Lisa Hender son Senior Member Ser vices Representa ti ve
Leah Mar Member Ser vices Representa ti ve
Lisa Henderson Senior Member Services Representative Leah Mar Member Services Representative
Board of Directors
Board of Direc tor s
Board Chair: Nicolas Denux
Vice-Chair: Michael Drouillard
Board Chair : Nicolas Denux Vice- Chair: Michael Drouillard
Secretary-Treasurer: Derek Townsend
S ecret ar y -Treasurer : Derek Tow nsend
Directors
Direc tor s
James Blair, Matin Ghavi, Kerri Jackson, Sarah Lui, Shawn Punton, Kim Schuss, Allan Wasel
James Blair, Dorothy Friesen, Matin Ghavi, Kerri Jackson, Sarah Lui, Shawn Punton, Kim Schuss, Allan Wasel
Monika S osnowska Direc tor, Marke ting and Communica tions
Monika Sosnowska Director, Marketing and Communications
Succession Planning
Bryan Smith Member Services Representative
Br yan Smith Member Ser vices Representa ti ve
Building Community is Good for Business
Annual General Meeting Changes
Alvin Christian Alfonso Member ship Enga gement
Alvin Christian Alfonso Membership Engagement
Hunter’s Hints
The KEY is published by MediaEdge Communications
The KEY is published by MediaEdge Communications
For any adver tising /publishing inquiries, please contact:
Dan Gnocato, Publisher, dang@mediaedge.ca or t: 604 549 4521
For any advertising/publishing inquiries, please contact: Dan Gnocato, Publisher, dang@mediaedge.ca or t: 604 549 4521
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Editor Hunter Boucher, hunterb@landlordbc.ca
Editor Hunter Boucher, hunter b @landlordbc.c a
Editor Monika Sosnowska, monikas@landlordbc.ca
Editor Monika Sosnowska, monikas@landlordbc.ca
Cover photo credit: Monika Sosnowska
Cover photo credit: Monika Sosnowska
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CEO’S MESSAGE
David Hutniak, CEO, LandlordBC
We are so fortunate to have one of Canada’s leading rental housing experts contribute to this edition of The Key. Wendy Waters will be known to many of our members for her engaging and insightful participation at LandlordBC education events, and her informative, data-driven articles in our publications like The Key. I wish to thank Wendy personally for her past and continued collaboration with LandlordBC and encourage everyone to read her article entitled Canada’s Rental Housing Market: From Frenzy to Correction on page 16.
As Wendy highlights in her article, right now it is a renters’ market in much of Canada. She’s quick to add that this will end. I couldn’t agree more and here’s why: it’s been well-documented that new rental starts are plummeting. The wave of new supply completed in 2025 and 2026 will soon be absorbed, and by 2028 Canada’s population growth will return to the long-run average. Let’s not forget that with more thanr 400,000 people retiring each year in Canada, the harsh reality is that in order to maintain Canada’s economy, international immigration is critical.
BC BUDGET 2026 — EXPANSION OF BC’S PROVINCIAL SALES TAX (PST)
On February 17, 2026, B.C.’s Minister of Finance Brenda Bailey delivered the province’s 2026 Budget, forecasting a deficit of $9.6 billion for the 2025–2026 fiscal year, $13.3 billion for 2026–2027, and $12.2 billion for 2027–2028. The overall budget was disappointing on many fronts for British Columbians. Adding insult to injury, our sector, and the business community more broadly, was stunned to learn of the expansion of B.C.’s provincial sales tax (PST).
As of October 1, 2026, PST will expand to several services, including:
• Real estate commissions for non-residential transactions.
• Strata and rental property management.
• Bookkeeping and accounting.
• Engineering, architectural, and geoscience services.
• Private investigation and security services.
PST exemptions for basic cable TV, residential landline and toll-free
phone services, clothing-related materials, and services for clothing and footwear will be likewise eliminated.
LandlordBC, along with other stakeholders, has expressed strong concern to government about this decision and its impact on our sector. We invited our members to email expressing their concern to the Finance Minister, Housing Minister and Premier. The reality is that expanding PST will significantly impact our ability to deliver affordable rental housing, and the unintended consequences of this expansion will mean that renters will ultimately suffer. We will continue to advocate on behalf of the sector.
A HUGE THANK-YOU TO OUR PARTNERS!
We are extremely fortunate to have a strong and growing network of associate members and corporate suppliers who support our sector across British Columbia. These organizations understand the realities of the rental housing sector and are committed to delivering services, tools, and expertise that support your success. They are not merely vendors; they are partners who share in the goal of maintaining safe, well-managed, and sustainable rental housing.
To help you access the products and services these partners provide, LandlordBC produces an annual resource, found in the members-only section of the LandlordBC website, designed to serve as a practical, year-round reference. Within its pages you will find a directory of professionals serving our sector, along with key operational tools and insights to help you manage your properties with confidence.
I encourage you to make full use of this resource and to connect with the professionals featured therein. Together, we are strengthening the foundation of rental housing in British Columbia, through knowledge, partnership, and a shared commitment to excellence. A huge thank-you to our partners!
HOW BC RENT BANK IS SUPPORTING HOUSING STABILITY
By Melissa Giles, Managing Director, BC Rent Bank
Anyone can face an unexpected crisis that puts their housing at risk. A job loss. A medical emergency. A family breakdown. When that happens to a renter in British Columbia, BC Rent Bank is there to help. Since 2019, we’ve helped more thanr 15,000 people stay housed by providing financial support through a network of 19 community-based rent banks across the province. In addition, we’ve helped thousands more with referrals to services such as government benefits, financial literacy, credit counselling, and other housing stability supports.
For landlords, this lifeline also means avoiding a vacant unit, unpaid arrears, and the cost and uncertainty of finding a new tenant. It turns out that, unsurprisingly, stable tenancies are in everyone’s interest — and the numbers back that up. Research we conducted with Vancity Community Foundation found that every dollar invested in BC Rent Bank generates at least five dollars in savings for renters and the provincial government combined.
