The provincial Election has finally completed and the NDP government has remained in office  although with many fewer seats. What does this mean to managing your rental? Absolutely nothing.  

The governments are always changing Locally, Provincially and Federally. If you are a landlord and are looking for the government to change the laws in your favour to make your business more profitable it might not be the right business for you. All governments change the laws to fit the current conditions of what the general population is requesting. Good businesses adjust and adapt to the market. They don’t wait for the government to change so the laws are favourable to them. If they do that then when the government changes again and changes the laws back to being unfavourable, which often happens, they will be in the same place they are now. 

There are many changes that have affected the rental market, some are implemented by Federal governments and some by Provincial governments. 

The NDP changed the strata act to allow all strata corporations to have rentals in them which was intended to increase the supply in the market during a time when the market was tight for rental properties. They also restricted short term rentals for the same intended reason to create more housing supply. These are two issues that have helped add more products to the market. 

The bank of Canada increased interest rates, not a provincial government initiative to stem the tide of inflation. This eventually slowed the house selling market which was the largest factor affecting rental prices increases. 

We don’t know what the, or any government will do in their term in office as they often are reacting to the current market conditions. 

How do you protect yourself as a landlord?. Understanding the laws affecting renting and managing your rental property is important. If you are unsure what laws affect your property and how to manage a rental property you may be better off hiring a licensed property manager. 

Need help managing your investment properties. Cartref Properties can assist you, call today to discuss your needs. You can find more information about us at: www.cartrefproperties.com