Property Management in Vancouver

One of our currently available suites

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Our market is still strong and we are getting calls all the time for people wanting to buy.  Here is a link to the latest CMHC report on the national rental vacancy rate:  http://www.cmhc.ca/en/corp/nero/nere/2009/2009-12-16-0815.cfm

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A picture from the Vancouver Lantern Festival on Solstice, taken at Dr. Sun Yat Sen Gardens in Chinatown

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A familiar sight in Vancouver: Fishing boats docked at night

Image by The Last Minute

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We have had some spectacular sunrises and sunsets in Vancouver these last few days. This here is a view of the harbour and what looks like Washington's Mt. Baker in the background

Image by keep it surreal

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At Downtown Suites we contact emergency restoration as soon as any such incident happens. We understand that with leaks there can be so much humidity with conventional carpets it is necessary to move all furniture out asap, before the moisture gets to the wood and warps it. Even in a concrete building the dampness can cause mould from the absorption of moisture. However, an immediate call to a restoration company can avoid much of the water damage.

Insurance is essential, for tenants and landlords, as well as strata corporations. Recently, insurance has become complicated, as some companies have a cap on the deductable per suite, rather than per occurrence. In the per occurrence scenario, imagine 15 claims at $5000 deductable per claim. This is where the owner’s insurance comes in, paying the deductable if it is a building claim.

Usually, the tenant’s alternate place to stay isn’t covered by that insurance, which is one reason why the tenant would need to have his own. In normal circumstances, the deductable would be the owner’s responsibility, rather than the tenant’s.

Of course, liability is a big issue, and as property managers we help both owners and tenants understand which areas are their responsibilities in such circumstances.

(This is an important Evergreen Resource article, revisited from our archives.)

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Vancouver's Lion's Gate Bridge, seen from Stanley Park on a winter night

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At Downtown Suites we manage all End of Tenancy Notice in an atmosphere of trust, tact and timeliness. Today, I’d like to share more with you on the fine points of the BC Residential Tenancy Act.

When a rental unit requires extensive renovations or repairs, so extensive that the place would have to be vacant, the landlord may give notice to the tenant. In this situation, the requirement is not one but two months’ notice. These renovations would also need all the legally relevant permits and approvals before notice could be given. As well, the Residential Tenancy Act says that the landlord needs to intend these repairs “in good faith”, to ensure that this is an actual renovation/repair and not simply a ruse to remove the tenant. In addition, the landlord needs to be aware that the tenant could give ten days’ notice after receiving this two month notice, with a potential loss of revenue to the landlord.

There are many reasons why an owner might need to give a resident tenant notice to vacate, and landlords should be familiar with the Residential Tenancy Act to understand which of these require two months’ notice.

Such as: the conversion of the residential property to strata lots, or conversion into a not-for-profit housing coop. Of course, in both of these situations all legal permits must be in place.

Or: if a rental unit needs to be made available for a residential building’s caretaker or manager, two months’ notice can be given to the tenant of that suite, to make room for the caretaker.

Other permitted reasons for notice include the demolition of the rental unit, and the conversion of the rental unit to another non-residential use. In earlier posts, I’ve gone over the situations related to notice for the purposes of sale.

The 10 days’ notice scenario:
A tenant receives two months’ notice. He turns around and gives the landlord 10 days’ written notice for an earlier move-out date. Along with this notice, he pays rent to the landlord, covering the time of notice to the move-out date. However, the landlord has the tenant’s previously paid rent (for a period after that effective date) such as a post-dated cheque for the full month and future months. She must return these funds to the tenant. (Please note that this scenario doesn’t apply to a fixed term tenancy.)

Confusing? As experienced residential property managers, we can help you with the ins and outs of these and other tenant situations. Contact us at Downtown Suites.

(This is an important Evergreen Resource article, revisited from our archives.)

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An abstract painting? No, it's the glass door to the skating rink on Robson Street, with the Olympic logo

Image by Carol Browne

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