Fixed Term Tenancy | Ostensibly, a residential lease wherein landlord and tenant agree to terminate the tenancy after a fixed term (usually one year). In Vancouver, however, it is increasingly thought of as a device that enables landlords to annually raise rents beyond the 2.9% allowed by the Residential Tenancy Act. Typically, pressured renters only assent to these types of tenancies in order to secure shelter in the very competitive rental market. It is a cruel trick that all landlords can currently play on local renters, and thus a loophole that badly needs to be closed.
Usage | “It was either sign the Fixed Term Tenancy or keep looking, but there’s just nothing out there…”