope, BC

In the vast sphere of real estate, the Golden Rule is undeniably “location, location, location". This phrase rings true as determining property value relies heavily on assessing local factors influencing its worth. This article will delve into how community attributes considerably sway the potential value of your property in Hope, BC.

The Community Impact

A community with amenities, safety, and strong educational institutions can significantly appreciate property values. Where a property is located within a city, town or even a neighbourhood can substantially affect its value. Factors such as quality schools, low crime rates, proximity to amenities, a thriving local economy, and community involvement can favourably shape your property’s valuation in locations like Hope, BC.

1. Quality Schools: Reputable educational institutions within a suburb not only offer convenience but also add substantial value to properties. A report by [Realtor.com](https://www.realtor.com/advice/buy/the-right-school-district-how-much-do-schools-affect-real-estate-prices/) uncovered that 91% of homebuyers find proximity to good schools vital in their property search.

2. Low Crime Rates: Potential buyers are always willing to pay a premium for safety. Areas with low crime rates are perceived safer and are more attractive to homebuyers. According to an updated crime index (https://www.csrd.bc.ca/news-notices/news/2021-08-24/csrd-ranks-low-crime-index), Hope, BC has one of the lowest crime rates in Canada.

3. Accessibility of Amenities: The value of a property can increase significantly with easy access to amenities such as shopping centres, restaurants, hospitals, parks, and public transit. In Hope, BC, recreational facilities such as the [Coquihalla Canyon Provincial Park] (http://www.env.gov.bc.ca/bcparks/explore/parkpgs/coquihalla_cyn/) and [Kawkawa Lake] (https://hopebc.ca/our-community/parks/beautiful-outdoors/) add to the community's appeal.

4. Local Economy: A flourishing local economy not only provides job opportunities but also improves the area’s desirability. The recent infrastructural development projects in the [Fraser Valley Regional District] (https://www.fvrd.ca/EN/main/government/budget-finance.html), including Hope, BC, have a positive ripple effect on the local economy, propelling property values.

5. Community Involvement: Engaged and cohesive communities can enhance a property's value. Activities such as neighbourhood watch, community events, local festivals, and strong homeowners associations are indicators of community involvement. An example of such community involvement in Hope, BC is the annual Chainsaw Carving Competition and the popular Hope Brigade Days.

Leveraging Your Community to Maximize Property Value 

Understanding how the community affects property value is essential when making informed decisions about selling or investing. Here are some ways you can leverage your community's strengths to increase your property’s value: 

1. Highlight Proximity to Amenities: If your property is within walking distance to amenities like schools, parks, or shopping centres, including this important detail in your listing can peak potential buyer's interest.

2. Capitalize on Local Attractions: Hope, BC, is renowned for being a popular film location. Notable movies like Rambo were shot here. Spicing up your property listing with such intriguing trivia could captivate a potential buyer's interest.

3. Accentuate Community Involvement: Homeowners associations promote community bonding. If your neighbourhood boasts such a group, outlining how active and beneficial it is can be a key selling point in your listing.

Conclusion

The community surrounding a property plays a significant role in determining its value. At Select Real Estate, we provide clients with extensive local knowledge and market insights, enabling them to make well-informed decisions. Whether you're buying, selling, or exploring the possibilities in the areas extending from Surrey, BC through to Hope, BC, our devoted team of professionals is committed to assisting you in achieving your real estate aspirations. To better comprehend how the community factors into your property's value, don't hesitate to contact us today. 604-793-2200 or https://selectrealestate.ca/contact-us

Exploring Affordable Property Investment Opportunities in Chilliwack BC

Located in the heart of Fraser Valley, British Columbia, Chilliwack offers a diverse range of property investment opportunities. Everything from multi-unit residential properties to commercial spaces are available and with the region witnessing steady growth, demand for property investment here is on a continual rise. If you're an ambitious real estate investor aiming to capitalize on this upward trend, this article will provide some vital data.

At Select Real Estate, a renowned property management company based in Chilliwack, we've gained discerning insights into the local property market and its unique investment potential. We extend our services right from Surrey, BC to Hope, BC, and this expansion has deepened our understanding of the prospects in the property market in the area.

Understanding Chilliwack

Before making a property investment, it's crucial to familiarize yourself with the area. With its enchanting scenic beauty, affordable living, and vibrant community spirit, Chilliwack offers residents a high quality of life. Accompanied by low unemployment rates and a burgeoning economy, the city has become an attractive hub for businesses and workers, as depicted in a recent Fraser Valley Regional District report (www.fvrd.ca/EN/main/government/reports-plans.html).

Property Investment Opportunities in Chilliwack

1. Residential Properties: The affordable housing options readily available in Chilliwack in comparison to Metro Vancouver have triggered a population surge. This, in turn, has initiated a boom in demand for rental units. Investments in multi-family properties could yield considerable rental income. Furthermore, Chilliwack is home to both historically significant properties and new-builds, each offering a unique investment perspective.

2. Commercial Properties: In recent years, there's been an upturn in demand for retail, office spaces, and warehouses, enabling commercial property investments to be a viable long-term business prospect.

3. Land and Development: The ongoing expansion of Chilliwack has created opportunities in land and property development. Investors have the potential to serve this growing demand and earn lucrative returns.

Why Invest in Chilliwack?

Chilliwack boasts a robust rental market and steady capital appreciation, making it an excellent investment location. Canadian Real Estate Magazine (www.canadianrealestatemagazine.ca/) reports that the median price of homes here is lower than the national average. This affordable entry point coupled with the potential for high returns makes Chilliwack a desirable location for investing. Moreover, Chilliwack's proximity to Vancouver permits residents to revel in the benefits of rural living without sacrificing urban amenities.

Role of Property Management Companies

Navigating property investment can be complex, especially for beginners. That's where property management companies like Select Real Estate come into play. We offer an array of services that includes property marketing, tenant screening, routine maintenance, rent collection, and legal guidance. Our experts also provide detailed financial reporting (www.realtor.com/advice/buy/select-real-estate-agent/), assisting investors to make informed investment and property management decisions.

Our competent team has extensive experience managing a range of property types and deliver optimal results by navigating the local market conditions effectively. By availing of our services, you can significantly reduce the stress and time spent on property management.

Conclusion

While real estate investment is not without risks, Chilliwack, BC is an affordable investment destination offering an array of property investment opportunities. By studying market trends, understanding the location, and leveraging the expertise of professional property management companies like Select Real Estate, your journey towards successful property investment could become smoother and more efficient.

If you're searching for great property investment opportunities in Chilliwack, BC, or need proficient property management services, don't hesitate to contact us at Select Real Estate. Our team is poised to assist you and guide you towards successful investment outcomes. 604-793-2200 or https://www.selectrealestate.ca/property-management

External Resources:

1. Fraser Valley Regional District Report: www.fvrd.ca/EN/main/government/reports-plans.html

2. Canadian Real Estate Magazine: www.canadianrealestatemagazine.ca/

3. Services of Property Management Companies: www.realtor.com/advice/buy/select-real-estate-agent/

Insights for a Fruitful Real Estate Investment in Hope, BC

Based in the heart of British Columbia, Hope brims with lucrative real estate investment opportunities. Known for its breathtaking landscapes and diverse property portfolio, it's a hotbed for seasoned property owners and new investors alike. However, like any investment venture, extensive knowledge, strategic planning, and due diligence are imperative for success. At Select Real Estate, our long-standing experience in areas extending from Surrey to Hope equips us to guide investors through our local markets. In this article, we provide valuable tips for profitable real estate investments in Hope.

