The notice period related to home sales has been changed to three months after industry pushback, while the notice period for landlord personal use was extended to four months
When rumours started flying this spring that the B.C. government would extend the timeline for evicting a tenant during a home sale, Carole Caffrey’s clients immediately started looking to sell their rental properties before the new rules took effect.
But the province is now backtracking following complaints from the housing industry that the new rules were detrimental to homebuyers.Effective Aug. 21, the notice period will be cut to three months on evictions related to home sales, to ensure the closing process isn’t negatively affected by a lengthy eviction timeline, since preapproved mortgage rates are typically only valid for three months. The notice period for landlord personal use remains four months.
If there’s one thing both sides can agree on, it’s that the decision to unveil new rules before quickly tweaking them is a chaotic misstep by the government and has confused both homebuyers and renters who will have to decipher which rules apply to them. However, Mr. Koot said Quebec’s system works because the process of getting a mortgage is built around the expectation that closing a sale takes much longer.
“There is a lot of concern that governments seem very focused on tenants while ignoring challenges for landlords, and buyers often don’t want properties with tenants,” Mr. Koot said.However, the intention to extend the notice period is applauded by some tenant advocates.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
GE Healthcare cuts 2024 organic sales growth forecast, shares fallGE Healthcare On Wednesday cut its annual organic revenue growth forecast to a range of 1% to 2% from about 4%, as it expects a slowdown in China sales...
Read more »
Adidas says quarterly sales excluding Yeezy rose in North AmericaIncluding Yeezy, the currency-neutral sales in North America - Adidas’ second-biggest market behind Europe - fell by 8% to 1.3 billion euros ($1.51 billion) in the April to June quarter
Read more »
NBCUniversal’s Paris Olympics sales beat Tokyo’s US$1.25 billionComcast Corp.’s NBCUniversal said advertising revenue for the Paris Olympics and Paralympics surpassed the record US$1.25 billion sold for the Tokyo 2020 Games.
Read more »
Kraft Heinz cuts annual organic sales forecastPackaged food companies such as Kraft Heinz, Conagra and General Mills are contending with slowing demand after price hikes over the last two years dampened ...
Read more »
Etsy plans to test its first-ever loyalty program as it aims to boost salesEtsy said Wednesday it will begin testing its first-ever loyalty program in September, a move designed to boost the e-commerce site's sluggish sales and draw...
Read more »
Bank of Canada rate cuts to spur rising vehicle sales, but what about prices?AutoTrader says the used vehicle market tends to be more sensitive to interest rate changes than new cars, trucks, and SUVs.
Read more »