BCREA and CMBA-BC urge BC Government to revise Residential Tenancy Act changes

From GlobeNewswire: 2024-07-25 11:11:00

The BC Real Estate Association and Canadian Mortgage Brokers Association-BC are urging the BC Government to revise recent changes to the Residential Tenancy Act. Concerns include the extended notice period for evictions, potential financial hurdles for high-ratio buyers, and privacy implications for landlords. The organizations have proposed adjustments to better support homebuyers.

The changes in Bill 14, amending the RTA to protect tenants, have unintended consequences for buyers, landlords, and tenants. BCREA and CMBA-BC highlighted concerns such as the extended eviction notice period conflicting with mortgage approval timelines, increased financing risks for buyers, and legal liability issues. Recommendations include adjusting notice rules and protecting buyer privacy.

BCREA and CMBA-BC emphasized the negative impact of the RTA changes on housing affordability and availability in BC. They call for government collaboration and consultation with housing policy experts to address the challenges faced by homebuyers and tenants. Both organizations underscore the need for adjustments to the Act to prevent further harm to the housing market and protect the rights of tenants and purchasers.



Read more at GlobeNewswire: BC Real Estate Association and Canadian Mortgage Brokers