Open houses are ideal during the first week of listing to attract more viewers and streamline showings, but they can be less effective in a buyer's market or for homes on busy streets where external factors might deter buyers. Personalized tours can provide a more controlled environment to highlight a home's strengths,

Busy Roads:

If your home faces a busy street, they may also want to skip the open house. In this case, your agent may want to show your home individually so they can create the best conditions for the buyer, with closed windows and soft music playing, for example. At an open house, a buyer who wasn’t previously concerned about traffic noise may hear other visitors discussing the sound and turn them off the location. That buyer may decide not to offer or may offer less, because of comments others make while touring the space.

Buyers Market:

In a buyer's market, hosting an open house may not be effective because buyers have more options and take their time making decisions. With less urgency, fewer people attend open houses, and serious buyers often prefer private tours where they can explore the property at their own pace. Additionally, low attendance at an open house may create a perception that the property is less desirable, potentially impacting its value. Instead, personalized showings can provide more control over highlighting the home's best features.

Luxury homes:

Open houses for luxury properties often attract curious onlookers rather than serious buyers. High-end buyers typically prefer private, discreet showings where they can thoroughly evaluate the property without distractions. Luxury homes also require personalized presentations to highlight unique features that may not be fully appreciated during a crowded open house. Additionally, the exclusivity of a private tour reinforces the property's high value and prestige, aligning with the expectations of affluent buyers.

Each home should have a strategic marketing package in place custom tailored to the clients preferences and the type of property.

After a quiet January with no new launches, February marked a return of some activity in the presale market, though uncertainty still hangs in the air. Many multi family developers are experimenting with early incentives and tentative pricing, leaving room to scale back if demand doesn’t meet expectations. A number of planned launches have been postponed to later in the year or even to next spring.

Out of the 602 units released in February, only about 90 were sold, resulting in a 15% absorption rate—significantly lower than last year’s 50% absorption rate when more units were released. This slower pace reflects ongoing market uncertainty, with buyers taking more time to weigh their options and compare different projects before committing. Additionally, many buyers are expanding their search beyond a single market, exploring different regions to get the best value, which is slowing down early sales and making it harder for developers to build momentum.

Tariff Concerns Prompt Rate Cuts

Inflation in Canada saw a slight increase in January, rising to 1.9% from 1.8% in December. While this figure remains within the Bank of Canada’s 2% target, it was partly influenced by a temporary GST break. Without this tax relief, inflation would have been higher than 2%, underscoring ongoing cost pressures. Shelter inflation, which is the largest component of the Consumer Price Index (CPI), has been decreasing, but when the tax break is excluded, overall inflation remains elevated. This scenario is affecting both consumer confidence and the housing market, where buyers are carefully balancing concerns about affordability with changing financial conditions.

Despite inflation staying near the target, the Bank of Canada decided to reduce the overnight lending rate to 2.75% in March. This move was primarily in response to ongoing tariffs and the looming risk of a trade war. While most tariffs on Canadian goods are currently on hold, there are concerns that tensions will escalate, further straining the Canadian economy and contributing to broader economic uncertainty.

Buyers Take the Lead in a Shifting Market

The momentum from February’s project launches is expected to continue into March, with seven new developments set to release a total of 936 units. The Fraser Valley remains a hotspot, with most of the new projects concentrated in Surrey, Langley, and Abbotsford. However, Richmond stands out as a notable exception, with two projects launching—more than the entire market saw in 2024.

In Greater Vancouver and the Fraser Valley, resales saw an uptick of over 10% month-over-month. While February often brings a sales boost compared to January, overall sales are still below historical averages, reflecting ongoing market challenges. Inventory levels remain high, with the Fraser Valley boasting more than 8,000 active listings (55% above the 10-year average) and Greater Vancouver nearing 12,750 listings (36% above the historical norm). Despite this, pricing has remained relatively stable, with a slight decrease of just over 1% year-over-year. With increased inventory, more competitive pricing may start to emerge.

Looking ahead, the market continues to favor buyers, driven by broader economic trends, falling interest rates, and abundant inventory.

Ready to Explore Your Options?

With more choices, competitive pricing, and falling interest rates, now is an ideal time to take advantage of the buyer-friendly market. Whether you're considering presales, exploring different regions, or weighing your options, I’m here to guide you through every step.

📞 Let’s connect to discuss upcoming opportunities and find the right property for your goals!

