2017 Residential Tenancy Branch Update
Keeping up to date with changes from the RTB is a critical aspect of being a landlord. Using the wrong form or referencing an out of date policy can cause problems down the road. To ensure that you are up to date on the most recent announcements from the RTB we have compiled a list of the most important updates from the last few months.
Rent increase
The rent increase for 2017 is 3.7%, this is applicable for any rent increase with an effective date within 2017. To increase your tenants rent you must use the government form provided by the RTB and give the tenants three months’ notice. For more information see our guide on rent increases in the members only section of our site.
Deposit Interest Rate
Each year the RTB release the interest rate for deposits. The rate for this year is 0.0% as it has been since 2009. When repaying any deposit taken prior to 2009 we recommend using the deposit interest calculator on the RTB website.
http://www.housing.gov.bc.ca/rtb/WebTools/InterestOnDepositCalculator.html
Update to Forms
From time to time, the various notice to end tenancy forms change and it is important that you use the most up to date form when ending a tenancy. The most recent update to these forms took place in December of 2016. Always ensure you using the most up to date form by printing them out as needed from the RTB site.
http://www2.gov.bc.ca/gov/content/housing-tenancy/residential-tenancies/forms
Landlords Can Now Return Deposits Electronically
A recent change to the Residential Tenancy Act allows landlords to return deposits electronically. This change does not remove the responsibility of the tenant to provide a written forwarding address at the end of the tenancy. For more information on returning deposits see our guide located in the members only section of our site.