LandlordBC was instrumental in the formation of BC Rent Bank, and many landlords across the province are aware of our core services. But in this piece, I want to share more about some of the ways we’re using this provincial network to do even more to support renters. For over six years, we’ve been building partnerships that go beyond emergency financial assistance, ones that help renters build the kind of financial footing that keeps them housed over the long run and benefits landlords along the way.
BUILDING CREDIT, BUILDING STABILITY
One of the most exciting things we’ve done this year is launch our Credit Empowerment Program, thanks to a partnership with Binta Financial, Canada’s leading platform for credit empowerment.
The problem we wanted to fix was simple. Thousands of renters across the province have been diligently repaying their rent bank loans on time. But until now, none of that showed up on their credit reports. A renter could pay back every dollar and it wouldn’t move their credit score one point.
Our partnership with Binta Financial changes that. Eligible renters who have repaid their loans can now have that positive repayment history reported to major credit bureaus like Equifax, at no cost to them. Within weeks of launch, nearly a hundred renters had already opted in.
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For landlords, this has a direct benefit. Credit scores factor into how renters access housing. When someone’s responsible behaviour actually shows up in their financial record, it gives landlords better information and renters a fairer shot. That means a better rental market for everyone.
SUPPORTS FOR THOSE WHO NEED IT MOST
We’ve been partnering with Reaching Home: Canada’s Homelessness Strategy since 2020. This partnership allows select rent banks to provide grants to renters who meet all our eligibility criteria but don’t have the ability to repay a loan while maintaining their living expenses. Since April 2024, rent banks, primarily in Metro Vancouver, have issued nearly $890,000 in grants through this partnership.
This past year, we also became an implementing partner of the Canada-BC Housing Benefit Program, working with BC Housing to deliver ongoing rent supplements to low-income renters who don’t qualify for the Rental Assistance Program (RAP) or Shelter Aid for Elderly Renters (SAFER).
Together, these partnerships represent a real expansion of what rent banks can do. Our core program addresses short-term crises, but the Housing Benefit provides sustained monthly support that helps renters keep current with their rent over time. For rental housing providers, that translates into a more reliable income stream from tenants who might otherwise fall behind. It also reflects a growing recognition that rent banks
aren’t just emergency responders. Rent banks are part of the housing system infrastructure, and they’re well-placed to connect renters with the right supports when they need them.
KEEPING THE LIGHTS ON
Most people know that rent banks help with rent arrears, upcoming rent, and even pet/security deposits. Few realize we also support renters who are struggling to pay their gas or hydro bills. Last year, 21 per cent of our applicants said they needed help with utility costs.
To better serve those renters, we partnered with BC Hydro to streamline access to their Customer Crisis Fund, which provides grants to residential customers experiencing a significant life event that results in them facing a temporary financial crisis. After a successful pilot phase, rent bank staff throughout B.C. have been trained as authorized representatives for the fund. That means they can help renters complete the application and handle verification on the spot, so people in crisis don’t have to repeat their story to yet another organization.
The impact on individual renters has been significant. One participant, a senior who’d been hospitalized for a month and then lost his job, was facing disconnection of his power and also his only source of heat. His local rent bank helped him access the Crisis Fund alongside a rent bank loan. He was approved and kept his utilities connected.
LITHIUM-ION BATTERY SAFETY
By Stacey Wilson, Vice-President Client Executive, BFL CANADA
It’s fitting that as people become more dependent on battery powered products ranging from e-bikes to cordless vacuums, to laptops, and do-it-yourself power tools, the slogan for fire safety week this past October was titled “Charge into Fire Safety: Lithium-Ion Batteries in Your Home.”
The goal was to inform the public about the importance of safely using the Li-ion batteries that keep their equipment running, including how to carefully charge and recycle batteries. And despite their incredible benefits, Li-ion batteries are increasingly under scrutiny as they are responsible for many residential fires. It also served as a reminder that fire safety is more than a weekly thought, it should be with us 52 weeks of the year.
As insurers, we’re on the front lines of dealing with fires in multi-unit and single dwelling homes across the country and we see the destruction and upheaval they cause for many, especially those living in units that did not cause the blaze but suffer its consequences.
Remarkably, reliable data on specific causes of residential fires is not collected across Canada. Statistics Canada does report that most structural fires are caused by kitchen fires, (mostly due to unattended appliances) and improperly discarded cigarettes, (i.e. falling asleep while a cigarette is still lit). Statistics collected by our organization show that fire damage accounts for the largest dollar value of claims, more even than water damage.
But on the focus of fire safety, professionals are increasingly concerned with Li-ion batteries that are often behind house and residential fires.
We’ve seen a range of products from e-bikes to cordless vacuums and cellphones grow exponentially as Canadians embrace mobile and bat-
DUE TO THE
RISK OF FIRE FROM BATTERIES,
USERS SHOULD ENSURE THAT THEY PURCHASE A RECOGNIZED BRAND FROM A REPUTABLE MANUFACTURER.
tery powered options. For example, many health-conscious Canadians are trading in their cars for battery powered bikes and scooters and are even using them to commute to work. In 2022 alone, sales of e-bikes hit 70,000 across the country and are continuing to reach higher levels.
But behind these benefits, there is a risk that lithium batteries catch on fire. These fires can cause serious property damage and, in some cases, have resulted in severe injuries.
The problem with Li-ion batteries is their density which is what allows them to store the required energy to power bikes and other devices. In some cases, they can suffer from thermal runaway, which is an uncontrolled chemical reaction that causes heat and then fire.
Common causes of these types of fires occur because of over-charging, poor storage conditions, damage to the battery from cracks and impacts, manufacturing defects and severe temperatures.
WHAT CAN BATTERY OWNERS DO TO PREVENT FIRES?
