Interest-ing: If you're a BC renter, your landlord might owe you a paltry sum of money (VIDEO)
If you’re a renter in BC, there’s a good chance your landlord might owe you a bit of money if you expect to get a security or damage deposit returned this year.
This news stems from the fact that current interest rates are at levels not seen in over a decade.
The BC Residential Tenancy Branch has a deposit interest calculator that applies to both security and pet damage deposits if you’re curious about what you’re owed.
- You might also like:
- Vancouver packing company sees spike in people moving away from BC
- "That isn't our approach": Vacancy control not a priority for the BC government
- Over 1,100 fires in SRO buildings in Vancouver over the last seven years
As TikTok user @IndustrialBacklash points out, this is the first time this reality has existed for renters since 2009, so “get what you’re owed by law.”
@industrialbacklash It’s the first time since 2009! Get what you’re owed by law. #bc #renterfriendly #affordability #housingcrisis #landlordsfromhell #socialism #landlordspecial #greenscreen ♬ original sound – Pantone Traveler
It is all the result of the prime interest rate being higher than it has since 2009.
“Since the prime lending rate on January 1, 2023, was 6.45%, the interest payable on deposits in 2023 is 1.95%,” says the BC Ministry of Housing website.
This only applies if you haven’t broken windows or damaged floors, and Fido hasn’t peed all over the walls and stained them, which would likely result in you forfeiting your deposit to the landlord.
The sad news is it won’t be a lot.
One TikTok user wrote, “can’t wait to get my $7 in July!!”
No one likes math unless it results in free money, so let’s put a few equations together to show you much you might be owed.
Say you rented a place in March 2019 and put down a deposit of $1,000. Then, if you had plans to move out in March of this year, you’re entitled to a return of $1,003.21, netting an extra $3.21, which is suitable for a little more than a litre of gas in Vancouver.
If you first began a rental on June 1, 2016, and are planning to move to Alberta like many BC residents in June 2023, you’d be getting $806.50 based on putting down $800.
You can file a dispute if your landlord fails to pay you what you’re owed, and keep in mind this may not be a reality in 2024 based on interest rates.
You can find more nuts and bolts about what you’re owed in the Residential Tenancy Act.