RTB rule change for tenanted homes!
⚠️Starting July 18th there are new rules coming in for "Owner Use" of their property!⚠️
Previously an owner would have to give 2 months notice to a tenant for occupancy. NOW it is FOUR. This has been brought into place to help tenants have longer to find new accommodation HOWEVER this will also affect the sales market as anyone that is trying to buy a tenanted property to move into has to now wait 4 months.
Here is the real rub... Most banks will only hold a mortgage rate for 3 months. So anyone buying a property for their own use that is currently tenanted will have to hope they have a rate that stays as the bank cannot hold it for them anymore.❌
What are your thoughts on this new rule being implemented?
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Haze Hartwig - Realty Advisor / Property Manager
📱follow: @hazerealty
🎙podcast: Bamboo - Vancouver's PM and Realty Investment Podcast
📧[email protected]
☎604-522-4777
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