Your Landlord is Selling the Property—What Now?

You’ve received an unexpected notice from your landlord—they’re selling the property. Many tenants simply treat this as an eviction notice and assume they must leave, but it’s not quite that simple.

According to the Residential Tenancy Act, if your landlord is selling the property you currently live in, you don’t have to leave. If the property is purchased, the purchaser will become your new landlord, and your lease will be transferred onto them with the same terms and conditions as before. However, there are some things to consider in this scenario.

While your current landlord cannot evict you to sell the property, the purchaser can in some circumstances. If the purchaser or their family intend to reside in the unit themselves or they intend to perform major renovations, they can provide you with notice to vacate the property. If you are on a fixed term lease, they will not be able to evict you until the end of that lease. If you are renting month-to-month, though, they will only need to provide 60 days notice for these types of evictions.  

This brings a fair amount of uncertainty when deciding to stay, much of which is dependent on the purchaser’s intentions. If you decide to stay, you are taking a chance that the purchaser will continue your tenancy and you won’t need to deal with the added stress of moving. However, if the purchaser decides not to continue your tenancy with only 60 days notice, you could be left with only a short period of time to find other housing arrangements. Depending on the rental market, you may be left with few options.

Deciding to end the tenancy upon hearing the news to sell the property will likely grant you further time to find other housing arrangements. With this option, you’re also able to screen future landlords and won’t be left with as much uncertainty of who your new landlord may be.  

Until the purchaser has acquired the property, the choice to stay or leave is ultimately up to the tenant. That being said, it is a decision that must be made carefully with a number of factors considered. If you’re especially accustomed to your rental, it may be worth taking the chance to stay. If not, it may be more beneficial to pursue other options.