Understanding the Real Estate Market:

A good comprehension of the local market is at the heart of any triumphant real estate investment. This requires a comprehensive analysis of local trends, prices, property taxes, vacancy rates, and ongoing development projects. You should acquaint yourself with the demographics, economic environment, and vicinity amenities impacting property values and driving tenant demand.

You can compile this information through local news, real estate portals, and governmental reports. Real estate coalitions, such as The Fraser Valley Real Estate Board (FVREB), regularly release monthly statistical reports on housing trends, which are invaluable for investors. (Link: https://www.fvreb.bc.ca/statistics/)

Formulating Your Investment Strategy:

Real estate investment spans various strategies, from purchasing rental properties for income generation to investing in REITs, house flipping, and buying into commercial real estate. Different strategies entail variations in risk levels, capital demands, and returns, each necessitating specific expertise and skills.

Therefore, identifying and adopting an investment strategy aligned with your skills, goals, and risk tolerance is of utmost importance. This in-depth article by Investopedia offers a multilayered exploration of diverse investment approaches. (Link: https://www.investopedia.com/investing/real-estate-investing-guide/)

Venturing into Rental Property Investment:

Should you decide on investing in rental properties in Hope, a primary focus should be finding properties that appeal to high-quality, long-term tenants. Assets in proximity to essential amenities like schools, shopping centers, healthcare facilities, public transport, and recreational areas typically experience higher demand and, subsequently, enhanced rental income.

Furthermore, remember to account for recurring expenses such as maintenance, property management fees (if employing a property manager), and potential vacancy periods in your financial calculations before finalizing any deal. The Canadian Mortgage and Housing Corporation (CMHC) supplements a useful guide to understanding the associated costs with rental property investment. (Link: https://www.cmhc-schl.gc.ca/en/buying/landlord-and-rental-property-mortgages/financial-support-for-your-rental-property-investment)

Incorporating Professional Assistance:

Real estate investment is a complex field requiring technical knowledge and practice. It involves property valuation, negotiation skills, legal understanding, and intricate contractual knowledge, which might be intimidating for newcomers. Thus, enlisting the aid of an experienced property management company like Select Real Estate can be tremendously advantageous. We can navigate you through the entire process, manage your investments, and alleviate potential risks and stress associated with property investment.

Conclusion:

Treading the path of real estate investment in Hope, with the right direction and support, can yield promising dividends. If executed prudently, real estate investing can unleash stable cash flow, long-term financial growth, and help you inch towards your wealth accumulation goals.

At Select Real Estate, helping you create a successful real estate portfolio is our mission. Embark on your real estate investment journey, armed with expert guidance and assistance from the Select Real Estate team. Call us today: we’ll be happy to help 604-793-2200

Property Management: What You Might Be Overlooking

Unveiling the Advantages of Property Management: What You Might Be Overlooking

Owning a rental property may initially seem like a simple investment strategy. However, the reality is much more complex. From managing maintenance and tenant relations to ensuring legal compliance and handling finances, being a landlord requires substantial time and effort. Many property owners naturally expect their investments to generate consistent revenue with minimal hassle. This is where professional property management firms, such as Select Real Estate in Chilliwack, BC, can make a significant difference.

With extensive local knowledge and a stellar reputation extending from Surrey, BC, to Hope, BC, Select Real Estate is a trusted authority in the property market. Their expertise can help make your property both profitable and hassle-free. But what additional benefits can you expect from hiring a professional property management company? Let’s take a closer look.

1. Tenant Management

One of the rather demanding elements of owning a rental property revolves around managing tenants. From finding appropriate tenants to maintaining consistent communication with them, ensuring adherence to lease terms, and handling their complaints, the scope is practically as intensive as a full-time job. A property management firm assists you in navigating the entire tenant lifecycle, from advertising vacancies and screening qualified tenants to handling lease agreements and addressing resident concerns.

2. Maintenance and Repairs

Your property necessitates routine maintenance to retain its quality and to stay compliant with safety codes. Property Managers like those at Select Real Estate ensure your property is well-maintained and adheres to safety regulations. This includes routine tasks like landscaping and pest control, as well as addressing any maintenance requests from tenants. As HGTV mentions, property managers manage the physical property to keep it in optimal condition [https://www.hgtv.com/lifestyle/real-estate/the-benefits-of-using-a-property-manager].

With a team of proficient contractors, plumbers, electricians, and landscapers at their disposal, companies akin to Select Real Estate can respond promptly to tenants' demands, ensuring repairs and maintenance are administered efficiently, cost-effectively, and professionally.

3. Finances & Legal Compliance

Comprehending rental laws and keeping tabs on property income and expenses can appear to be a complex task. A property management company not only oversees your property's financial administration but also ensures you act within the confines of the law. According to [Investopedia](https://www.investopedia.com/articles/business-professionals/112715/top-3-reasons-hire-property-management-company.asp), professional property management can aid in averting legal issues related to tenant relationships, property conditions, and tax compliances.

Professional property managers, such as those at Select Real Estate, possess an in-depth awareness of local rental and tenant laws, promising your property accommodates all legal requisites, from fair housing laws to eviction processes.

Conclusion

While it may appear advantageous to manage your rental property independently, the associated time and effort can be significant, thus highlighting the role of a professional property management company like Select Real Estate.

In addition to peace of mind, hiring a property management company can help you sustain the value of your property, evade legal issues, and maximize rental income, saving you time and ongoing stress. Perhaps it's the right time you reconsidered what you might be losing out on if not enlisting a professional property management firm for your property.

The benefits certainly outweigh the cost, thus emerging as an ideal solution for property owners aiming to make the most out of their investments without sacrificing their peace of mind. For those owning property in Surrey, Chilliwack, or Hope, BC, trust Select Real Estate's expertise and quality services to take your property management experience to an unprecedented level.

For more information, please call the office 604-793-2200. We’d be happy to help.

Winterizing Your Rental Property for Landlords

Winterizing your rental property is essential to protect your investment and ensure the comfort and safety of your tenants. By taking proactive steps to prepare your property for the colder months, you can minimize the risk of costly repairs and tenant complaints. Some of the items below may seem extreme but are worth considering.

Familiarize yourself with the responsibilities outlined in your lease agreement regarding maintenance during winter months. Clear communication with tenants about expectations is key. Also, communicate your winterization plans to tenants. Share tips on how they can help keep the property safe, like reporting issues promptly.

EXTERIOR

1. Inspect the Exterior:

o Roof: Check for any damage, such as missing shingles or loose flashing, and make necessary repairs.

o Gutters: Clean out gutters to prevent water buildup and ice dams.

o Windows and Doors: Seal any gaps around windows and doors with weatherstripping or caulk to prevent drafts. For properties with older windows, consider recommending or providing insulated window film to help minimize heat loss.

o Outdoor Faucets: Disconnect and drain outdoor hoses to prevent freezing and bursting.

2. Plumbing:

o Insulation: Insulate exposed pipes to prevent freezing.

o Drain Traps: Pour antifreeze into drain traps to prevent them from freezing.

o Water Supply: If the property will be vacant for an extended period, shut off the main water supply and drain the system.

INTERIOR

3. Create a Snow Removal Plan.

o Clearly outline in the lease who is responsible for snow and ice removal. Consider hiring a professional service if it’s your responsibility, ensuring the property remains safe for tenants.

o If tenants are responsible, ensure they have access to necessary tools like shovels and ice melt.

4. Insulation and Heating:

o Insulation: Ensure that your property has adequate insulation in the attic, walls, and crawl spaces.

o Heating System: Have your heating system inspected and serviced by a professional to ensure it is functioning properly. Remind tenants to replace air filters or take care of this yourself. Clean filters improve air quality and efficiency.

o Thermostats: Check that thermostats are working correctly and set to appropriate temperatures.