Due to the risk of fire from batteries, users should ensure that they purchase a recognized brand from a reputable manufacturer. In the case of e-bikes, look for the newly developed CAN/UL 2849 standard, which assures consumers that they are making a safe purchase. This standard isn’t currently required in Canada so you may come across other lower quality options that might be of questionable quality.
For other devices such as portable electronic devices, IEC 62133 is an international standard for the safety of rechargeable Li-ion batteries, which are commonly used in a wide range of consumer electronics and other applications. The IEC 62133 standard sets out requirements and tests for the safety and performance of Li-ion batteries used in portable electronic devices, including cell phones, laptops, tablets, and other devices.
IEC 60335-2-2:2019 deals with the safety of electric vacuum cleaners and water suction cleaning appliances for household and similar purposes, including vacuum cleaners for animal grooming, their rated voltage being not more than 250 V. It also applies to centrally-sited vacuum cleaners and automatic battery-operated cleaners. If you are unsure, check with the Canada Standards Council.
STEPS FOR BATTERY SAFETY
To minimize the risk of fire, these simple steps should ensure safe keeping:
• Never modify the device’s battery system or use after-market rapid chargers.
• Don’t substitute batteries that are not designed for or compatible with your product.
• Always inspect the battery to look for cracks, leaks or other damage. Impacts from rocks and other points of contact could increase the risk of a runaway thermal event.
• Remove the battery from the charger or the device (if safe to do so), should the battery become hot or produces smoke.
• Store devices, especially bikes, in a well-ventilated area that is protected by sprinklers and smoke detectors.
• Never leave an e-bike or e-scooter on a balcony or anywhere near combustible materials.
• Batteries should not be charged overnight, and a charging battery should not be left unattended.
• Batteries should not be charged near flammable materials such as beds and furniture.
• Batteries should not be stored on a full charge. Instead, ensure the battery is fully drained and stored in a metal cabinet.
Once the battery reaches the end of its life, it should not be disposed of in the garbage. Recycle Batteries Canada offers a website that locates drop off locations for safe recycling.
Battery powered devices are new territory for property managers and apartment owners alike as they come to terms with policies to keep residents safe while recognizing the importance of this new activity.
As battery powered products continue to grow in popularity, property managers and apartment owners cannot stop residents from having them on the premises and are best advised to work out practical rules and policies to minimize risk and ensure safety. In the case of e-bikes, policies can be complicated by the fact that each residence could have more than one e-bike on the premises. E-bikes are often heavier than regular bikes and present challenges when moving them through hallways and into elevators.
One option is to provide residents with a safe space to charge and store their e-bikes to minimize risk. However, many residents are reluctant to store an expensive bike even in a secure area for risk of it being stolen. Some buildings have, or are exploring, additional theft prevention with security cameras and providing wash areas to reduce dirt and grease being tracked into the building.
While the issue around batteries is still evolving, ongoing communications need to be provided about the risks of e-battery fires to residents through regular updates such as newsletters and emails. These need to remind residents of best practices and the risks associated with fires whether it’s their phone, laptop, vacuum or e-bike.
WHAT TO DO IF THERE’S A THERMAL RUNAWAY FIRE
If a battery starts to produce smoke or catches on fire, step away from the device and call the fire department immediately. BFL Engineers note that Li-ion batteries involve intense heat and cannot be extinguished using a regular fire extinguisher. However, an ABC extinguisher can be used to put any fire out that has spread around the area of the battery fire.
Fire safety starts with all of us, and it will be an important reminder this year as we recognize those batteries are an important part of our daily lives but can cause a lot of damage if not properly maintained and controlled.
BFL CANADA Risk and Insurance Services Inc. is one of Canada’s largest employee-owned commercial insurance brokerages. Our Realty Division has over 200 real estate professionals in 28 cities, serving all property types from strata and condo corporations to apartments, commercial and bareland properties. Learn more at www.bflcanada.ca.
2025 BC MULTIFAMILY REVIEW AND 2026 OUTLOOK
By James Blair and Patrick McEvay, Co-Leads and Managing Directors of the McEvay Blair Multifamily Group at Marcus & Millichap
The British Columbia multifamily market in 2025 can best be described as a year of recalibration and a return to fundamentals. While investment activity remained below peak levels, the market demonstrated resilience as pricing, cap rates, and investor expectations adjusted to a higher rate environment. If we look back to 2024 as being the year investors began to accept that the cost of capital had changed, then 2025 was the year the market actually priced these changes in.
Across the province, price per unit values have effectively reset to early 2020 levels, with the median PPU declining to approximately $247,600, down from $269,800 in 2024. At the same time, average cap rates expanded to 4.52%, the highest provincial average seen in more than 15 years. This widening of cap rates reflects both elevated financing costs and a renewed emphasis on in place income and operational quality. This brings up two points that we noted were strong investment indicators in 2025 and we anticipate will continue through 2026:
• Well run buildings that kept up with maintenance, rents, and operational efficiencies remained liquid, often trading near long term benchmarks.
• Underperforming buildings were penalized, sometimes dramatically, as buyers demanded compensation for weaker cash flow, deferred maintenance, and limited near term rent growth.
Despite lower transaction volumes relative to prior cycle peaks, 2025 activity was not the weakest on record, underscoring that capital has remained active — albeit more selective. As per the points above, investors across B.C., but especially in certain markets in the Lower Mainland, showed a clear preference for stabilized assets with durable cash flow, while properties with deferred maintenance or weak income profiles faced sharper pricing pressure.
REGIONAL TRENDS
The Lower Mainland as a whole remained comparatively stable, with median pricing
holding near $329,000 per unit and cap rates averaging 3.81%. However, meaningful divergence emerged at the submarket level. In the West End, cap rates held around 3.5%, yet median pricing dipped below $400,000 per unit for the first time in over a decade. Marpole continued a multi year repricing trend, now consistently trading below $300,000 per unit, levels last seen in the mid 2010s.
