As prices fall, some renters will be displaced when their speculator landlords decide to sell. This from kansai_92 at RE Talks 2008 May Wed 07, 8:10pm -
“My landlord stopped by today and indicated that she’s selling the condo that we are leasing. The thing is I signed a 1yr lease and it does not end until October 2008. Our lease agreement contains a clause in there that indicates either party can terminate the lease with 60-days notice. I always thought this is referring to giving notice 2 months prior to the end of the lease to indicate to the other party that there will be no renewal. I’m not that familiar with BC tenancy laws as I only own property in Alberta. What are my options?
..She was panicked because she told me that the market is crashing and that her realtor thought she should get out now while she can. She also mentioned that last year her realtor said she could sell for $879K, but now she has to list at $839K.“
–>Our lease agreement contains a clause in there that indicates either party can terminate the lease with 60-days notice.
The clause is binding which means you will have to follow through with vacating. The future purchaser of the condo may leave it as a condo and therefore will need tenants so you wont have to move.
–that was my opinion, please seek legal advice- sorry this was removed from my initial post.