Rental Corner: Moving Back or Selling Your Investment Unit?

You have been renting out your investment unit for a few years. Various issues arose with the tenant and you decide to move back or plan to sell your unit. You wonder how to go about it. What is the notice period required under the Residential Tenancy Act? Do you need to give any compensation to the tenant?  What to do if it’s a month to month tenancy? What happens if the tenant does not want to move? 

The first thing to do is to review your tenancy agreement and see what type of tenancy you have arranged with the tenant. In the normal course, a 2-calendar months’ notice to end tenancy is required to serve to a tenant renting on a month to month basis. You are also required to give one month’s free rent as compensation.

What to do if it is a fixed-term tenancy and you want to move in when the term expires? Do you need to pay any compensation? Do you need to give any notice to the tenant for ending the tenancy? What to do if you want to move in or sell the unit before the lease term ends? It could get a bit complicated.

At Associa-RHOME Division we have experienced licensed Property Managers who can assist you with the day to day management of your investment unit. We will facilitate a smooth transition when you want to move back into your unit or put your unit up for sale.

Please contact RHOME, Rental Division at 604-591-6060 if you want to be free of any hassles or headaches caused by your unit’s tenancy.