When navigating the real estate market, choosing the right agent can significantly impact your experience and results. One of the best decisions you can make is to work with a PREN certified agent — a professional who has earned the Professional Real Estate Negotiator designation. But what does that mean for you as a buyer or seller, and why is it important?

What is a PREN Certified Agent?

A PREN certified agent has completed specialized training focused on advanced negotiation strategies and client advocacy. This certification is awarded to agents who have demonstrated exceptional skill in handling complex real estate transactions with confidence, strategy, and integrity.

The Benefits of Hiring a PREN-Certified Agent

When you work with a PREN certified agent, you gain a significant advantage in the following ways:

1. Skilled Negotiation Expertise
Real estate transactions are full of high-stakes conversations, from pricing strategies to contract terms. A PREN agent is trained to negotiate effectively on your behalf, ensuring you achieve the best possible outcome — whether you're buying or selling.

2. Stronger Client Advocacy
Your interests are at the forefront when you work with a PREN certified agent. Their specialized training equips them to identify risks, navigate challenges, and create solutions that protect your financial well-being throughout the transaction.

3. Strategic Communication
PREN agents excel at clear and effective communication. This is crucial when discussing offers, addressing concerns, or ensuring all parties stay aligned during the buying or selling process.

4. Conflict Resolution Skills
Real estate transactions don’t always go smoothly, but a PREN agent has the tools to manage difficult conversations and resolve disputes with professionalism. This can reduce stress and prevent small issues from escalating.

5. Market Insight and Tactical Planning
PREN agents leverage their knowledge to guide clients through market conditions, pricing strategies, and competitive positioning. This expertise helps you make informed decisions that align with your goals.

Why It Matters for You

Buying or selling a home is a major financial decision, and having a skilled negotiator in your corner can make a substantial difference. By choosing a PREN certified agent, you’re ensuring you have an expert advocate committed to securing the best possible outcome for you.

As a PREN certified agent, I bring this elevated skill set to every client I work with. Whether you’re preparing to list your home or searching for your next property, I’m dedicated to guiding you through the process with confidence and clarity.

If you're ready to work with a professional who knows how to negotiate for your best interests, let’s connect! 

When it comes to homeownership, much of the focus is often placed on the aesthetics and layout of a home. However, one of the most important factors to consider is the functionality and longevity of the appliances and systems that keep your home running smoothly. From your heating, ventilation, and air conditioning (HVAC) systems to the refrigerator in your kitchen, these unsung heroes work tirelessly behind the scenes to maintain comfort and convenience.

Understanding the lifespan of these critical components is essential, as it helps you make informed decisions about repair, replacement, and budgeting. Whether you’re looking to buy a new home or simply maintain your current one, knowing when an appliance or system may need attention can help you avoid unexpected costs and frustrations down the road.

The Lifespan of Common Household Appliances

Every appliance or system in your home has a finite lifespan. Knowing how long you can expect each to last helps you plan for repairs or replacements without being caught off guard.

1. HVAC Systems (Heating, Ventilation, and Air Conditioning)

Your HVAC system is a major investment and an essential part of your home’s comfort. On average, an HVAC system lasts between 10 to 15 years, though this can vary depending on usage, maintenance, and the quality of the unit. Regular maintenance, such as annual tune-ups, can extend the life of your HVAC system and improve its efficiency. When the system begins to show signs of wear—such as inconsistent temperature regulation, higher energy bills, or strange noises—it might be time to consider replacement, especially if repairs become frequent and costly.

2. Water Heaters

The water heater is another vital system that requires attention over the years. Traditional tank water heaters typically last 8 to 12 years, while tankless water heaters can last up to 20 years with proper care. If you notice issues like inconsistent hot water, leaks, or strange noises, it’s a sign that your water heater may be nearing the end of its lifespan. Regular maintenance, such as flushing the tank and checking for sediment buildup, can help prolong the life of your water heater.

3. Kitchen Appliances (Refrigerators, Dishwashers, Ovens, Microwaves)

Kitchen appliances are used daily, and their longevity varies depending on the type and frequency of use.

• Refrigerators can last anywhere from 10 to 20 years, with the average being around 13 years. Keep an eye out for signs of poor cooling or rising energy bills, which may indicate that your fridge is no longer operating efficiently.

• Dishwashers usually last between 9 to 12 years. If your dishwasher starts leaving dishes unclean, makes unusual noises, or has persistent leaks, it might be time to look at repairs or replacements.

