CANADA, July 26 - The B.C. Financial Services Authority (BCFSA) has taken urgent action to protect the interests of tenants and landlords of approximately 350 properties in B.C. by freezing the bank accounts and suspending the licence of Vancouver-based rental property brokerage firm Rent it Furnished Realty.
While there are no immediate impacts to existing tenancy agreements, B.C.’s Residential Tenancy Branch (RTB) is ready to help landlords and tenants with concerns and questions about measures they can take and laws in place to protect their interests. Tenants and landlords are urged to make themselves aware of their obligations or rights under the Residential Tenancy Act.
People with questions should call the Residential Tenancy Branch between 9 a.m. and 4 p.m. at 604 660-1020 on the Lower Mainland, 250 387-1602 in Victoria, and 1 800 665-8779 elsewhere in B.C., and visit: www2.gov.bc.ca/gov/content/housing-tenancy/residential-tenancies/during-a-tenancy/paying-rent
Landlords and tenants should be aware during this time that:
- Landlords are not permitted to evict a tenant for non-payment of rent or non-payment of deposit if it was paid to Rent it Furnished as per the tenancy agreement.
- Landlords will not have access to money managed on their behalf by Rent it Furnished accounts and are advised to take the necessary steps to change their rental payment arrangement, according to the terms of their tenancy agreement. This could include seeking an alternative licensed rental property management brokerage to set up alternative accounts.
- Tenants are advised to continue paying their rent according to the terms of their tenancy agreement, unless contacted by the landlord directly with alternative arrangements. Tenants are urged to confirm this person is the property owner.
- Tenants who paid rent directly to Rent it Furnished cannot be evicted for non-payment of rent and they are not required to pay the rent a second time to the landlord.
- Landlords should review their tenancy agreements, which include tenant information. They should contact their tenants in writing immediately to help ensure rental payments are directed to the appropriate recipient.
BCFSA is an independent Crown agency of the Government of British Columbia that oversees credit unions, trust companies, insurance companies, pension plans, mortgage services, real estate services, real estate development marketing, and money services businesses.
Following a series of escalating steps, BCFSA took action against Rent it Furnished Realty in order to ensure all funds are fully accounted for, to protect people’s money and reduce potential for misappropriation of funds. These funds can include rent payments, security deposits and fees collected by Rent it Furnished for their landlord clients.
Learn More:
For more information about the BCFSA’s actions, visit: https://www.bcfsa.ca/about-us/news/consumer-alert/information-landlord-and-tenant-clients-regarding-order-urgent-circumstances-rent-it-furnished-inc