5. Emergency Preparedness:

o Carbon Monoxide Detectors: Ensure that carbon monoxide detectors are installed and working properly.

o Fire Extinguishers: Make sure fire extinguishers are readily accessible and inspected regularly.

o Emergency Contact Information: Provide tenants with emergency contact information for local authorities and utility companies.

o For larger multi-family properties, consider providing an emergency kit in common areas, including flashlights, batteries, blankets, and non-perishable food. This small gesture shows you care about tenant well-being.

Additional Considerations

• Tenant Communication: Communicate with your tenants about winterization procedures and provide them with a checklist of tasks they can help with.

• Insurance: Review your property insurance policy to ensure it covers winter-related damages.

• Professional Assistance: If you're unsure about any aspect of winterizing your rental property, contact your management company or consider hiring a professional to assist you.

As one of the prominent Chilliwack Property Management offices, we are here to help! Need further information about a topic, call Select Real Estate, Property Management Division at 604-793-2200.

Property Winterisation for Tenants

Winterizing your rental home is essential to prevent costly damage and ensure a comfortable living environment during the colder months. Take a pro-active role in preparing your rental property for winter.

Review your lease to understand your responsibilities regarding maintenance and repairs during winter. Knowing your obligations can help you take the necessary steps to protect your rental.

Before making any significant changes though, it is essential to discuss your winterization plans with your landlord or the property management company. Some properties may have specific guidelines or restrictions. Ensure you have their approval for any modifications you intend to make.

INDOOR

1. Check Heating Systems

o Set your thermostat to a consistent temperature, ideally between 68°F (20°C) during the day and slightly lower at night. Check strata bylaws, there is often a minimum heat requirement for empty units/rooms.

o If your rental has a furnace or central heating system, check and replace air filters as needed. A clean filter improves efficiency and indoor air quality.

o If you have radiators or space heaters, ensure they are functioning correctly. Report any issues to your landlord as soon as possible.

2. Insulate Windows and Doors:

o Seal any gaps around windows and doors with weatherstripping or caulk to prevent drafts. Consider investing in insulating window film, which can be easily removed in spring, or heavy curtains.

o Ensure that doors close securely and that there are no gaps around the door frame.

3. Prepare for Power Outages:

o Have a plan in place for power outages, including a backup heat source and an emergency kit that includes blankets, a flashlight, bottled water, non-perishable food, and a first aid kit. Check your heating supplies, such as extra blankets or heating pads. Having these items on hand can provide peace of mind during winter storms.

o For stand alone properties, consider purchasing a generator if permitted by your landlord.

4. Check Smoke and Carbon Monoxide Detectors:

o Ensure that smoke and carbon monoxide detectors are working properly and have fresh batteries.

5. Keep Ventilation Open:

o Maintain proper ventilation in your home, especially when using space heaters or fireplaces.

OUTDOOR

6. Check the Roof:

o If you have access to the roof and gutters, inspect the roof for any damage, such as missing shingles or loose flashing. Don’t climb up without the right kind of support (ladder/scaffold) and ensure someone is with you.

7. Clear Gutters:

o Remove any debris from gutters to prevent water buildup and ice dams. Consider installing gutter guards to minimize maintenance.

8. Insulate Pipes:

o Wrap exposed pipes with foam insulation or old towels, to protect them from freezing temperatures. Pay particular attention to pipes located near exterior walls or in unheated areas.

9. Disconnect and Drain Outdoor Hose Bibs:

o Shut off the water supply to outdoor hose bibs. Disconnect the hoses and drain any remaining water. Store hoses indoors to prevent freezing and cracking.

10. Winterize Sprinkler Systems:

o If your rental property has a sprinkler system, ensure it is winterized by a professional. This typically involves draining the system and adding antifreeze to prevent freezing.

6. Prepare for Snow and Ice

o Understand who is responsible for snow removal in your rental agreement. If you’re expected to handle it, ensure you have the necessary tools, like a snow shovel and ice melt, and warm clothing accessible.

o Maintain clear paths to prevent slips and falls. Regularly shovel snow and apply salt to icy areas.

By following these steps, you can help protect your rental home from winter damage and enjoy a comfortable and safe living environment, and embrace the season with confidence!

If you notice any issues, or you have any concerns or questions, don't hesitate to contact your landlord or Landlord’s management company for assistance.

As one of the prominent Chilliwack Property Management offices, we are here to help! Need further information about a topic, call Select Real Estate, Property Management Division at 604-793-2200.

Budget savvy for Commercial Rental Property Owners

Commercial rental properties can be a lucrative investment, but managing the finances effectively is crucial for success. Here are some key budgeting tips to ensure your commercial property thrives:

Know Your Costs Inside and Out:

• Go Beyond Base Rent: Unlike residential rentals, commercial leases often require tenants to cover additional costs like property taxes, common area maintenance (CAM charges), and utilities. Understand who is responsible for each expense to accurately project your income and outgoings.

• Factor in Long-Term Expenses: Budget for major repairs like roof replacements, parking lot repaving, or HVAC system upgrades. These costs can be significant but spread out over time.

• Consider Vacancy Periods: Commercial properties can experience vacancy periods. Factor in a buffer in your budget to cover costs during these times.

Building a Conservative Budget:

• Don't Overestimate Rent: Research current market rates for similar commercial spaces in your area. Avoid setting unrealistic rental expectations that could lead to extended vacancies.

• Plan for Maintenance and Repairs: Allocate funds for regular maintenance and unforeseen repairs. Commercial properties experience wear and tear, so be prepared to address these issues promptly.

• Account for Insurance and Taxes: Commercial property insurance and property taxes can be substantial. Factor in these costs when calculating your projected income.

• Plan for Property Management Costs: If you hire a property management company to oversee your commercial rental property, budget for management fees and any additional expenses associated with property management services. Ensure that these costs are covered by your rental income.

Strategies to Maximize Profitability:

• Negotiate Lease Terms: While negotiating lease agreements with tenants, strive for favorable terms regarding rent escalation, CAM charges, and maintenance responsibilities.

• Explore Operating Cost Reductions: When feasible, consider ways to reduce operating costs. For example, explore energy-efficient upgrades or negotiate bulk utility rates with providers.

• Embrace Technology: Utilize property management software to streamline rent collection, manage maintenance requests, and track expenses.

• Plan for Future Investments: Develop a long-term financial plan for your commercial rental property portfolio, including strategies for acquiring additional properties, financing renovations or expansions, or diversifying your investments. Set realistic goals and incorporate them into your budgeting process to guide your investment decisions.

Seeking Professional Guidance:

• Consult a Commercial Real Estate Agent: An experienced agent can provide valuable insights into market trends, potential cost-saving measures, and strategies to attract and retain tenants.

• Consider a Property Manager: Depending on the complexity of your property and your time constraints, consider hiring a property manager. They can handle tenant relations, collect rent, and oversee repairs, freeing you to focus on other aspects of your investment.

Remember:

• Regularly review your budget and adjust as needed. Market conditions, property maintenance needs, and tax laws can all change over time.

• Maintain a healthy reserve fund to cover unexpected expenses or vacancy periods. Regularly monitor your commercial property's cash flow to ensure that rental income exceeds operating expenses and debt service payments. Adjust your budget as needed to maintain positive cash flow and maximize profitability.

• Open communication with your tenants is key. Address any concerns promptly to foster a positive long-term relationship.

By implementing these budgeting strategies and seeking professional help when needed, you can ensure your commercial rental property generates a steady stream of income and remains a financially sound investment.

As one of the prominent Chilliwack Property Management offices, we are here to help! Need further information about a topic, call Select Real Estate, Property Management Division at 604-793-2200.

