Richmond Real Estate Market

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Richmond is an island city. It is made up of a number islands in the Fraser River delta. It is just one meter above sea level. It was prone to flooding, especially during high tide. Therefore, major islands are now surrounded by a system of dykes, which serve to protect the town. Also, since it occupies land in a river delta, the city has plenty of rich soil for agriculture. Richmond is a culturally unique community. As of 2021, the city has an estimated population of 209,937 people with 60 percent being immigrants, the highest proportion of immigrants in Canada. Majority of immigrants are Chinese. Richmond has been experiencing growth and change, transforming from a rural, local community to an international city with a balance of urban, suburban family and rural areas. The city is 20 minutes from downtown Vancouver and 25 minutes from US border. It’s the location of Vancouver’s international airport.  The SkyTrain, Canada Line, speeds up transit system and connects Richmond to other
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Residential Tenancy

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Residential Properties

Do you invest in real estate market? Do you own a property which you would like to rent it out? Here is some key points you need to know and follow. Otherwise, you may get yourself in trouble.

Lease agreement

Residential Tenancy Regulations from the Province of BC requires that a tenancy agreement must be in writing, signed and dated by both the property owner and tenant. Also, it requires some items be included. Making things easier, I suggest you download a standard form from Residential Tenancy website  It includes every necessary item.

Type of tenancy

Generally, a landlord and tenant have a fixed term to begin. When the term expires, if the landlord and the tenant don’t enter into a new agreement, and the tenant continues to stay, the original agreement is automatically renewed on a month to month tenancy.

Tenancy termination

  1. If the tenant wants to end tenancy, at least one month notice has to be given.
  2. It's more complicated for the landlord to end tenancy. More detail information, click here. We only look into landlord use situation here:
  • If  a landlord or landlord family members will occupy the premise, the landlord has to give the tenant two months notice. 
  • When a landlord enters an agreement with a purchaser for sale, and the purchaser or family members will occupy it, the landlord has to give the tenant two months notice. However, if a buyer or buyer’s family members will not occupy the premise, the buyer has to keep the tenancy agreement the same with the tenant. The buyer can’t terminate the agreement.
  • If a landlord wants to demolish, renovate or repair the premise, notice must be at least four months. 
  • If tenancy agreement is in a fixed term, the effective date of a notice can’t be earlier than the date specified as the end of the tenancy in the tenancy agreement. 
  • A landlord who gives a tenant notice for landlord use must pay the tenant one month’s rent as compensation

Rent  

Landlords may increase rent on an annual basis. The Residential Tenancy Branch publishes the maximum allowable rent increase based on BC’s Consumer Price Index (CPI). However, landlords can increase rent when new tenants move in. 

If you would like to have more information regarding rental, please click here or contact me at awang@macrealty.com 

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