• Ovens and ranges can last up to 15 years, but factors like how often they’re used and the quality of the appliance can shorten or extend their lifespan.

• Microwaves typically have a shorter lifespan, around 7 to 10 years, before they begin to lose their heating efficiency.

4. Laundry Appliances (Washers and Dryers)

Washers and dryers generally last about 10 to 13 years. Regular maintenance—such as cleaning lint filters, checking hoses for wear, and ensuring that the machine is level—can help these appliances last longer. If your washer is shaking violently or your dryer isn’t drying clothes effectively, it may be time for a replacement.

Repair or Replace? How to Decide

One of the biggest decisions homeowners face is whether to repair or replace an appliance. Here are a few guidelines to help you decide:

• Age of the appliance: If an appliance is nearing or has exceeded its average lifespan, replacing it might be more cost-effective than repairing it, especially if the cost of the repair is more than 50% of the price of a new unit.

• Repair costs: For appliances that are still relatively new but have a major issue, a repair may be worth considering. However, if repairs become frequent or expensive, replacement could save you more in the long run.

• Energy efficiency: Older appliances tend to be less energy-efficient, driving up your utility bills. If your appliance is outdated, upgrading to a newer, energy-efficient model may lower costs over time and reduce your environmental footprint.

• Performance issues: If an appliance is no longer performing to expectations—whether it's cooling improperly, heating unevenly, or leaking—it might be better to replace it rather than continue spending on repairs.

How Understanding Appliance Lifespan Impacts Home Buying Decisions

Knowing the lifespan of household systems and appliances is particularly important when purchasing a new home. When you’re considering a home, pay close attention to the age of key appliances and systems. You’ll want to factor in potential replacement costs as part of your budget. For example, if the HVAC system or roof is nearing the end of its lifespan, you may need to negotiate for repairs or discounts in the home price. This foresight can save you money and prevent you from facing unexpected costs shortly after moving in.

Conclusion: Plan Ahead for a Comfortable Home

Homeownership is a big responsibility, and understanding the lifespan of your appliances is key to managing your home effectively. From HVAC systems to kitchen appliances, each plays a crucial role in maintaining the functionality and comfort of your living space. By staying on top of maintenance and knowing when it’s time to replace or repair an appliance, you can avoid costly surprises and enjoy a smooth, comfortable home for years to come.

Whether you're a first-time buyer or an experienced homeowner, always remember that the better you understand the inner workings of your home, the more prepared you'll be for the road ahead.

If you’re a horse owner in the Lower Mainland, you’ve likely heard of Campbell Valley Park—one of the most breathtaking equestrian trail networks in BC. But if you haven’t experienced it yet, here’s why riders from all over flock to this hidden gem in South Langley!

🏇 Endless Riding Trails – Over 29 kilometers of well-maintained equestrian trails wind through towering forests, open meadows, and peaceful creeks. The soft, forgiving footing makes for a comfortable ride, whether you're enjoying a relaxing hack or training for endurance.

🌳 Scenic Beauty & Wildlife – Ride beneath lush tree canopies, pass by charming wooden bridges, and spot wildlife like deer, hawks, and songbirds along the way. It’s not just a trail ride—it’s a true escape into nature.

🏞 Equestrian-Friendly Amenities – The park features dedicated horse trailer parking, mounting blocks, and hitching posts, making it a go-to destination for riders from Vancouver, the Fraser Valley, and beyond.

Now, imagine if you didn’t have to trailer in to enjoy all of this… 🌿🏡

Living in South Langley near Campbell Valley Park means direct access to these world-class trails right from your property. Whether you're a competitive rider, a recreational trail enthusiast, or someone who simply loves the equestrian lifestyle, owning a home here means effortless riding anytime you want.

Acreage properties in this area offer room for barns, paddocks, and arenas, all while keeping you close to the city and top equestrian facilities. If you’re thinking about making the move, I’d love to help you find the perfect property!

The Speculation and Vacancy Tax (SVT) is an annual tax introduced by the British Columbia (BC) government to address housing affordability issues by discouraging property speculation and reducing the number of vacant residential properties. The tax applies to residential properties in designated taxable regions of BC.

Purpose of the Tax

The primary goal of the SVT is to encourage property owners to either occupy their homes or rent them out, thereby increasing the availability of housing for BC residents. This measure aims to ensure that residential properties contribute to the local housing supply rather than remaining vacant or being held for speculative purposes.