Radon: What about This Invisible Health Hazard?

The following article is taken directly from BCREA (BC Real Estate Association) article #577 written by By Oana Hyatt, B.Sc.(Pharm), LL.B and was written to inform all BC Realtors. It is a great informative read, which is why we are including it here.

Do you live or work in a building with high radon gas levels? What risks might arise if you do? The following is a summary of what radon is and what you and your clients should consider in this respect. This article is only a starting point; you should also read the British Columbia Financial Services Authority’s (BCFSA) guide for buyers and sellers respecting radon1 and BCREA’s FAQ on radon (BCREA Access login required)2. You may also wish to take BCREA’s Radon for REALTORS® online course.

What Is Radon?

Radon is an odourless, invisible gas that seeps up through the ground and can enter a home through unsealed foundations, cracks in the foundation, gaps in construction materials, and plumbing system components, including sump pumps or drains. Radon gas is also a product of uranium decay. Like uranium, it is radioactive; unlike uranium, it can permeate through rocks or soil, escaping into the air or groundwater. All rocks or soil contain some uranium, but granite, shale, and sandy soils are higher in uranium or radon than clay, limestone, or very moist soil.

Why Is Radon Bad?

Concerns arise when radon gas accumulates in living spaces, as radon is highly carcinogenic. It is the second leading cause of lung cancer, behind smoking, causing over 3,000 deaths per year in Canada – almost eight times more than asbestos.

Where Is Radon Found?

The BC Centre for Disease Control provides a map of certain residential radon testing results across BC,3 but warns that radon gas levels can vary widely from house to house, even in the same neighbourhood.

Cracks in a home’s foundation or bare dirt floors in a crawlspace under the house can provide easy paths for radon to permeate from the soil into living spaces. Due to their improved insulation and airtightness, new homes can accumulate radon gas at even higher levels than older ones. While higher radon levels are found in a home's basement or lower levels, in apartment buildings or towers, radon gas levels can be higher on the top floors due to the “stack effect” or the rise of warmer air.

How Can You Test for Radon?

The radon level in a home can be measured using commercially available and relatively inexpensive radon test kits.4 A proper radon test takes at least 90 days to complete and is often recommended to carry out over the winter when homes are more likely to be sealed up. Opening windows and doors, as folks often do in the warmer months, can vent radon gas, yielding false low results. Shorter-term tests are available but are less accurate.5

How High Is Too High for Radon Gas Levels?

If radon gas is detected in a living space, remediation measures can be undertaken to lower its levels. The World Health Organization recommends a threshold level of 100 Bq/m3 (or about 3 pCi/L) for initiating remediation measures. In the US, threshold levels of 4 pCi/L (or 148 Bq/m3) require remediation. Health Canada recommends remediation within two years for any homes with radon gas levels exceeding 200 Bq/m3, and within one year for any homes with radon gas levels exceeding 600 Bq/m3.

New Construction Standards

As of March 2024, new homes built in BC are required6 to have a radon gas vent pipe installed to allow the venting of soil gases from the ground beneath the basement or crawlspace to the roof or exterior of the building. This pipe is called a passive sub-slab depressurization system. While often effective at reducing high radon concentrations, a passive sub-slab depressurization system may not bring those concentrations below the guideline levels. The British Columbia Building Code does not require builders to install a fan system in the pipe to turn this into an active sub-slab depressurization system. However, homeowners may wish to install a fan system to reach levels below the recommended threshold.

Retrofitting Older Homes

Older homes can be retrofitted with radon gas mitigation systems that can range from relatively passive methods, such as sealing porous concrete and repairing any cracks in basements or crawlspaces, to more active and costly methods, such as installing a heat recovery ventilation fan in the basement or the whole home or installing a passive or active sub-slab depressurization system like those required in new home construction.

Buying or Selling a Home and Disclosure of Radon Test Results

Property owners are not required to conduct radon testing of their properties. Still, sellers are encouraged to disclose in writing (for example, in the Property Disclosure Statement) whether they have carried out any radon testing and, if so, what the results were.

Since April 2020, Property Disclosure Statements have included the following questions for sellers:

V. To the best of your knowledge, have the Premises been tested for radon?
(i) If yes, when was the most recent test completed and what was the most recent level of radon detected:
Level:_____________ □bq/m3 □pCi/L on ______________________ Date of test (DD/MM/YYYY)

W. Is there a radon mitigation system on the Premises?
(i) If yes, are you aware of any problems or deficiencies with the radon mitigation system?

Under BCFSA guidance7 implemented in September 2019, sellers’ agents (or landlords’ agents) who learn that the home has been tested for radon and radon levels exceeded 200 Bq/m3 have a separate obligation from that of the sellers to disclose this to potential buyers or tenants as BCFSA considers such levels to constitute material latent defects.

If purchasing a property where a seller has disclosed prior radon testing results, buyers may consider whether those results are relatively recent or whether the seller has renovated the property since the testing was done, as such work may have impacted the radon gas levels in the home. If the seller has disclosed test results exceeding 200 Bq/m3, buyers may wish to consider options such as a price reduction, a holdback for remediation by a radon professional, and / or looking at other homes.

If purchasing a property where a seller has not disclosed prior radon testing results, most buyers will not be able to conduct adequate pre-purchase inspections for radon gas, given the typical subject removal period in a residential home purchase is much shorter than the 90+ days required for accurate radon testing. Buyers may wish to ask their home inspectors or other qualified professionals for their views on potential radon gas ingress routes into the home and the possibility and cost of installing remediation measures. Buyers may also wish to consider options such as a price reduction or a holdback for testing and possible remediation by a radon professional.

What You Should Know

Real estate professionals should be familiar with the basics of radon gas and their obligation to disclose any known test results exceeding 200 Bq/m3 and should not hesitate to refer their clients to the appropriate professionals for advice regarding radon gas remediation measures and the new construction standards in BC.

As one of the prominent Chilliwack Property Management offices, we are here to help! Need further information about a topic, call Select Real Estate, Property Management Division at 604-793-2200.

Budgeting for Residential Rental Owners

Track Rental Income and Expenses: Maintain detailed records of all rental income received and expenses incurred. This includes rent payments, property taxes, mortgage payments (if applicable), property insurance, maintenance costs, and any property management fees. Categorize your expenses to identify areas for potential cost-saving. Many accounting software programs or spreadsheets can simplify this process.

Create a Realistic Budget: Factor in all potential costs associated with your rental property. Consider vacancy periods and unexpected expenses, as well as budget for routine maintenance and repairs to keep your rental property in good condition. Aim for a positive cash flow, where rental income exceeds your total expenses. This buffer will ensure you can cover costs even during vacancies or repairs.

Manage Your Mortgage Payment Effectively: If you have a mortgage on your rental property, prioritize timely payments. Consider using a portion of your rental income to set up an account to ensure you have sufficient funds for property taxes and homeowners insurance.

Explore Tax Deductions: Consult with a tax advisor to understand tax deductions you may be eligible for as a rental property owner. This could include mortgage interest, property taxes, repairs, and depreciation.

Consider Long-Term Maintenance Costs: Set aside funds for major repairs or replacements that may be needed down the line. Examples include roof repairs, appliance replacements, or HVAC system upgrades. Planning for these eventualities will prevent financial strain when they arise.

Review Insurance Coverage: Regularly review your property insurance coverage to ensure adequate protection against potential risks, such as property damage, liability claims, and loss of rental income due to unforeseen events like fires or natural disasters.

Monitor Rental Market Trends: Stay informed about rental market trends in your area, including rental rates, occupancy rates, and demand for rental properties. Adjust your budget and rental rates accordingly to remain competitive in the market.