On Vancouver Island, investment activity remained steady but subdued compared to peak years. Victoria experienced one of the sharpest year over year adjustments, with median PPU declining from approximately $283,000 in 2024 to $220,000 in 2025, along-
side cap rate expansion from 4.09% to 4.57%. In contrast, the remainder of the Island recorded modest gains in median PPU, supported by a higher proportion of newer, purpose built rental product transacting during the year.
The Thompson Okanagan recorded transaction volumes broadly in line with recent years, though activity was concentrated in smaller, vintage assets, with limited new construction trading hands. As a result, median pricing and cap rates remained largely unchanged. We have seen an influx of new rental product hitting the market in the Thompson-Okanagan and this has resulted in rising vacancy rates, especially in Kelowna where the most recent
tally is 6.4%. While the absorption of these new units into these markets will be the dominant story-line in the Thompson-Okanagan in 2026, there is notable resiliency in vintage assets across this region.
A notable shift occurred in Central and Northern British Columbia, where transaction count increased meaningfully — rising to 23 deals in 2025 from just nine in 2024. Median PPU increased to approximately $125,000, while cap rates held steady near 6.27%, continuing to attract yield focused private capital and family offices. We were privy to several of these transactions and a driving catalyst to many of these deals was the ability to take advantage of high loan-to-value financing through CMHC, upwards of 95%. There are very few areas in B.C.
where this type of financing is available and those willing to invest well outside of the Lower Mainland, in many cases, had this financing available to them.
From an operational standpoint, rental fundamentals softened modestly. Rents on average reached a 30 month low, and vacancy edged higher in select markets, particularly in newer and renovated, higher end buildings. However, long term demand drivers including affordability constraints in homeownership — continue to underpin the multifamily sector.
By the close of 2025, the market had largely re anchored around a new valuation regime. Prices adjusted, cap rates widened, and underwriting normalized. The year ultimately
achieved what prolonged uncertainty had delayed: clarity.
2026 OUTLOOK
Looking ahead through 2026, the setup to the year feels better. By the end of 2025, price discovery had advanced, cap rates had re-opened, sellers had adjusted, and buyers were back to the table. There will be continued uncertainty with interest rates due to macro factors that no one can predict but the market has adjusted to this new normal, and early indicators suggest improving momentum into 2026. With pricing expectations now better aligned, financing conditions stabilizing, and supply growth slowing, the market appears positioned for a more balanced and constructive phase in the coming year.
James Blair is a Managing Director and co-leads the McEvay Blair Multifamily Group with his partner, Patrick McEvay who have been representing apartment building owners in the sale and acquisition of apartment buildings for over 13 years.
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CANADA’S RENTAL HOUSING MARKET
From Frenzy to Correction
By Wendy Waters, Real Estate Research Specialist
Apartment rental rates surged in many Canadian cities from 2022 into early 2024, coinciding with unprecedented international and domestic migration into the country’s major metropolitan areas. Today, that is reversing.
In new developments that opened during the boom, the rent people are willing to pay for the same unit is lower, whether on turnover or a renewal. Buildings completed in 2025 are not achieving the rents anticipated in 2022. Legacy assets that in 2022 to 2024 achieved strong rent growth when new residents moved in are seeing those gains reverse as waves of new product open and offer homes at similar or lower rents.
Flight to quality remains strong, perhaps even more so. Good, well-managed buildings in coveted locations will experience less disruption than those without these characteristics, especially if there is limited new supply in the popular node. This article presents market generalities.
Rents in some markets and buildings may soften further into 2026 alongside the weaker economy and population growth; however, rents everywhere should stabilize by 2027 and by 2028, gradually start increasing as new supply stalls.
For renters, the situation is favourable in most markets. They have choices and time to make decisions. Property managers must compete for their business. This often means lowering rents, offering incentives, or both.
IMPACT ON OWNERS AND DEVELOPERS
For apartment owners, the present environment is challenging. Maintenance costs continue to rise. Those hoping to develop more rental housing may be struggling to cover costs on existing rental buildings. They no longer have the financial resources to launch a new building; pro forma models may also no longer work, as rents are softening while construction costs, including taxes and fees, are not declining enough to offset lower rents. The result is less supply on the horizon.
THE TEMPORARY NATURE OF THE DOWNTURN
Everyone should understand that soft demand and downward pressure on rents is temporary in most markets.
The long-term pattern of new housing not keeping pace with population growth will return, likely by 2028 and possibly earlier. Presently, the housing market is working through COVID-related distortions in the economy and society. In 2020 and 2021, population flows into Canada froze. Meanwhile, international students and economic immigrants still obtained residency permits. In 2022 and 2023, they all arrived at once (2-3 years’ worth of newcomers) along with non-perma-
nent residents responding to businesses needing workers to fulfill Canadian’s “revenge” spending on goods and services.
The inbound population flow (2022-24) resulted in unprecedented, sudden demand for rental housing from people with money to pay for it. International students arrived with funds to help cover their rent, while new permanent residents were majority “economic class” they had good jobs or the background to quickly obtain one. Temporary foreign workers were similarly coming for jobs. Finally, domestic migrants were also on the move, relocating to the region of their jobs as many positions returned to at least partial in-person activity.
With an existing housing shortage in many metros, this wave of newcomers scrambled to secure scarce housing; as school or work started, they were willing to pay whatever was required. To cover the costs, couples squeezed into studios or shared a two-bedroom home with another couple; other renters had more roommates than preferred (3-6 people in a three-bedroom unit is widely reported).
New buildings leased quickly, with hundreds of people applying for many of the available homes. Renters were increasingly willing to pay higher rents to secure a place, often adding roommates to do so. Rental suites that became vacant in older buildings similarly had bidding wars.
