With Summer comes the Spring boost in the Market

Posted on Jul 06, 2020 in Newsletters

Latest Market Reports

Victoria real estate market impacted by many different factors in JuneJuly 1, 2020 "This June we saw competing factors from all different sides of the real estate equation," says Victoria Real Estate Board President Sandi-Jo Ayers. "If all we do is look at numbers, we see a fairly normal June, in the midst of a very not normal world. The impact of COVID-19 on our entire economy continues. And while some buyers and sellers are slow to emerge from isolation, others have been highly active since the start of Phase 2 of BC's Restart Plan. Because of the pandemic, an eviction order that prohibited a landlord from ending a tenancy was introduced. The order may have kept some homes from going to market. The portion of this order that prevented a seller from providing vacant possession of a tenanted home was lifted late this month, which may bring some listings to market that had been stalled. Due to the pandemic alone, we have multiple factors influencing the inventory and sales in our market." Continue Reading...

Update on residential tenancy laws

Information about changes to B.C.’s tenancy laws during COVID-19
 
As announced June 19, 2020, the Province is maintaining the moratorium on rent increases and evictions for non-payment of rent. However, other notices to end tenancy may resume effectively immediately.The moratorium on evictions has been in effect since March 30, 2020. As the Province moves forward with BC’s Restart Plan, the ban on evictions for reasons other than late payment or non-payment of rent has now been lifted.The following tenancy laws are resuming:
  • A landlord can now issue a Notice to End Tenancy for any reason (other than unpaid or late payment rent).
  • Landlords with existing orders for eviction can take them to the courts beginning July 2, 2020, for enforcement and can enforce a writ order effective immediately.
  • Landlords can enter a rental suite with 24-hour notice and do not need the tenant’s consent. They are expected to follow health guidelines like physical distancing, cleaning and wearing masks when appropriate.
  • The change also allows for personal service of documents to resume.
Landlords’ ability to restrict access to common spaces for COVID-19 related health reasons remains.