Plan for Future Investments: Develop a long-term financial plan for your residential rental property portfolio, including strategies for acquiring additional properties, financing renovations or upgrades, or diversifying your investments. Set realistic goals and incorporate them into your budgeting process to guide your investment decisions.

By following these tips, you can establish a solid budget for your residential rental property. This will ensure your investment generates positive cash flow and remains financially secure.

As one of the prominent Chilliwack Property Management offices, we are here to help! Need further information about a topic, call Select Real Estate, Property Management Division at 604-793-2200.

Marketing Rentals - Chilliwack Rental Management

From a property management company's perspective, helping landlords effectively market their rental properties involves a combination of strategic planning, leveraging technology, and understanding the target market. Here are some key things that we work on at Select Property Management:

Professional Listing Presentation:

Using quality photos and detailed descriptions we highlight the property's key features, amenities, and unique selling points. Virtual tours and video walkthroughs also provide prospective tenants with a comprehensive view of a property. (This also negates the need to disturb a current tenant before they move out, continuing a good relationship.)

Online Advertising:

We utilize Showmojo which syndicates the listing adverts to other online rental platforms such as Zillow, Apartments.com, kijiji.ca, Realtor.com, and Trovit.ca. This list is not exhaustive and some of them have a national and/or international reach. We also post to sites like Craigslist. All of this helps us to reach a wide audience of potential tenants.

Search engine optimization including relevant keywords and phrases that tenants are likely to use when searching for rental properties.

Social Media Marketing:

Social media platforms such as Facebook and Instagram are also used to promote rental listings and engage with potential tenants sharing photos, videos, and virtual tours to showcase properties and generate interest.

Targeted Marketing Campaigns:

In areas with high density, we utilize demographic data and market research target potential tenants, whether it's through online advertising or local publications.

Responsive Communication:

We offer multiple communication channels, such as phone, email, and messenger chat, to accommodate tenants' preferences and facilitate prompt responses to enquiries from prospective tenants so that accurate information can be provided about the property, rental terms, and application process.

Networking and Referrals:

We continually work on creating relationships with local real estate agents, relocation companies, and other industry professionals to generate referrals and expand the reach of marketing efforts.

Satisfied tenants are encourages to refer friends, family members, or colleagues who may be looking for rental properties in the area.

Market Analysis:

Weekly market analysis helps us to stay informed about rental trends, competitor pricing, and demand for rental properties in the area. We use this to advise rental owners on adjusting marketing strategies and rental pricing accordingly to remain competitive in the market and attract quality tenants.

As one of the prominent Chilliwack Property Management offices, we are here to help! Need further information about a topic, call Select Real Estate, Property Management Division at 604-793-2200.

Budgeting for Success for Commercial Tenants

Commercial leases can be complex, with costs extending far beyond just the base rent. As a tenant, careful budgeting is essential to ensure your business thrives in its commercial space. Here are some key tips to navigate the financial aspects of your commercial rental:

Understanding Your Lease Agreement:

• Break Down the Costs: Don't just focus on the headline rent figure. Your lease should detail additional costs like property taxes, common area maintenance (CAM), utilities, and janitorial services. Understand who is responsible for each expense.

• Beware of Escalation Clauses: Some leases have clauses that automatically increase rent over time, based on factors like inflation. Factor in potential increases when creating your budget.

• Triple Net vs. Gross Lease: Grasp the distinction between a triple net lease (where you pay most operating expenses) and a gross lease (where all costs are bundled into the rent). This will significantly impact your budgeting.

Creating a Realistic Budget:

• Estimate Operational Costs: In addition to base rent, commercial tenants often have to pay for utilities, property taxes, insurance, maintenance, and other operating expenses. Budget for these additional costs to ensure you can afford your total occupancy expenses. Factor in furniture, equipment, internet, phone lines, security systems, and any permits or licenses required for your business operations.

• Plan for Lease Renewals and Rent Increases: Anticipate lease renewals and potential rent increases when budgeting for your commercial space. Factor in potential rent hikes and plan accordingly to ensure your business can afford the increased costs.

• Don't Forget Marketing and Promotion: Allocate funds for marketing efforts to attract customers and grow your business.

• Plan for Unexpected Expenses: Budget for minor repairs, maintenance requests, or potential downtime due to unforeseen circumstances.

Strategies for Cost Control:

• Negotiate Lease Terms: Before signing the lease, negotiate the rent, CAM charges, and other terms whenever possible.

• Shop Around for Utilities: Keep an eye on your utility usage and look for ways to reduce energy consumption and waste. Implement energy-saving measures, such as installing energy-efficient lighting, adjusting thermostats, and optimizing equipment usage, to lower your utility bills. Depending on your lease agreement, compare utility providers to potentially secure a better rate.

• Embrace Energy Efficiency: Invest in energy-saving measures like LED lighting or smart thermostats to lower utility bills in the long run.

• Utilize Shared Resources: Consider co-working spaces if your business doesn't require a dedicated office. If you have excess space or underutilized areas in your commercial property, consider subleasing or sharing space with other businesses to offset your rental expenses. This can significantly reduce overhead costs. Just be sure to check your lease agreement and obtain permission from your landlord if necessary

• Renegotiate or Sublet: Keep yourself informed about market trends and rental rates in your area. Knowing the prevailing market rates can help you negotiate more effectively with your landlord and make informed decisions about your leasing options. If your business downsizes or your lease expires, explore renegotiating rent with your landlord or subletting a portion of the space to generate additional income.

Seek Professional Help:

• Consult a Commercial Real Estate Agent: An experienced agent can help you understand market rates, identify cost-effective spaces, and negotiate favorable lease terms.

• Consider a Business Accountant: Especially for complex leases or growing businesses, a qualified accountant can help you create a comprehensive budget and track your financial performance.

By following these tips and approaching your commercial lease with a budgeting mindset, you can set your business up for financial success in its rented space. Remember, budgeting is an ongoing process. Regularly review your expenses and adjust your strategy as your business evolves.

As one of the prominent Chilliwack Property Management offices, we are here to help! Need further information about a topic, call Select Real Estate, Property Management Division at 604-793-2200.

Mastering Your Money in a Rental

As a tenant, securing a comfortable and affordable place to live is a top priority. But rent can take a big bite out of your income. Here are some budgeting tips to help you manage your finances effectively and avoid financial stress:

Track Your Expenses:

• Know Where Your Money Goes: Awareness is key. Track your income and expenses for a month to understand where your money is going. There are budgeting apps, spreadsheets, or even a simple notebook to keep records.

• Categorize Your Spending: Divide your expenses into categories like rent, utilities, groceries, transportation, entertainment, and debt repayment. This helps identify areas where you can cut back.

Prioritize Your Spending:

• Rent First: Rent is typically your biggest expense. Aim to keep it around 30% of your gross income (though in some areas, this might be unrealistic). If you're struggling, consider finding a cheaper place or getting a roommate.

• Review Your Lease Terms: Review your lease agreement carefully to understand your financial responsibilities, such as rent increases, late fees, and utilities not included in the rent. Knowing these details can help you budget effectively.

• Plan for Rent Increases: Anticipate rent increases when budgeting for your living expenses. Try to factor potential rent hikes into your budget and plan accordingly.

• Needs vs. Wants: Differentiate between essential needs like rent, groceries, and transportation, and discretionary spending on entertainment or dining out.

• Plan for Savings: Include savings goals in your budget, whether it's an emergency fund, a down payment on a future home, or retirement savings. Treat saving like a fixed expense.

Cut Back Where Possible:

• Reduce Utility Costs. Take steps to reduce your utility costs by being mindful of energy usage. Turn off lights and appliances when not in use, use energy-efficient appliances and light bulbs, and consider weatherproofing your home to reduce heating and cooling expenses.