SUPPLY, DEMAND, AND RENTS
Today, rents are sliding not because incomes are down (although the economy feels soft, statistically, incomes are holding or increasing). Rents are easing because renters have choices. Supply has increased. Meanwhile, there are fewer new renters, or depending on the location even fewer renters overall, than in 2024. The federal government’s policy of reducing non-permanent residents is starting to work. As international students graduate, fewer are replacing them. Lowwage stream workers are no longer needed in a soft economy with rising youth unemployment.
And finally, Canada is welcoming slightly fewer permanent new residents. Supply is growing, demand is not. This creates options and downward pressure on prices, which anyone familiar with economics 101 will understand.
PENT UP DEMAND FOR HOUSING REMAINS — NOT AT ANY PRICE
Canada’s larger metros, especially Vancouver and Toronto, still have a housing shortage. There is still pent-up demand that likely exceeds 100,000 units in Toronto and more than 60,000 in metro Vancouver. Young adults living with parents, people in overcrowded housing, are examples. These renters have housing, unlike during the frenzy of 202223 driven by new arrivals. They have a home and are not desperate. They might, however, want more privacy if they could afford it.
Put another way, there is no pent-up demand for any unit at any rent in any location. For example, everyone who is willing to pay $2500 for a studio
apartment has one. However, those three people sharing a small three-bedroom apartment that rents for $5000 might each prefer their own studio but will not pay $2500. They might be willing to pay $1700, and when studios drop to this level, we see quick absorption.
IMPACT ACROSS BUILDING TYPES AND LOCATIONS
All rental buildings have been impacted by this shift, although newer, well-designed properties in coveted locations have generally seen rents remain consistent. Apartments in secondary locations, or in older buildings in good locations, have frequently had to adjust expectations downward to capture the existing renter market.
LOOKING AHEAD — MARKET OUTLOOK
Right now, it is a renters’ market in much of Canada. This will end. The wave of new supply completed in 2025 and 2026 will soon be absorbed,
and by 2028 Canada’s population growth will return to the long-run average (with more than 400,000 people retiring each year, to maintain Canada’s economy, international immigration is essential). Meanwhile, starts are plummeting.
Key takeaways:
1. There continues to be generally downward pressure on rental rates. Rents in many buildings will likely soften over 2026.
2. Buildings and neighbourhoods that saw the largest rent increases since 2020 will likely see the largest rent declines, with some exceptions.
3. The spread between new, high-end buildings in prominent walkable urban areas and rents achievable in older buildings in secondary locations narrowed considerably during 202223. It needs to return (the same can be said of the cap rates — for another article).
4. In 2027, the lack of new supply combined with renewed demand growth will start to drive rents on an upward trajectory.
Wendy Waters is a real estate research specialist with over 20 years of experience including investment strategy, supply-and-demand dynamics, and predevelopment feasibility. Wendy regularly posts charts and insights on her LinkedIn feed www.linkedin.com/in/wendywaters.
Apartment Financing Specialists
LIGHTING RETROFIT SUPPORT
A Practical First Step for Rental Buildings
By Ian Cullis, Vice President, Sustainability, LandlordBC
If you own or manage a rental building in British Columbia, you have likely felt the steady pressure of rising operating costs. Utilities continue to climb while maintenance demands grow as buildings age. Labour and materials are more expensive than they were just a few years ago. In this environment, every line item matters.
Energy efficiency is often discussed in the context of major capital upgrades, such as new windows, heating system replacements, or envelope retrofits. Those improvements can deliver meaningful long-term returns, but they require significant planning and investment. Lighting is different.
Over the past two decades, lighting technology has changed dramatically. Modern LED fixtures consume a fraction of the electricity used by older fluorescent systems. They also last significantly longer, generate less internal heat, and eliminate the maintenance challenges associated with aging ballasts. And with improved colour temperatures, they can transform the look and feel of common areas almost immediately.
In many rental buildings, lighting operates for long hours, sometimes around the clock in hallways, parkades, stairwells, and exterior spaces. That makes it one of the clearest opportunities for operational improvement and cost-cutting.
In practical terms, lighting retrofits often represent the strongest and most manageable business case in a building.
THE BUSINESS CASE IN REAL TERMS
Consider a mid-sized rental property in New Westminster that recently upgraded its common area lighting. The building replaced aging fluorescent fixtures with high-efficiency LED alternatives across corridors and shared spaces. The result was a reduction of more than 39,000 kWh per year, nearly $5,000 in annual electricity savings. When maintenance reductions were included and available incentives were applied, the simple payback landed in just over three years. That is not a deep retrofit. It is not a mechanical overhaul - is a targeted upgrade to lighting systems that were already due for replacement.
Across similar buildings in B.C., common area lighting retrofits regularly produce annual savings in the range of 10,000 to 50,000 kWh. These utility savings often fall between $800 and $6,000 per year, depending on building size and operating hours. With incentives covering up to 50 per cent of project costs for eligible fixtures, and payback periods frequently range between two and four years, and in some cases, they are even shorter. For many landlords, that makes lighting one of the lowest-risk capital improvements available. The savings are measurable, the disruption is minimal, and the financial return is clear.
MORE THAN JUST ENERGY SAVINGS
While the financial case is compelling, lighting upgrades deliver benefits that extend beyond the hydro bill. Older fluorescent fixtures generate excess heat, particularly in enclosed corridors. Reducing that internal heat load can improve comfort during warmer months and reduce strain on other systems. Maintenance demands drop as well. LEDs last significantly longer than traditional lamps, meaning fewer service calls and less time spent replacing burnt-out fixtures in hard-to-access locations.
There is also a visible impact. Improved brightness and modern colour temperatures can dramatically change how a building feels; hallways appear cleaner and safer, amenity spaces feel more welcoming, and exterior lighting becomes more consistent. In competitive rental markets, those details matter.
For many building owners, the appeal of lighting retrofits lies in this combination of operational simplicity and tangible improvement. It is rare to find a project that lowers costs, reduces maintenance headaches, and improves presentation at the same time.
