What Rental Property Owners Need to Know in 2021

As we look back at 2020, we are thankful to continue to work with our valued clients! Our team here at Bodewell is working hard to ensure their properties and tenants are taken care of now and in the future. As part of that effort, we have compiled important information below for Rental Property Owners regarding new items to look for in 2021.

Are Rent Increases Allowed in 2021?

Rent Increases Are Frozen For The Time Being
As of January 14th, you can issue a Notice of Rent Increase on April 1st to come into effect on August 1st, 2021. However, we do not advise that every property move forward with an increase due to changing market conditions

2021 Maximum Rent Increase: 1.4%
Rent increases are only possible if it has been at least 1 year since the rent was established or last increased.

Rent Increases Can Be Given Once A Year
If your rental increase is not applied on August 1st, 2021, you can issue a Notice of Rent Increase anytime as long as it has been at least 1 year since the rent was established or last increased.

Review & Update Your Rental Property Insurance Deductibles:

Ensure your rental property is still fully covered
As you may be aware, there have been many changes in the insurance market this year. Please ensure you have sufficient deductible insurance for your properties.

BC and Vancouver Rental Property Tax Declarations

Vancouver Properties: TIME TO DECLARE!
For owners of properties in Vancouver, the deadline to submit your Empty Homes Tax property status declaration is February 2, 2021

British Columbia Properties, Including Vancouver
Speculation and Vacancy Tax declaration documents should be arriving in the mail soon; keep an eye out for this notice to submit your declaration by the prescribed due date.

All property owners with a property in BC must submit a Speculation and Vacancy Tax declaration.

Take care of yourself and your family. As always, if you have any questions please reach out to us with questions at info@bodewell.ca.