• Review Recurring Subscriptions: Audit your monthly subscriptions for unused services like streaming platforms or gym memberships. Consider downgrading cable packages or finding free entertainment alternatives.

• Embrace Frugal Living: Explore cost-saving alternatives. Can you cook more meals at home instead of eating out? Could you walk or bike instead of using public transport sometimes?

• Negotiate Bills: Don't be afraid to call internet or phone providers to negotiate lower rates. Loyalty often comes with discounts!

Utilize Free Resources:

• Free Entertainment: Public libraries offer a wealth of free resources, from books and movies to workshops and events. Explore local parks, museums with free admission days, or community events.

• Discounted Groceries: Consider discount grocery stores or planning meals around what's on sale. Utilize loyalty programs and store flyers for extra savings.

• Budgeting Tools: Many free budgeting apps and online tools can help you track spending, create a budget, and set financial goals.

Be Realistic and Flexible:

• Unexpected Expenses Happen: Budget for unexpected costs like car repairs or medical bills. Aim to have an emergency fund with 3-6 months of living expenses.

• Review and Adjust: Your budget shouldn't be static. Regularly review your spending habits and adjust your budget accordingly. Life circumstances change, so be flexible.

• Seek Help if Needed: If budgeting feels overwhelming, don't hesitate to seek free financial counseling services offered by non-profit organizations or community centers.

By following these tips, you can take control of your finances as a tenant. Remember, budgeting is a journey, not a destination. Be patient, make adjustments as needed, and enjoy the peace of mind that comes with financial stability!

As one of the prominent Chilliwack Property Management offices, we are here to help! Need further information about a topic, call Select Real Estate, Property Management Division at 604-793-2200.

Rental Property Maintenance for tenants

As a tenant, renting a property comes with its own set of responsibilities. While your landlord is responsible for major repairs and maintenance tasks, there are several things you can do to ensure that your rental home remains safe, comfortable, and well-maintained.

Importance of Tenant Maintenance

Taking an active role in maintaining your rental property is not only beneficial for your own comfort and safety but also helps foster a positive relationship with your landlord. By addressing minor issues promptly and practicing good housekeeping habits, you can help prevent small problems from turning into major repairs, saving both you and your landlord time and money in the long run.

Here are some important maintenance tasks that tenants should be proactive about:

Regular Cleaning

Maintaining a clean and tidy living space is essential for preventing pest infestations, mold growth, and other issues. Make an effort to clean regularly, including vacuuming, dusting, and wiping down surfaces. Promptly clean up spills to prevent stains and damage to flooring or countertops.

Reporting Maintenance Issues

Promptly report any maintenance issues or concerns to your landlord or property manager. Whether it's a leaky faucet, a malfunctioning appliance, or a problem with the heating or cooling system, notifying your landlord as soon as possible allows them to address the issue before it worsens.

Basic Repairs

For minor repairs that don't require professional assistance, such as replacing light bulbs, tightening loose screws, or unclogging drains, take care of them yourself if you're able to do so safely. Many small repairs can be easily tackled with basic tools and a little know-how.

Outdoor Maintenance

If your rental property has outdoor areas, such as a yard, patio, or balcony, be sure to maintain them according to the terms of your lease agreement. This may include tasks such as mowing the lawn, watering plants, and keeping walkways clear of debris.

Preventative Maintenance

Take proactive measures to prevent damage and wear to the property. For example, use coasters to prevent water rings on furniture, use rugs or mats to protect flooring in high-traffic areas, and avoid hanging heavy items on walls without proper anchors.

Communicating with Your Landlord

Effective communication is key to successful maintenance management in a rental property. Keep lines of communication open with your landlord or property manager, and be sure to provide them with access to your unit for necessary repairs or inspections. Respond promptly to any requests for access to your home to avoid delays in addressing maintenance issues.

As a tenant, you play an important role in the maintenance of your rental property. By practicing good housekeeping habits, promptly reporting maintenance issues, and taking care of minor repairs when possible, you can help ensure that your home remains safe, comfortable, and well-maintained throughout your tenancy. Remember, maintaining a positive relationship with your landlord benefits both parties and contributes to a positive rental experience for everyone involved.

As one of the prominent Chilliwack Property Management offices, we are here to help! Need further information about a topic, call Select Real Estate, Property Management Division at 604-793-2200.

Effective Management of Rental Properties

In today's demanding rental market, property management companies can be superheroes for landlords Here’s an overview of how we do what we do.

1. Tenant Screening and Selection:

Conduct thorough background checks, including credit history, rental history, and income verification, to ensure prospective tenants are qualified and reliable.

Implement a consistent screening process to assess applicants objectively and minimize the risk of leasing to problematic tenants.

2. Lease Administration:

Draft comprehensive lease agreements that clearly outline the rights and responsibilities of both landlords and tenants.

Ensure that lease agreements comply with local rental laws and regulations, including disclosure requirements and tenant rights.

3. Rent Collection and Financial Management:

Collect rent payments on behalf of landlords and enforce lease terms regarding payment deadlines and late fees.

Maintain accurate financial records, including rental income, expenses, and property maintenance costs, and provide landlords with regular financial reports.

4. Property Maintenance and Repairs:

Coordinate routine maintenance tasks, such as landscaping, HVAC servicing, and pest control, to keep the property in good condition.

Respond promptly to maintenance requests from tenants and coordinate repairs with qualified contractors or in-house maintenance staff.

5. Inspections and Property Monitoring:

Conduct periodic inspections of the property to assess its condition and identify any maintenance or safety concerns.

Monitor tenant compliance with lease terms, including property upkeep and adherence to rules and regulations.

6. Tenant Communication and Conflict Resolution:

Serve as a primary point of contact for tenants, addressing inquiries, concerns, and maintenance requests in a timely and professional manner.

Mediate disputes between landlords and tenants and strive to resolve conflicts amicably while upholding the terms of the lease agreement.

7. Legal Compliance and Risk Management:

Stay informed about local, provincial, and federal rental laws and regulations, ensuring that landlords remain compliant with all applicable statutes.

Provide guidance and assistance to landlords regarding legal issues, such as eviction proceedings, fair housing laws, and tenant rights.

8. Emergency Response and Crisis Management:

Establish protocols for handling emergencies, such as fires, floods, or natural disasters, and ensure that tenants have access to emergency contact information.

Coordinate emergency repairs and restoration efforts to minimize property damage and ensure the safety and well-being of tenants.

As one of the prominent Chilliwack Property Management offices, we are here to help! Need further information about a topic, call Select Real Estate, Property Management Division at 604-793-2200.

Commercial property maintenance for tenants

Maintaining a commercial property is a collaborative effort between landlords and tenants. As a tenant, taking proactive steps to care for your leased space not only ensures its longevity but also contributes to a positive working environment and enhances your business operations.

1. Understand Lease Terms

Start by thoroughly reviewing your lease agreement to understand your maintenance responsibilities and the landlord's obligations. Lease agreements typically outline which party is responsible for specific maintenance tasks, repairs, and upkeep of the property. Familiarize yourself with these terms to ensure compliance and avoid misunderstandings.

2. Report Maintenance Issues Promptly

Promptly report any maintenance issues or concerns to your landlord or property manager as soon as they arise. Whether it's a leaky faucet, malfunctioning HVAC system, or damaged flooring, timely reporting allows landlords to address issues efficiently and prevent further damage to the property.

3. Practice Preventive Maintenance

Take proactive measures to prevent maintenance issues and preserve the condition of your leased space. Regularly inspect the premises for signs of wear, damage, or malfunctioning equipment. Implement preventive maintenance tasks such as cleaning filters, servicing equipment, and addressing minor repairs before they escalate into larger problems.

