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Landlords and Tenants
in British Columbia            

 

 

 

 

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Welcome Landlords

Landlording can be a good way to provide you with a regular income as well as the potential for capital growth. However, buying a rental property is certainly not a get-rich-quick scheme. The net rental income you receive may not be enough when you consider the headaches you might have.

Many people donít ever invest in rental properties because they hear stories about calls from panicked Tenants in the middle of the night. As the author of this article and the owner of nine rental properties, I can say that Iíve never received a call from a Tenant in the middle of the night. Not that I havenít had my share of headaches.

When you first purchase a rental property, you will likely have to decide whether you will manage your rental property or hire a licensed Property Manager. Itís recommended, at least in the beginning, to manage the property yourself if you are able to. You will gain a huge amount of experience which will help you later on in better managing a Property Manager.

Being a Landlord in BC brings many legal and financial obligations. A Landlord must comply with governing bodies and health, safety and housing standards required by law. In addition, rental income is taxable and must be reported to the Canada Revenue Agency. Whether you rent out several apartments in a building or complex or simply your basement suite, you are in the business of being a Landlord and should approach landlording in a professional and business-like manner. The more you know about the law the better off you and your business will be. There are several free Landlord Forms, such as receipts, move-in forms and more, available on this site that you will find helpful.

If you do end up hiring a Property Manager, expect that your rental income will be reduced because of the fee they charge. On the other hand, a good Manager could take on a lot of the work and stress associated with running a rental property.

Read more about Hiring a Property Manager.

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