https://globalnews.ca/news/10700468/bc-landlord-ruling-increase-rent-23-percent/
And you think rates are high now!!
SSL
And you think rates are high now!!
SSL
B.C. landlords win ruling to increase rent by 23.5% over two years
- Thread starter SSL Management
- Start date
From the article:
"Two Victoria B.C. landlords have been granted a rent increase above the amount that is legally allowed after it was found they were incurring a financial loss on a rental property."
To be clear; it doesn't mean that every landlord can do this. This is based on unforeseeable circumstances of a property purchase.
It won't affect all rentals.
"Two Victoria B.C. landlords have been granted a rent increase above the amount that is legally allowed after it was found they were incurring a financial loss on a rental property."
To be clear; it doesn't mean that every landlord can do this. This is based on unforeseeable circumstances of a property purchase.
It won't affect all rentals.
Agreed, however I foresee it will open up a window for other landlords to challenge if they can also prove hardship.
Its opening up the door to a whole lot of broken agreements and contracts. I wish i could do or could have done the same with a lot of my contracts these past few years with supplies increasing by 40% and wages by 25% since 2021 .
I thought that landlords are in it as a business venture that requires taking risks which leaves you open to rewards or losses like any other businesses.
Whomever allowed this to go up the chain of command/legality most likely is not thinking "hey this is an election year, what can I do to get more votes".
Remember back when things were less corrupt and we had a tenants ombudsman? It was at least a hurdle for this kind of stuff to be stopped even under whatever so called extraordinary circumstances these two claimed. Pretty fucked up.
Remember back when things were less corrupt and we had a tenants ombudsman? It was at least a hurdle for this kind of stuff to be stopped even under whatever so called extraordinary circumstances these two claimed. Pretty fucked up.
I mean, who could have forseen that rates would go up from near 0%?
Yes, but only if they can PROVE hardship.
Yes, but only if they can PROVE hardship.
Exactly! And when it comes time for all of us to vote about who works for the RTB; I'll make sure to cast my vote to kick them out. 🤨
You didn't read the article, did you.
Only if you qualify.
Both cases are under review, its not even close to being finalized. RTB arbitrators are ass clown wantabe judges. I took RTB to the supreme court and challenged the RBT ruling twice and won both times in judicial reviews. Be careful in RBT hearings. They never follows rules set out for you and use evidence thats suppose to be tossed out amongst other poor judgement skills.
All good bro, RTB stands for the Residential Tenancy Branch. This is a government body that provides information, mediation, and adjudication services related to residential tenancy disputes, landlord-tenant regulations, and rental agreements. They help resolve issues between landlords and tenants and ensure that both parties understand their rights and responsibilities under the Residential Tenancy Act.
Interesting thing is that revenue property that is rented out that is not ones primary residence should be considered an investment and investments are considered risks or gambles. Gambling has winners and losers. It seems to me that this investor made some bad management decisions going into his risk taking situation. The investor gambled with a variable mortgage rate and got caught making a bad decision. Tenants should not be punished for this. As well, will they rebate the tenant on the profit that is made down the road when they sell? Doubt it.
maybe you guys should be putting the blame where it actually lies
with the Turd and the NDP, who most of you in BC have enabled for the past 8 yrs now
2 million, out of 40, just go look at all the people they let in, which isn't helping our economy, the lie we've been told for 50 years, we have to bring in more our our economy will collapse
how many quarters of falling GDP per person? spending per person? debt doubling? every economic indicator that counts
in just 2 yrs, 2 million more people, while housing starts are down, level at best
with no real plans to stop, due to moronic ideology, not facts, reality
get used to it, cause it will take a decade to fix it, if at all
there's a reason why no one is investing in housing
and it's cause of the governments, at all levels
no, it's some people who rent houses/apartments
artificially increased demand, which can be controlled, managed
our standard of living has declined since 2015, why?
the Turd
if you don't admit you have a problem.........
with the Turd and the NDP, who most of you in BC have enabled for the past 8 yrs now
2 million, out of 40, just go look at all the people they let in, which isn't helping our economy, the lie we've been told for 50 years, we have to bring in more our our economy will collapse
how many quarters of falling GDP per person? spending per person? debt doubling? every economic indicator that counts
in just 2 yrs, 2 million more people, while housing starts are down, level at best
with no real plans to stop, due to moronic ideology, not facts, reality
get used to it, cause it will take a decade to fix it, if at all
there's a reason why no one is investing in housing
and it's cause of the governments, at all levels
no, it's some people who rent houses/apartments
artificially increased demand, which can be controlled, managed
our standard of living has declined since 2015, why?
the Turd
if you don't admit you have a problem.........
