Here are the highlights:
notice has been amended from 4 months notice to end a tenancy (July 18, 2024) to 3 months (Aug. 1, 2024)
Why this is BIG news.
In the previous amendment to the landlord tenancy act landlord's were required to give 4 months notice. If a home buyer purchases a home that is tenanted that would mean they would have to wait a minimum of 4 months to take possession of the home.
Pre-approvals for mortgages usually have a 3 month expiration date so, if someone purchased a home they want to live in on July 31st they tenant would be given a notice to end tenancy for August 1st but the home would not be available to occupy until December 1st. (keep in mind this is ONLY if the new owner intends to live in the unit. If the new owner intends to rent the. unit they must keep the current tenants in place and create a new tenancy agreement through the RTB portal.)
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