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

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