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I know you guys don't like to let facts get in the way of the bullshit your heroes feed you, but...
the only place GDP per person is falling is the oil producing provinces where the foreign-owned producers are automating and slashing jobs. This is in spite of those wonderful "conservative" premiers gifting the industry billions of dollars. Those assholes are dragging down the rest of the country.
If you're concerned about debt, you should probably remember the last two Conservative regimes ran up $650 billion of debt and they didn't even have pandemics to deal with. They quadrupled the debt. Heck, Harper even gave us two recessions and crashed the stock market twice, while giving us 9% unemployment. Such financial genius!
"Every economic indicator that counts?" Where do you guys get this bullshit? Oh, right, I know where. The "Canada is broken" dipshit.
Canada set to be fastest growing economy in G7 in 2025, IMF forecasts
https://financialpost.com/news/imf-forecasts-canada-fastest-growing-economy-g7-2025
Look what Harper did !!!!!!!!
News flash, Harper stopped being Prime Minister in 2015.
Apparently he's still living rent free inside your head.
It's 2024 and Trudeau and the Liberals are done.
It looks like you and Trudeau didn't get the memo.
No, I don't agree. I'm sure that RTB will need a lot of documentation. Most likely they'll want to see your operating costs for about a year or two. They'll need to see the mortgage agreement details (interest rate, monthly payments, length of mortgage etc.); probably an "official" document from the bank. And possibly your tax info as well.
If you can find an accountant who'd falsify this type info; I'd say they wouldn't be a very good accountant. The good ones don't need to get involved in any shady dealings and if they don't know what they're doing it could cost you big time.
Would a landlord who owns a piece of property worth, say 8-10 million want to risk dealing with a government legal case just so they can collect an additional 20K a year?
I don't think it would be worth the risk.
Maybe you should be posting the political B.S. in the political thread and not pollute this one.
Fuck... Well that RTB has just fucked all renters.
The tenants should take the owner to court. What the owner should of done was sell or remortgage at a fixed rate. The owner should of been watching the interest rates and when they went up by 2% and then lock in.... no they waited too long and the interest rate soared.... all because they didn't want to pay a fee for changing mortgages?? Open mortgages can be locked in at any time?? (Banks.... fucken changing everything around to make profit).
So the tenants have to pay for the owners fuck up....
What happens when the renters can't pay for the rate increase? Dumbfuck RTB assholes. The tenants are kicked out and the owner raises the rent above the RTB 23.5 %.
People are gonna take to the street with baseball bats.... smash a few heads in.... get ready for it.....
The tenants should take the owner to court. What the owner should of done was sell or remortgage at a fixed rate. The owner should of been watching the interest rates and when they went up by 2% and then lock in.... no they waited too long and the interest rate soared.... all because they didn't want to pay a fee for changing mortgages?? Open mortgages can be locked in at any time?? (Banks.... fucken changing everything around to make profit).
So the tenants have to pay for the owners fuck up....
What happens when the renters can't pay for the rate increase? Dumbfuck RTB assholes. The tenants are kicked out and the owner raises the rent above the RTB 23.5 %.
People are gonna take to the street with baseball bats.... smash a few heads in.... get ready for it.....
To be fair, that is over two years and not one year. And even after the full amount is added, this unit is still substantially below market.
I’m not saying it’s fair or it’s easy for anybody. But I’m not sure that making all the mom and pop landlords go belly up and having the government or big corporations take over is going to create a better situation for tenants.
I’m not saying it’s fair or it’s easy for anybody. But I’m not sure that making all the mom and pop landlords go belly up and having the government or big corporations take over is going to create a better situation for tenants.
