If you read it to the end you will know some key actions to take.
Since the new laws have passed existing tenancies have had some troublesome question marks around them. With new tenancies, it would be a lot better to address some very critical issues, in the beginning, in writing.
For me, as a property manager, I thought a lot about how the new marijuana laws would affect existing tenancies. As a landlord, some may have even lost a bit of sleep over it. Please, understand that all existing tenancies, through the new legislation, are considered to include a term prohibiting the growing of cannabis in or on the residential property. In my opinion, it's strongly recommended to point this out to existing Tenants as they may believe it's a free for all now. BC laws state 4 plants maximum to be grown out of the public eye. FYI 30 grams is the max for a person to have on them with the age being 19+. If the tenancy has a non-smoking clause, it's considered to prohibit smoking cannabis. However, it does not include the vaporizing of cannabis.
Vaporizing, over just a few years has become extremely popular. mainly among the younger generations. We do not know yet the long term effects on health or your rental property. I would urge any new tenancy to have a non-vaporizing clause. Furthermore, to have a non-incense clause and a non-incinerating clause including open flame e.g. candles.
With these new cannabis laws, it's worth investigating your mortgage lenders policy on cannabis growing in the home and on the property. Also, what your home insurance states in regards to damage as a result of cannabis growth. With your insurance, they may even limit how many regular house plants you are allowed in the home. Your insurer may even consider one cannabis plant to be the equivalent of several regular house plants. As cannabis has an incredible growth rate and has a high level of humidity. The growth cycle from seed to maturity of the cannabis plant can be as short as two months. It may be a good conversation to have with your lawyer about having to disclose if cannabis was ever grown in the home. I am licensed in Real Estate Trading Services and know you have requirements for the property disclosure statement during the sale of your investment property.
I support Canada's decision to legalize what the majority wants. As a property manager, my position will always be to protect the investment properties of my Landlords in every way I can. We are adjusting to a change at the moment and we need to do it the correct way with proper communication to our Tenants.
As always, when you feel in over your head with your rental property give me a call. If you're not ready for full-time property management I do offer to consult. If you're looking to sell your tenanted property you should have someone licensed as both Realtor and Property Manager like me. The fines stated in the new legislation are up to 12 months rent payable from the landlord to the tenant if the tenancy isn't ended correctly. These items above indicate that its time for specialists in all fields involving your income property, reach out to us we want your business.