A SIMPLER PATH: THE LIGHTING RETROFIT POOL
Recognizing the opportunity for our members, LandlordBC has launched the Lighting Retrofit Pool Pilot Program in partnership with BC Hydro and a preferred supplier. The idea behind the pool is straightforward: by aggregating demand across dozens of rental buildings, the sector can leverage bulk purchasing power and simplify program delivery. Instead of each landlord navigating audits, quotes, contractor coordination, and rebate paperwork independently, the process is centralized and streamlined.
Participating buildings receive a no-cost lighting assessment, followed by a detailed proposal outlining fixture replacements, projected energy savings, total project cost, applicable incentives, and estimated payback. Incentive applications are coordinated as part of the process, reducing administrative burden. Additionally, installation is professionally managed, and post-project reporting confirms results. And because projects are aggregated across 60 to 100 buildings province-wide, pricing reflects pooled purchasing power. Incentives through BC Hydro’s multi-unit residential offer can cover up to 50 per
Make LandlordBC’s Lighting Pool Your Next Success
The new Lighting Retrofit Pool Pilot Program is a streamlined and effective path to implement a lighting retrofit in your building. By replacing your existing fluorescent lighting systems with advanced LEDs and dynamic controls, you can substantially reduce your building’s energy consumption, while saving on utility and maintenance costs.
Through the program, you’ll gain access to bulk purchasing power through a preferred lighting contractor. LandlordBC’s partner incentives, which will cover up to 50% of your project’s lighting equipment costs, add to a strong business case. Once implemented, project payback between 2-4 years is common and will result in longterm benefits for owners and residents. LandlordBC’s Sustainability team will guide and support you through the entire process.
Make the first step today by contacting a member of our sustainability team at sustainability@landlordbc.ca. Our team will provide a no-cost site assessment and business case to help you decide if the program is right for you, before connecting you with a qualified and experienced lighting supplier to take care of the installation.
Improve building performance, tenant wellbeing, and the environment, while saving costs and increasing the longevity of your lighting systems. Sign up for the Lighting Retrofit Pool Pilot Program today.
cent of project costs for eligible fixtures, strengthening the financial case even further.
LandlordBC oversees the program to ensure quality control, transparency, and accountability throughout the process. For landlords, the result is a clearer pathway from interest to implementation.
WHY NOW?
Spring is often when building owners begin reviewing budgets, planning capital work, and addressing deferred maintenance. Lighting retrofits align well with this cycle. They can typically be completed with limited disruption to tenants and common areas, and they do not require major structural work.
Starting in the spring also allows buildings to take advantage of available incentives before funding allocations shift, while also beginning to realize savings within the same fiscal year. In an operating environment defined by cost pressures and uncertainty, projects that deliver predictable returns deserve attention. Lighting is one of the few upgrades that consistently meets that test.
TAKING THE FIRST STEP
The Lighting Retrofit Pool is open to LandlordBC members and prospective members across British Columbia. Participation begins with a simple expression of interest and a no-cost assessment. From there, landlords receive a clear breakdown of projected savings, incentive eligibility, total costs, and expected payback. There is no obligation to proceed beyond the proposal stage. The purpose of the assessment is clarity to provide building owners with the information needed to make an informed decision.
For many properties still operating with older fluorescent fixtures, magnetic ballasts, or always-on common area lighting, the opportunity is significant. What was once considered a routine maintenance item is now a strategic lever for cost control and modernization.
In a time when building owners are being asked to do more with less, practical improvements matter. Lighting retrofits offer a manageable, financially sound step toward stronger building performance.
Spring is a season associated with renewal. For many rental buildings, it may also be the right moment to reassess what is possible. A small change in lighting can produce a meaningful shift in operating performance and in today’s environment, that is worth exploring.
To learn more about our Lighting Retrofit Pool Pilot Program, including bulk purchasing and 50% rebates on eligible products, contact our team at sustainability@landlordbc.ca.
UPPING YOUR COMMUNICATIONS GAME
By Karen Sawatzky, Owner, Delegate Me Services
In today’s high-vacancy rental market, tenant retention rates can be a make-or-break aspect of your bottom line. Though often overlooked, improving your communication with tenants can be a key part of your tenantretention strategy.
Of course, landlords and property managers already regularly communicate with their tenants — operational demands require that, as does the Residential Tenancy Act when it comes to things like notices of rent increase or entry. Depending on the size of your portfolio and the demographics of your tenant population, you may already contact them in multiple ways, including through email, text and tenant-management apps.
But improving tenant retention requires fostering trust and loyalty, and merely complying with legal requirements may not be enough to achieve that, especially when tenants have the option to move for cheaper rent. The real question is whether you’re communicating only in reactive mode — when required to — or proactively, in anticipation of tenant needs, concerns, and questions.
WHERE TO BEGIN?
Even if you see the potential competitive advantage of shifting to a more proactive communications approach, you might still be daunted — wondering where to start, what tools to use, and how much time and money it would cost.
That’s understandable, but on the plus side, you have the advantage of living in an era of abundant, affordable (sometimes free) digital communication tools that are relatively easy to use and allow you to experiment and test before sharing messages with your entire rental portfolio.
But rather than focusing on tools first, start with content. Begin by listing your tenants’ most common questions and concerns and then categorizing them according to stage of tenancy or your other operational needs. Common questions might include how to get on the waiting list for a parking space, what your pet policy is, or whether tenants are allowed to paint their units.
Next, consider what you most want tenants to know and remember — things that could save you time, money or repair work if tenants clearly understood and acted on them. For instance, have you explained how to avoid introducing bed bugs into your building, or your security precautions for food and package deliveries?
You may already have discussed these things
— verbally — when tenants moved in. But have you provided this information in the form of an accessible reference source tenants can consult instead of contacting your staff?
If not, here are three ways to do that.