4. Keep the Space Clean and Tidy

Maintain a clean and tidy workspace to uphold hygiene standards and prevent damage to the property. Regularly clean floors, surfaces, and fixtures, and dispose of waste properly. Implement waste recycling and disposal practices in compliance with local regulations and lease agreements.

5. Respect Building Systems and Equipment

Handle building systems and equipment with care to avoid unnecessary wear and damage. Follow manufacturer guidelines and operating instructions for equipment such as HVAC systems, electrical fixtures, and plumbing fixtures. Report any malfunctions or unusual noises promptly to prevent further damage.

6. Coordinate with Landlord for Major Repairs

For major repairs or maintenance tasks beyond your scope of responsibility, coordinate with your landlord or property manager to schedule professional assistance. Provide access to the leased premises as needed and communicate any specific requirements or preferences regarding repairs.

7. Address Safety Concerns

Maintain a safe working environment for yourself, your employees, and visitors to the premises. Address safety concerns such as slippery floors, uneven surfaces, exposed wires, or inadequate lighting promptly to prevent accidents and injuries. Follow safety protocols and regulations applicable to your industry and property type.

8. Communicate Proactively

Establish open and proactive communication with your landlord or property manager regarding maintenance issues, concerns, and feedback. Provide timely updates on maintenance requests, follow-up on ongoing repairs, and collaborate on solutions to address any recurring issues effectively.

9. Document Maintenance Activities

Keep detailed records of maintenance activities, repairs, and communication with your landlord or property manager. Maintain copies of work orders, invoices, and correspondence related to maintenance issues for your records and reference. Documenting maintenance activities helps track progress and ensures accountability.

10. Participate in Property Inspections

Participate in property inspections conducted by your landlord or property manager to assess the condition of the premises and identify any maintenance needs. Take note of any issues observed during inspections and communicate them to your landlord for resolution.

As one of the prominent Chilliwack Property Management offices, we are here to help! Need further information about a topic, call Select Real Estate, Property Management Division at 604-793-2200.

Impact of New Rules for Secondary Suites in BC

The BC Government's recent legislation aims to streamline and encourage the creation of secondary suites across the province, including Chilliwack. These changes, effective June 2024, will undoubtedly impact homeowners and potential real estate investors in the area. Let's delve into the legalese and explore the potential ramifications:

New Parameters for Secondary Suites

The key change outlined in the press release "[More small-scale, multi-unit homes coming to B.C., zoning barriers removed | BC Gov News]" (not directly linked due to policy restrictions) is the mandatory allowance of at least one secondary suite or laneway house in all single-family zoned areas, with some exceptions. This signifies a significant shift from previous regulations that may have required homeowners to navigate complex approval processes.

Potential Impacts on Homeowners

• Increased Rental Income: Homeowners with sufficient space can potentially generate additional income by renting out a secondary suite. This could be particularly attractive in Chilliwack's current housing market.

• Potential for Property Value Increase: Homes with legal secondary suites might become more desirable to some buyers, potentially leading to increased property values.

• Construction Costs: Converting a portion of your home into a secondary suite may involve construction expenses. Factor in these costs when evaluating the potential return on investment.

• Management Responsibilities: Landlording comes with its own set of challenges, including tenant screening, maintenance issues, and managing rent collection. Consider if you're prepared for these responsibilities.

Potential Impacts on Investors

• Increased Investment Opportunities: The relaxed regulations might make Chilliwack a more attractive market for investors seeking rental properties with built-in secondary suites.

• Potential for Higher Rental Yields: With an additional rental unit, investors might see a potentially higher return on investment compared to traditional single-family rentals.

• Competition: The surge in secondary suite creation could lead to increased competition in the rental market, potentially impacting rental rates.

While the new regulations seem promising, it's crucial to consult with professionals like real estate agents, contractors, and potentially lawyers to get a comprehensive understanding of the legalities, financial implications, and feasibility of creating a secondary suite in your Chilliwack property.

As one of the prominent Chilliwack Property Management offices, we are here to help! Need further information about a topic, call Select Real Estate, Property Management Division at 604-793-2200.

‘Additional Occupancy’ notes

Residential Tenancy Act and the Manufactured Home Park Tenancy Act will protect growing families by restricting rent increases if a tenant adds a child under 19 to their household. No rent increases above the annual allowable rent increase will be permitted even if there is a term in the tenancy agreement that states rent will increase with new occupants.

Current legislation:

Additional Occupant Clauses

If the amount of rent payable is to vary with the number of occupants, parties must set out in their written tenancy agreement the amount by which it varies. If an additional occupant resides in the rental unit, the rent will increase by the amount specified in the tenancy agreement. If an occupant stops residing in the rental unit, the rent will decrease by that same amount.

If the tenancy agreement does not include a term that the rent varies based on the number of occupants, a landlord cannot increase the rent because a new occupant begins to reside with the tenant.

See Policy Guideline 37 Rent Increases for more information about rent increases for additional occupants.

Notice of Rent Increase Not Required

The notice and timing requirements for rent increases under Part 3 of the RTA do not apply to a rent increase for additional occupants.

No Rent Increases for Minor Occupants

A landlord cannot increase the rent based on the number of occupants if:

• the occupant is a minor (meaning a person who has not reached the age of 19), or

• the occupant is no longer a minor, but was a minor when the tenancy agreement was entered into.

If, prior to May 16, 2024, a landlord increased the rent in relation to an additional occupant who is a minor, that rent increase remains in effect.

Reference: https://www2.gov.bc.ca/gov/content/housing-tenancy/residential-tenancies/rent-rtb/rent-increase-costs-expenses

As one of the prominent Chilliwack Property Management offices, we are here to help! Need further information about a topic, call Select Real Estate, Property Management Division at 604-793-2200.

New Four Month Notice to End Tenancy

If a landlord wants to end a tenancy for landlord or purchaser occupation of the rental unit on or after July 18, 2024, they must generate a Four Month Notice to End Tenancy for Landlord’s Use of Property – form RTB-32L using the Residential Tenancy Branch’s web portal. Notices that have been generated using the web portal will have a unique Notice ID in the top left corner.

Landlords using the web portal will need to provide their birthdate and the birthdates of related people, like the purchaser and person moving into the rental unit (if applicable). These birthdates are for internal Residential Tenancy Branch use only and will not be on the generated Notice. Be sure to have the birthdates on hand before completing the web portal.

Note: A landlord must generate their Notice to End Tenancy before 9 p.m. when generating the Notice on the last day of the rental cycle and they intend to serve the tenant in person before the next rental cycle begins. For example, say rent is due on the first of the month and the landlord generates the Notice on July 31, 2024, and intends to take possession on December 1, 2024. Notice must be generated before 9 p.m., and the landlord must serve the Notice to the tenant in person on July 31, 2024.

Tenants have 30 days to dispute their eviction and apply for dispute resolution after receiving a four month eviction notice.

Reference: https://www2.gov.bc.ca/gov/content/housing-tenancy/residential-tenancies/ending-a-tenancy/evictions/types-of-evictions

Web portal address: https://logon7.gov.bc.ca/clp-cgi/capBceid/logon.cgi?flags=0001:0,8&TYPE=33554433&REALMOID=06-43f45bcb-a1a4-4e9b-bc1f-639c46ca6cd1&GUID=&SMAUTHREASON=0&METHOD=GET&SMAGENTNAME=$SM$EZRkkzciw5VmhQJdOLZ44AePMDLaiWkXu4zIKIrBeOg0VAKwp0jEBNXBtpRCpOHWs%2b%2fqZ5wnn4XCfJnbZNxbYq31y80Kch0%2f&TARGET=$SM$https%3a%2f%2ftenancydispute%2egov%2ebc%2eca%2fLandlordUse%2fLogin

As one of the prominent Chilliwack Rental Management offices, we are here to help! Need further information about a topic, call Select Real Estate, Property Management Division at 604-793-2200.

