Interest rates dropped this month, there has already been early evidence of increasing market confidence, but it is too soon to really analyse the full impact. In this edition though, we are bypassing the sales report because there is much ado on the investment / rental side. As savvy investors will know, yet again some new legislation has been introduced and there are far-reaching ramifications.
A few of the highlights are as follows;
- Evictions must have ‘grounds’. Landlords must provide a valid reason to end a tenancy which needs to be evidenced in a specific manner.
- Renters can request to keep a pet. Landlords can only refuse for specific reasons, or the pet is automatically approved. No more advertising ‘no pets are allowed’.
- Renters on a fixed-term lease must be given much more notice when a tenancy is ending: at least 60 days for leases of 6 months or less, and 90 days for leases longer than 6 months.
- Rent can only be increased once every 12 months for all lease types, including when a lease is being renewed or replaced.
- The bottom line is that the swing towards tenants rights continues and likely more will be forthcoming as the government grapples with housing affordability.
Not to put too fine a point on it, but navigating these waters just became more complicated – again – and it takes experience and expertise. We invite you to speak to one of our professionals to assist you in working out the best path for the optimal outcome for you. And we look forward to discussing what this market may mean for you anytime.
