We have had tenants for the last 7 years and have yet to have any problems!  In fact, we’ve had nothing but great tenants!  But I know this is not always the case. 

Having a tenant can be a great way to help with the mortgage. 

Are you a landlord facing a dispute?  Or a tenant that has a concern?  There is help in the case of a landlord tenant dispute. 

Talking it over

Proper communication could be the best and least expensive solution.  Keep calm, respectful and stick to the issue at hand.  Do not resort to personal attacks.  The sooner you’re able to talk things through the better.  Keep a record of the conversation.

Be sure to know your rights as a landlord and tenant.  Here is more info;  http://www2.gov.bc.ca/gov/content/housing-tenancy/residential-tenancies/tools-and-resources/guides

Write a Letter

If discussing the problem did not lead to a satisfactory resolution try sending a letter.  Including how the problem is affecting the parties involved.  How long the problem has existed.  What you have done personally to try and resolve the issue.  What you would like the other party to d and within what time frame. 

Be sure to keep a copy of the letter.  Give the other party time to rectify the situation. 

If the above do not help, you can ask for help. The Residential Tenancy Branch can provide more information with the process. 

http://www2.gov.bc.ca/gov/content/housing-tenancy/residential-tenancies/contact-the-residential-tenancy-branch

If none of the above work you can apply for Dispute Resolution. 

http://www2.gov.bc.ca/gov/content/housing-tenancy/residential-tenancies/solving-problems/dispute-resolution/applying-for-dispute-resolution

If you are currently renting and want to stop paying someone else’s mortgage – give us a call.  We can help you with this process!

If you are thinking about buying in the near furture and plan to have less then 20% down we recommend giving us a call.  

It will cost more for a CMHC insured mortgage starting March 17, 2017. Now is a great time to connect with any clients sitting on the fence to help save the extra costs before the increase takes effect.

To give you an example, for clients looking to use the new BC Home loan for part of their down payment, the premium is jumping from 3.85% to 4.50%. For a purchase of 500k the mortgage looks like this today:

$500,000 - 5% ($25,000)= $475,000 + 3.85% ($18,287.50) = $493,287.50

On March 17 it looks like this:

$500,000 -5% ($25,000)= $475,000 + 4.50% ($21,375)= $496,375

The full schedule of increases can be found here:

https://www.cmhc-schl.gc.ca/en/corp/nero/nere/2017/2017-01-17-0830.cfm

The above was provided by:

Lynn McLellanBA                                                                                  

A Member of the Verico Broker Network- 2016 Winner Broker Network of the Year

Dreyer Group Mortgages #308-15252 32nd Ave, Surrey, BC V3Z 0R7

Phone: 604 536 8400. Cell/Text: 604 518 2383.  Fax: 604 535 9413.  Apply Online http://www.mortgageweb.ca/Lynn