But keep in mind — the more diverse your tenant population, the more communication channels you’re likely to need to effectively reach them. It’s also best practice to ask, rather than assume, tenants’ communication preferences. Even tenants who rely heavily on smartphones may not be eager to download another app just so they can ask you why their tap water turned brown today.
THE CASE FOR CREATING TENANT HANDBOOKS
Providing a tenant handbook or manual is one of the more traditional and format-flexible ways to communicate proactively.
Creating one can be as straightforward as collecting existing relevant information in Microsoft Word and converting it to a PDF for online
reading. Print or email it to existing tenants and provide it to new tenants before they move in. Post it to your website if you have one. Include basics such as preferred contact methods and emergency numbers, as well as information that helps tenants feel settled –for example, nearby amenities or the dates of annual neighbourhood festivals.
THE ADVANTAGES OF TENANT NEWSLETTERS
Email newsletters are another practical tool for sharing reminders, updates and useful information. They can include both evergreen (rarely changing) information, such as pet policies, as well as seasonal updates such as upcoming office closures and instructions for holiday waste-disposal. Newsletters also make great tools for periodically soliciting tenant input, such as through surveys.
Let your communication priorities shape how often you publish. A major advantage of email newsletters is flexibility there are no fixed page limits or physical press deadlines. Just
avoid promising a monthly newsletter before you’re sure you can maintain that schedule and write with today’s fragmented attention spans in mind.
Newsletter platforms such as Mailchimp and MailerLite, among many others, offer free plans suitable for many small and medium landlords and property managers, often allowing you to communicate with thousands of subscribers on a regular basis and to target your messages to subsets of your tenant population, such as by address or length of tenancy.
If you do send newsletters, be sure to include an easy unsubscribe option for tenants who prefer not to receive them. This is both a courtesy and a requirement under Canadian anti-spam legislation (CASL).
USE VIDEO TO ANSWER COMMON QUESTIONS
Short instructional videos are another digital communication tool worth considering. Many common tenant questions can be answered
more accurately and clearly in a visual format than verbally or in writing.
For example, a 30-second video might demonstrate how to clean a dryer lint trap, operate a hightech thermostat or lock newly installed windows.
Video can also help bridge language barriers in multilingual communities.
Producing this type of video doesn’t require professional equipment. A short clip recorded on a smartphone will often do perfectly well. Upload to YouTube or similar platforms and share the video link through emails, newsletters, tenant portals, or your website.
In some cases, suppliers or manufacturers may already provide instructional videos that you can simply share instead of producing your own.
As with any communication tool, keep security considerations in mind and avoid sharing sensitive building information publicly. In practice, however, a close shot of a dryer in a common
laundry room reveals no more information than you already do by advertising that your building has laundry facilities.
WHEN TO CONSIDER OUTSOURCING ASPECTS OF TENANT COMMUNICATION
By this point you may see the value of proactive communication but still wonder how it could fit into your existing workloads and stretched budgets.
Fortunately, the same digital tools that make communication easier also make it easier to delegate and outsource. Platforms such as Dropbox and Google Drive allow you to share documents, photos and other materials with a freelancer or virtual assistant.
You might provide the raw material — notes, policies, building photos or answers to frequently asked questions — while hiring someone else
to write or refine wording, format a newsletter or handbook, proofread it, then distribute the final version once you’ve approved it.
This approach allows you to retain the most important element your first-hand knowledge of your own tenants and buildings — while delegating the more technical or time-consuming tasks.
It’s wise to think of proactive communication as an upfront investment with long-term benefits, including cost savings. When tenants have clear information about building procedures and policies, they’re less likely to need individual explanations from you or your staff. Over time, this can reduce your administrative burden while at the same time increasing your capacity to offer a high-quality tenant experience.
As with any new approach, delegation doesn’t have to be all or nothing. Just as creating a short
video to answer a recurring thermostat question doesn’t obligate you to create a 20-part video playlist of maintenance tips, you can begin with a one-time project and decide later whether hiring ongoing support makes sense.
THE BENEFITS OF PROACTIVE COMMUNICATION
Even in a tenants’ market, many renters place significant value on stability and respectful relationships with their existing landlord or property manager. This is because, especially given BC’s long history of high housing costs, many of them will keenly remember the pains and insecurities of renting in an owners’ market. Communicating proactively with your tenants helps to show that you value your relationships with them, too. It also signals that you see them as more than just rent payers and want them to feel at home in your buildings and neighbourhoods.
Karen Sawatzky is the owner of Delegate Me Services, which provides virtual administrative and communications support to small businesses and organizations. She particularly enjoys helping clients with newsletters and clear communication, and has longstanding academic and personal interests in policies that support building more rental housing. Contact her at info@delegateme.biz.
LANDLORDBC EVENTS AND MORE
KEEP TRACK OF UPCOMING EVENTS
We encourage all members to stay informed about our upcoming events by regularly monitoring our newsletters and visiting our website. Throughout the year, we will be sharing details about a variety of programs, gatherings, and opportunities designed to support and engage our membership.
In addition, for members seeking timely education on pressing housing issues, we are pleased to be planning several webinars this year featuring respected housing experts. These sessions will explore a range of important and emerging topics that are highly relevant to our members and the communities they serve. The webinars will provide valuable insights, practical knowledge, and opportunities to stay current with developments across the housing sector.
We encourage you to watch for announcements in our newsletters and on our website for dates, registration details, and further information about these events and learning opportunities.
LANDLORDBC’S EXCLUSIVE LEGISLATIVE HELPLINE: REAL SUPPORT, REAL PEOPLE
If you are a LandlordBC member who recently joined, or if you’ve been fortunate enough not to need advice in the past, you may not be aware of our exclusive, members-only Legislative Helpline. This invaluable service is here to assist you with clarifying your rights and responsibilities under the Residential Tenancy Act and providing guidance on best practices for managing your properties.
The best part? Unlike automated systems, our helpline is staffed by real experts who are ready to answer your questions and offer personalized support to help you navigate the complexities of B.C.’s rental regulations.