Who Needs to Declare

All residential property owners within the designated taxable regions are required to complete an annual declaration, regardless of whether they are eligible for an exemption. Each owner listed on the property title must submit a separate declaration, even if the property is jointly owned or the owners are spouses or relatives.

Declaration Process

The declaration process is straightforward and can be completed online. Property owners typically receive a declaration letter between mid-January and mid-February, which includes instructions on how to declare. The deadline for submitting the declaration is March 31 each year.

Consequences of Not Declaring

Failure to submit the declaration by the March 31 deadline results in the property being taxed at the maximum rate of 2% of its assessed value. This rate applies regardless of the owner's residency status or eligibility for exemptions. Additionally, if the tax owed is not paid by the due date, penalties and interest may be applied to the outstanding balance.

Exemptions and Tax Rates

While most homeowners who occupy their properties as principal residences or rent them out for at least six months of the year are exempt from paying the tax, the declaration must still be completed to confirm eligibility. The tax rates are as follows:

• Canadian citizens or permanent residents of Canada who are not members of a satellite family: 0.5% of the property's assessed value.

• Foreign owners and satellite families: 2% of the property's assessed value.

Key Takeaways for Homeowners

1. Mandatory Declaration: All residential property owners in designated taxable regions must submit an annual declaration by March 31, even if they qualify for an exemption.

2. Separate Declarations for Co-owners: Each individual listed on the property title is required to submit their own declaration.

3. Penalties for Non-compliance: Failing to declare results in a tax levied at 2% of the property's assessed value, along with potential penalties and interest for late payment.

4. Stay Informed: Keep your mailing address up to date with BC Assessment and the Land Title and Survey Authority of BC to ensure you receive all correspondence related to the SVT.

By understanding and adhering to the requirements of the Speculation and Vacancy Tax, homeowners can avoid unnecessary penalties and contribute to the availability of housing in British Columbia.

When buying a home, especially in rural or acreage settings, you may come across properties that rely on a septic system rather than a municipal sewer connection. While a septic system can be an efficient and long-lasting solution for wastewater management, it’s essential to understand how it works and what to look for before purchasing a home with one. Here’s what you need to know as a buyer:

What is a Septic System?

A septic system is an underground wastewater treatment system commonly used in homes that don’t have access to city sewer services. It typically consists of a septic tank, where solids settle and break down, and a drain field, where treated liquid waste disperses into the soil. Properly maintained, a septic system can last for decades, but neglect can lead to costly repairs or even replacement.

Key Considerations for Buyers

1. Septic System Inspection – Always have the septic system inspected by a licensed professional before purchasing a home. A standard home inspection may not include a thorough septic evaluation, so it’s crucial to hire a specialist to assess the tank, drain field, and overall function.

2. New Home Purchases – Even if the home is newly built, ensure the septic system has been inspected and approved. A new system should meet all regulatory requirements and function properly from the start.

3. Age and Maintenance History – Ask the seller for records of routine maintenance, pumping, and any past repairs. Septic tanks typically need pumping every 3-5 years, depending on usage. If the system is older, you may want to budget for potential upgrades or repairs.

4. Tank Size and Capacity – Ensure the system is appropriately sized for the home’s occupancy. A system designed for a two-bedroom home may struggle to handle a growing family.

5. Drain Field Health – The drain field is a critical part of the system. If it’s failing due to age, overuse, or previous issues, you could face expensive repairs or a full replacement. Look for signs of trouble, such as standing water, foul odors, or overly lush grass in the area.

6. Permit and Compliance – Check with the local municipality to ensure the septic system is properly permitted and compliant with current regulations. If modifications were made without permits, you could be responsible for costly corrections.

7. Well Water Testing (if applicable) – If the property also has a private well, test the water for bacteria and contamination. A failing septic system can impact groundwater quality.

Ongoing Maintenance for Homeowners

If you decide to purchase a home with a septic system, regular maintenance is key to avoiding problems. Here are some best practices:

• Have the tank pumped regularly to prevent buildup.

• Be mindful of what goes down the drain—avoid grease, harsh chemicals, and non-biodegradable items.

• Conserve water to prevent overloading the system.

• Keep heavy vehicles and structures away from the drain field to prevent damage.

Final Thoughts

A well-maintained septic system can function efficiently for many years, but as a buyer, you need to do your due diligence before making a purchase. By getting a proper inspection, reviewing maintenance history, and understanding how to care for the system, you can confidently move forward with your dream home—whether it's in the countryside, on an acreage, or beyond.

