Dear Members,
We are pleased to share a significant advocacy win for our members and the broader mortgage industry in British Columbia.
On July 18, 2024, the Government of British Columbia enacted regulations to the Residential Tenancy Act (RTA) requiring landlords and homebuyers to give tenants four months’ notice instead of two months when evicting for personal or caretaker use. In response to CMBA-BC’s advocacy efforts, which included a meeting with senior representatives at the BC Ministry of Housing, the Government of British Columbia has agreed to amend these regulations.
Effective August 21, 2024, the notice period required when a landlord issues a notice to end tenancy on behalf of a purchaser will be reduced to three months, with a dispute period of 21 days. This adjustment reflects our continuous efforts to ensure that regulations are fair and practical for homebuyers and landlords while still protecting tenants’ rights.CMBA-BC is proud to have been a key part of the industry response in collaboration with the BC Real Estate Association (BCREA). Through open letters and a joint press release, both organizations highlighted the unintended consequences of extending the notice and dispute periods, and their impact on mortgage approvals for homebuyers.
We are grateful for the active participation of our members, whose feedback has been crucial in achieving this outcome. This change underscores the impact of our collective voice in advocating for policies that support the mortgage industry and the broader housing market in British Columbia.Thank you for your continued support.
Sincerely,
Carla Giles
CEO, CMBA-BC
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