Owner Personal Occupancy – 4 months notice

Important information for landlords and purchasers ending a tenancy for personal occupancy of the rental unit:

If you want to end a tenancy for landlord or purchaser occupancy of the rental unit on or after July 18, 2024, you must generate the Four Month Notice to End Tenancy – form RTB-32L using the Residential Tenancy Branch’s web portal. For more information, see the notice to end tenancy generation section below.

According to RTA: Section 49 of the Residential Tenancy Act, a landlord can end a tenancy if:

• The landlord, or a close family member of the landlord, wants to occupy a tenant's rental unit, or

• The rental unit was sold and the purchaser, or a close family member of the purchaser, wants to occupy the rental unit*

The Residential Tenancy Act defines a “close family member” as the landlord’s spouse, or the parents or children of the landlord or the landlord’s spouse.

After ending the tenancy, the landlord or their close family member, or the purchaser or their close family member, must live in the rental unit for at least 12 months, beginning within a reasonable period after the effective date of the notice to end tenancy.

Landlords are prohibited from ending a tenancy for personal occupancy if the rental unit is located in a building that contains 5 or more rental units and:

• Is not strata-titled, or

• Is strata-titled with 5 or more rental units owned by the same owner

Reference: https://www2.gov.bc.ca/gov/content/housing-tenancy/residential-tenancies/ending-a-tenancy/evictions/types-of-evictions

*Effective August 21, 2024, amendments to the Residential Tenancy Regulation will reduce the notice period to three months (previously four months) and the dispute period to 21 days (previously 30 days) when a landlord issues a notice to end tenancy on behalf of a purchaser.

A four-month notice period remains in effect for landlords who intend to personally move into the rental period, or have a close family member move in. Tenants of these properties also still have 30 days to dispute a Notice to End Tenancy.

As one of the prominent Chilliwack Rental Management offices, we are here to help! Need further information about a topic, call Select Real Estate, Property Management Division at 604-793-2200.

Recent Amendments to BC Tenancy Legislation

The BC residential rental market has been a very hot topic lately in many different business and social circles. Restrictions imposed on the short-term rental market have taken several homeowners by surprise, and the BC Government has again changed the rental landscape with the passing of Bill 14 – Tenancy Statutes Amendment Act, 2024, which amends the BC Residential Tenancy Act (RTA) and the BC Manufactured Home Park Tenancy Act. Bill 14 was granted royal assent and became law on May 16, 2024, and the changes will take effect in phases. This article focuses on the changes to the RTA.

Key Changes to the RTA

It is worth reading the entire law because not all changes are discussed here, but some key changes to the RTA are these (where there is a reference to a matter being "prescribed" that means prescribed by regulation; changes already in force are indicated in bold):

Section No. Changed proposed

9 Establishes an "authorized internet site" maintained by the residential tenancy director and used for the purposes of providing notice and other purposes under the RTA.

12 Adds Section 22.1 to the RTA, which now prohibits a landlord from increasing the rent when the number of occupants increases because a minor, or a person who was a minor when the tenancy agreement was entered into, moves in. Section 14 limits the amount of any such increase to the prescribed amount.

15 A landlord may not give notice to end the tenancy unless the relevant requirements or circumstances justifying the end of the tenancy exist or the landlord has a reasonable belief that those requirements/circumstances existed at the time the notice is given.

17 The notice period to end a tenancy for landlord use, for any reason, is increased to four months, unless another notice period is prescribed, which may not be less than two months.

18 A landlord can only end a tenancy to convert a residential unit to non-residential use if that non-residential use is prescribed.

19 Unless otherwise prescribed, a landlord may not end a tenancy for their own or close family use, or a purchaser or their close family's use where the building contains five or more rental units, and is either not stratified or is stratified but all rental units are owned by the same owner.

20 The tenant dispute period for a notice to end a tenancy under Section 49 of the RTA is extended from 15 days to 30 days for all reasons unless a different period is prescribed, which will not be less than 15 days.

22 The compensation payable to a tenant if a landlord ends the tenancy under Section 49 is changed from the equivalent of one month's rent to the greater of the prescribed amount or one month's rent. The tenant may also withhold that prescribed amount from the rent otherwise payable for the remaining months at the end of the tenancy. If the withheld amount is less than the prescribed compensation, the landlord must cover the difference. Additionally, if the conditions prompting the termination notice do not occur as specified, the compensation due to the tenant has been revised from 12 times the monthly rent to the greater of the prescribed amount or 12 times the monthly rent.

23 To avoid the increased compensation payable under Section 51(2), the stated use that justified the end of the tenancy for any reason other than demolishment is increased to 12 months unless another period is prescribed, which will be no shorter than six months. A similar amendment is made to the amount payable if the circumstances justifying a tenant having to vacate the unit at the end of a fixed-term tenancy do not come to pass.

25 Section 25 imposes a similar tenant right to withhold rent where compensation under Section 51.4 is payable and directs the landlord to pay any additional amounts not withheld. The amount payable to the tenant if the conditions prompting the termination notice do not occur as expected has been updated from 12 times the monthly rent to whichever is higher: a prescribed amount or 12 times the monthly rent.

28 Section 28 creates a mandatory system for providing notices to end tenancy pursuant to the Internet portal established under Section 9. Landlords must pay a fee to use this required system and may not change the content of the notice forms unless authorized by the RTA director or by regulation.

29 Section 29 requires RTA director authorization before notices are given to end tenancies under certain prescribed sections of the RTA, which are yet to be determined. If authorization is required, landlords must use a standard form and pay a fee. It also outlines some criteria the director must consider on such an authorization application.

31 Section 31 restricts the application of dispute resolution proceedings under the RTA to claims under a certain value ($35,000 or $65,000, depending on the claim) unless the applicant waives the right to recover any amount over those limits.

34 The administrative monetary penalty that may be imposed under Section 87.3(1) has changed from a maximum of $5,000 to a prescribed amount.

35 Failure to follow the rules set out in Section 22.1 (restriction on varying rent based on the number of occupants) or 44.1 (landlord prohibition respecting ending tenancies) are now included as offences under the RTA and are currently subject to a $5,000 fine.

36 Section 36 adds a few other RTA contraventions (of Sections 22.2, 53.1, or 53.2) as offences and changes the former $5,000 fine to a prescribed amount.

39, 41-44 Transitional provisions relating to changes to occupant-based rent changes, the effect of certain landlord notices based on the date they were issued or received, and the impact on ongoing dispute resolution procedures. In particular, if a tenant notice was given under s. 49(2) [landlord's use of property] on or before April 2, 2024, then the old tenant compensation regime under s. 51 of the RTA applies. If the notice was given after April 2, 2024, then the amended compensation regime (outlined in section 23 above) applies.

The non-bolded sections will come into force by regulation. No regulation release date has been communicated, but the prevailing view is that at least some regulations are expected in the summer of 2024. All bolded sections came into force by latest May 16, 2024.  

Taken directly from BCREA Bulletin #574- Jul 03, 2024 - https://www.bcrea.bc.ca/legally-speaking/landlords-take-notice-recent-amendments-to-bc-tenancy-legislation-574/

As one of the prominent Chilliwack Property Management offices, we are here to help! Need further information about a topic, call Select Real Estate, Property Management Division at 604-793-2200.