News: Vancouver Real Estate Market

BC TEMPORARY RENTAL SUPPLEMENT PROGRAM FOR RENTERS AND LANDLORDS

The BC Temporary Rental Supplement (BC-TRS) Program aims at offering up to $500 a month to assist renters and landlords during the COVID-19 pandemic. This is part of the province's $5 billion action plan and payments are made directly to the landlords of eligible households. Tenants should inform their landlords that they are applying for the BC-TRS.

What do you need to know about the program?

  • The program will be a temporary rental supplement for April, May and June 2020.
  • Applicants will only have to apply once.
  • If applicants apply in April, they will get payments for all three months and applicants applying for May will get payments for the two remaining months.
  • Eligible households will get $300 per month if they do not have dependents and $500 per month if they do.

Tenant Eligibility

  • The 2019 gross household income should be less than $74,150 for singles as well as couples without dependents, and $113,040 for a household with dependents.
  • As a result of COVID-19, the household must be receiving or eligible for one of the following: Employment Insurance, the Canada Emergency Response Benefit or have evidence to show a 25% or more drop in monthly household income.
  • The household should be paying more than 30% of income towards rent.
  • The tenant should be renting a primary residence and the unit must be covered under the Residential Tenancy Act, the Manufactured Home Act, or the Cooperative Association Act.
  • Tenants are not eligible if their rent has already been subsidized by other government programs.
  • Members of co-op housing can get the benefit if they meet all other eligibility criteria. This criteria includes paying the full market housing charge, and the co-op cannot be getting any ongoing operating funding from the government

Application Process

Step 1: Tenants must start the application and provide the following information

  • Proof of address, such as a driver's license or utility bill
  • Proof of monthly rent amount, such as a signed tenancy agreement or notice of rent increase
  • Landlord's details and contact information, including email address
  • Every household member who is older than 19 should show proof of identification, 2019 income, income loss for 2020 related to COVID-19, and proof of receipt of Employment Insurance, Canada Emergency Response Benefit, Record of Employment, letter from employer, etc.

Step 2: Landlords Complete the Application.

  • Once the application has been assessed as eligible, an email will be sent to the landlord to complete the application process.
  • The landlords will confirm the details around tenancy.
  • The landlords will need to provide their mailing address and banking information to receive payment by direct deposit.

Click here for more details

Comments:

No comments

Post Your Comment:

Your email will not be published
Categories
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.