Today’s eMemo contains the following updates:
- Residential Tenancy Repayment Plans Update
Residential Tenancy Repayment Plans Update
Late yesterday, the BC Government published a repayment framework for residential tenants who have fallen behind in their rent, along with a couple of other announcements about residential tenancies.
Here are the key points on the repayment plan:
- the residential eviction ban will be lifted before September 1 (which means full rent will be due in September);
- late payments during the emergency period are not considered cause for eviction and a tenant cannot be evicted for unpaid rent during the emergency unless they have defaulted on their repayment plan;
- tenants who have fallen behind in their rent will have until July 2021 to pay it back, as long as they make monthly installments (landlords can’t charge late fees);
- the first installment will be due 30 days from when the landlord presents the repayment plan – probably October 1 for most tenants; and
- landlords and tenants can still negotiate additional terms, as needed.
For example, a renter owing $2,000 in unpaid rent will receive a repayment framework that sets out:
- the total amount of rent still owed ($2,000);
- the amount the renter is expected to pay each month, with the total owing split into installments (e.g., $200 each month from October 2020 to July 2021);
- the date of the first payment is due (Oct. 1, 2020).
The news release includes these additional important announcements:
- no rent increases can take effect until December 1, 2020; and
- landlords to have the ability to restrict access to common spaces for COVID-19-related health reasons.
Source: FVREB Communications
For ongoing FVREB updates on COVID-19, please visit:
http://news.fvreb.bc.ca/category/member-updates/covid-19-updates/
Additional COVID-19 resources:
BC Centre for Disease Control
Healthlink BC – COVID-19 Resources
BCREA