Globe and Mail: Vancouver renters being squeezed out by ‘renovictions’

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October 9, 2015 | Kerry Gold | The Globe and Mail

“If today’s wealthy buyer does rent out a house, it’s to capitalize on it while they await development permits, says MLA David Eby, who’s seen a spike in evictions in his Point Grey constituency. But a lot of those landlords are offering only a fixed-term lease, which means that after a year, the tenant will likely be facing a major rent hike or have to move. The fixed-term lease is increasingly being used instead of the month-to-month rental, which makes it harder to remove a tenant. And because tenants are so desperate, they are agreeing to fixed-term leases.

‘“I’m seeing it in investor-held, single-family homes, where the overseas buyer is renting out homes on a fixed-term basis to families,” says Mr. Eby. “That’s where I’m seeing it, and it’s a serious issue.”

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http://www.theglobeandmail.com/life/home-and-garden/real-estate/vancouver-renters-being-squeezed-out-by-landlords-renovictions/article26756305/