If you have questions about buying a home with a septic system or want expert guidance in finding the perfect property, feel free to reach out!

Are you thinking about selling your townhome and upgrading to a single-family home? This is a big decision and involves multiple considerations, from timing the market to understanding the financial implications. If you’re currently paying strata fees for your townhome, there may also be opportunities to save money and allocate those savings toward a higher-priced single-family home. Let’s dive into when the best time to make this move is and how you can maximize your savings to make it happen.

1. When is the Best Time to Sell Your Townhome and Buy a Single-Family Home?

Timing the real estate market can be tricky, but there are some patterns that can help you maximize your investment:

• Spring and Summer: Traditionally, the spring and summer months are considered the best times to sell a home, including townhomes. The market is typically more active, with more buyers looking to move into a new home before school starts or the weather turns. This gives you the advantage of a larger pool of potential buyers for your townhome, which may lead to a quicker sale at a better price. For buyers, it’s also a good time to purchase, as there is more inventory available, including single-family homes.

• Fall and Winter: While fewer homes are sold in the fall and winter, this can work in your favor when you’re ready to buy. Sellers may be more motivated, leading to better deals. If you're able to time your sale and purchase in the off-season, you might find less competition for the single-family homes you’re interested in, which could lead to a more favorable price.

The key is to plan ahead. Speak with your real estate agent to determine the best time to list based on your local market trends and inventory levels.

2. Strata Fee Savings: How It Helps You Afford a Higher-Priced Home

One of the unique benefits of selling your townhome is the money you’re already spending on strata fees. These monthly fees typically cover shared building expenses such as maintenance, insurance, and management. Once you sell your townhome and move to a single-family home, you will no longer be responsible for those strata fees.

This can provide a significant boost to your budget, especially if your strata fees were high. Think of the savings as a down payment booster. For example, if your current strata fee is $400 per month, that’s $4,800 per year that can be redirected toward your home purchase. Over time, this money can add up, enabling you to afford a higher purchase price than you initially thought possible.

By saving money on strata fees, you can either:

• Increase your down payment, which could result in a lower mortgage rate and less interest paid over time.

• Increase your budget for purchasing a higher-end home, allowing you to consider single-family homes that might have been out of your price range with your current budget.

3. How to Maximize Your Financial Advantage

To make sure you’re getting the most out of your move from a townhome to a single-family home, here are a few tips:

• Get pre-approved for a mortgage: Before listing your townhome, meet with a lender to get pre-approved for a mortgage. This will give you a clear idea of how much you can afford based on your current financial situation and the savings from your strata fees.

• Factor in the cost of home maintenance: Unlike a townhome with shared responsibilities for maintenance and upkeep, owning a single-family home typically means you’ll be responsible for all maintenance, including lawn care, roof repairs, and plumbing issues. Make sure to budget for these additional expenses.

• Take advantage of low-interest rates: If you’re able to sell your townhome and buy a new home when interest rates are low, you’ll benefit from lower monthly mortgage payments, leaving you with more financial flexibility.

• Consult a real estate agent: A knowledgeable real estate agent can help you understand the local market, suggest the right listing price for your townhome, and find the best single-family home options that fit within your newly expanded budget.

4. In Conclusion

Selling your townhome and buying a single-family home is an exciting step forward. By strategically timing your sale and using the money saved from strata fees, you can afford a higher-quality home while making your financial transition smoother. If you’re ready to make the move, now is the time to reach out to a trusted real estate agent who can guide you through the process and ensure you’re making the best choices for your future.

Take advantage of the market when it's right for you and plan ahead to get the best possible price for your current home. You'll be able to use your strata fee savings to boost your buying power and invest in the home of your dreams.

If you’re ready to explore your options and make the move, get in touch today. We’re here to help you navigate every step of the process.

Tariffs are taxes on imported goods, which can lead to higher costs for businesses and consumers. This creates two competing forces that impact interest rates:

1. Tariffs Can Increase Inflation

   • When imported goods become more expensive, companies pass those costs onto consumers.

   • This can lead to overall price increases, driving inflation up.

   • In response, central banks may raise interest rates to curb inflation.

2. Tariffs Can Slow Economic Growth

   • Higher costs for businesses can lead to reduced hiring, investment, and consumer spending.

   • This weakens economic growth, which might prompt central banks to lower interest rates to stimulate the economy.

What’s Happening Now?