This service is the only landlord phone support of its kind in Canada — an exclusive benefit for LandlordBC members. You can reach our legislative experts Monday to Friday, from 8:30 a.m. to 4:30 p.m., toll free at 1.888.330.6707 or via email at info@landlordbc.ca.
HUNTER’S HINTS
When a Tenancy Ends… But Doesn’t
By Hunter Boucher, Vice-President, Operations, LandlordBC
One of the more challenging moments a housing provider can face comes after the end of tenancy process appears to be complete: proper notice has been served, the hearing has taken place, and an Order of Possession has been granted. Despite all of this, the tenant remains in the unit. At that stage, the tenancy is supposed to have ended, but in practical terms the rental housing provider is still waiting for the tenant to actually leave. It is a situation that requires patience and a clear understanding of what steps to take. Adherence to the proper process is crucial to ensure that the matter is handled correctly while moving toward finally regaining possession of the unit.
There are several ways a tenancy may come to an end: a tenant may give notice to end the tenancy, a rental housing provider may serve notice in accordance with the Act, the parties may mutually agree to end the tenancy, or the tenancy may end due to frustration of the contract or abandonment of the unit. Occasionally, tenants who are required to leave the rental unit in accordance with one of these methods to end tenancy, do not.
In cases where a tenant has not left, or the housing provider has reason to believe the tenant will not leave in accordance with an end of tenancy, they may need to apply to the Residential Tenancy Branch (RTB) for an Order of Possession. The timing of this step is important. For example, when a housing provider serves a notice to end tenancy, they must wait until the tenant’s period to dispute the notice has passed before applying for an Order of Possession. Where a tenant disputes a housing provider’s notice to end tenancy, the matter will be decided at a hearing, and if the notice is upheld by the arbitrator, the housing provider will typically be awarded an Order of Possession as part of the decision.
An Order of Possession is essentially the RTB, through an arbitrator, confirming that the tenant must vacate the rental unit. However, it does not physically remove the tenant. While tenants typically vacate at this stage, in some cases where they remain in the unit, housing providers may need to take further steps to regain possession of the rental property. Enforcement requires the involvement of a court bailiff. Understandably, this is where rental housing providers occasionally stumble; it can be tempting to try to “move things along” by changing locks, shutting off utilities, removing belongings, or pressuring the tenant to leave but that will ultimately only create new problems.
Even at this stage, housing providers should continue to communicate with the tenant and assess whether the tenant intends to leave voluntarily. In some cases, a tenant may indicate that they simply need a short amount of additional time to move out. For example, if a tenant says they will vacate within 10 days and the housing provider’s observations suggest they are actively preparing to leave, it may be reasonable to allow that short window rather than immediately proceeding with enforcement. Hiring a bailiff can involve significant costs, so where there are credible signs the tenant will vacate shortly, it may be in the best interest of the rental housing provider to wait briefly while continuing to monitor the situation.
If a tenant does not, and likely will not, vacate after an Order of Possession takes effect, the next step is enforcement through the courts. The rental housing provider should first contact a court bailiff to inform them they intend to file the Order of Possession with the Supreme Court of British Columbia to obtain a Writ of Possession. Once the writ has been issued by the court, the rental housing provider can provide it to a licensed court bailiff who is authorized to enforce the order. The bailiff will typically contact the tenant to provide notice of the enforcement date and arrange a time to attend the property. On the scheduled date, the bailiff attends the rental unit to remove the occupants if necessary and return possession of the property to the housing provider. Only a court bailiff acting under a Writ of Possession may physically remove a tenant or their belongings, which is why this step is required when a tenant does not leave voluntarily after an Order of Possession has taken effect.
A list of registered court bailiffs can be found on the Supreme Court of British Columbia website. Housing providers should contact bailiff firms before making the application for a Writ of Possession to confirm availability, timelines, and costs before arranging enforcement of the writ.
REGAINING POSSESSION OF A RENTAL UNIT AFTER A TENANCY HAS ENDED MAY REQUIRE PATIENCE, CAREFUL JUDGMENT, AND
ADHERENCE
TO THE PROPER LEGAL PROCESS.
It is also important to recognize that the dispute is not necessarily over just because the hearing has concluded or a writ applied for. The period between the Order of Possession and actual vacancy can create additional exposure. If the tenant overholds, continues occupying the unit, or causes further damage, those issues require documentation. Continue keeping records. Preserve communications. If access is lawful and appropriate, document the condition of the unit. If there is damage or financial loss, that evidence will form the foundation of any future monetary claim.
Tenants who remain past the effective date of an order do not become free occupants. They remain responsible for rent or use and occupancy
charges, damage beyond normal wear and tear, and potentially enforcement-related costs. Once the effective date of a notice to end tenancy has passed, the tenant must continue to pay rent. Housing providers should continue to accept these payments as the money is legitimately owed but they need to ensure that by doing so they do not reinstate the tenancy. This is done by issuing receipts to the tenant for the payments after the effective date that state: “For use and occupancy only; does not constitute reinstatement of tenancy.”
It is important to note that while issuing a receipt with this wording helps establish that the housing provider is not agreeing to reinstate or continue the tenancy, its use should be tied to a clear enforcement timeline. It cannot be used to hold the tenancy in limbo without reason. If a housing provider delays enforcement for an extended period while continuing to accept money from the former tenant, it may create confusion about the status of the tenancy and could undermine the housing provider’s position.
Regaining possession of a rental unit after a tenancy has ended may require patience, careful judgment, and adherence to the proper legal process. From obtaining an Order of Possession to, if necessary, enforcing that order through the courts and a bailiff, each step should be taken thoughtfully and in accordance with the Residential Tenancy Act. While many tenants will vacate once the process reaches its final stages, rental housing providers should balance firmness with practicality, maintaining communication where appropriate while also ensuring that enforcement steps are taken in a timely and disciplined manner when needed.