The Bank of Canada recently cut its key policy rate by 25 basis points to 3% on January 29, 2025.
This marks the sixth consecutive rate cut, indicating that policymakers are more concerned about slowing economic growth than rising inflation.

According to a Reuters report:

• The Bank of Canada sees tariffs and trade tensions as a threat to long-term economic stability.

• A prolonged U.S.-Canada trade war could permanently impact GDP levels.

• The recent rate cuts are intended to support growth amid trade uncertainty.

This suggests that if tariffs continue to create economic challenges, further interest rate cuts are possible.

What Does This Mean for Real Estate?

1. Mortgage Rates Could Decrease

   • Lower interest rates often mean lower mortgage rates, making homeownership more affordable.

   • Buyers could borrow more for the same monthly payment.

2. Housing Market Activity May Increase

   • Lower mortgage rates can spur demand, leading to more buyers entering the market.

   • This could create more competition, stabilizing or even increasing home prices.

3. Builders May Benefit from Lower Borrowing Costs

   • Developers financing new projects could see cheaper loan costs, encouraging more construction.

   • This could help increase housing supply, which is needed in many markets.

Final Thoughts

While tariffs can put upward pressure on inflation, their overall impact on the economy may prompt central banks to continue lowering interest rates—at least in the short term. If you’re a buyer, this could mean an opportunity to lock in a lower mortgage rate. For sellers, lower rates could increase buyer demand and stabilize home prices.

With economic conditions shifting, it’s crucial to stay informed and make real estate decisions based on market trends. If you’re considering buying or selling, now may be the time to explore your options.

Would you like more insights on how current economic conditions affect your real estate goals? Let’s connect!

Buying a home that already has a tenant in place can be a great opportunity, whether you’re looking for an investment property or planning to move in later. However, in British Columbia, tenancy laws protect renters' rights, meaning you’ll need to follow specific legal processes if you plan to make changes. Here’s what you should know before purchasing a tenanted property.

1. The Tenancy Stays with the Property

In BC, when a property is sold, the tenancy agreement doesn’t automatically end. The lease remains in place, and the new owner assumes the landlord’s responsibilities under the Residential Tenancy Act (RTA). This means:

• If the tenant has a fixed-term lease, they have the right to stay until the end of the lease term.

• If the tenant is on a month-to-month tenancy, they can remain unless proper notice is given for eviction under legal grounds.

2. Can You Ask the Tenant to Move?

If you’re buying the home to live in (or a close family member is moving in), you may be able to serve a Three-Month Notice to End Tenancy under the following conditions:

• The property is not a multi-unit building (i.e., a condo, apartment, or multiplex with more than one unit).

• You or an immediate family member (parent, child, or spouse) will be living in the home.

This notice must follow strict guidelines, including:

• Providing three full months’ notice to the tenant.

• Paying the tenant one month’s rent as compensation.

• Occupying the property for at least 12 months (otherwise, the previous tenant may file for compensation).

3. What If the Tenant Has a Lease?

If the tenant has a fixed-term lease, you cannot ask them to move until the lease expires. Even if the lease allows for an early termination in the event of a sale, BC tenancy laws override private agreements.

If you need the tenant to leave before the lease ends, you may need to negotiate a mutual agreement with them, which could involve financial compensation.

4. Reviewing the Lease Before You Buy

Before making an offer on a tenanted property, request a copy of:

✅ The lease agreement (to confirm rent, terms, and conditions).

✅ The tenant’s payment history (to check if they are up to date).

✅ Any official notices or disputes with the Residential Tenancy Branch (RTB).

If you’re planning to keep the tenant, this information helps you understand your responsibilities as their new landlord.

5. What Happens to the Security Deposit?

When the property changes hands, the previous owner must transfer the tenant’s security deposit to the new owner. You’ll be responsible for returning it when the tenancy ends.

Make sure to confirm the deposit amount and its interest accrued to avoid disputes later.

6. Buying for Investment? Consider the Risks

If you’re purchasing a tenanted home as an investment, there are additional considerations:

• Rent controls in BC limit how much you can increase the rent annually.

• Eviction rules are strict, and tenants can dispute eviction notices with the RTB.

• Renovations or demolitions require special eviction procedures with four months’ notice and compensation.

Final Thoughts

Buying a home with a tenant in BC requires careful planning. Whether you want to move in or keep the tenant, understanding your legal obligations under the Residential Tenancy Act is crucial.

If you have questions about how a tenanted home might impact your purchase, I’d love to help! Let’s chat about your goals and how to navigate this process smoothly.