Your BC Landlord Could Owe You Some Money & Here's How To Calculate How Much (VIDEO)
A lot of people had no idea this was even a thing.
Vancouver apartments.
A TikToker shared some advice for all the renters out there in B.C., and it turns out you might be entitled to some extra money from your landlord and not even know it!
People in the comments were surprised to find out that landlords in the province have to pay interest on security and pet damage deposits. It's also super easy to find out how much using an online calculator.
"I had no idea this was a thing," one person on TikTok said.
The B.C. government website said in 2023, the interest payable on security and pet damage deposits is 1.95%. Landlords are responsible for calculating the amount of interest they might owe a tenant before sending back the deposits.
If you want to make sure to get all your money though, you can also check for yourself.
@industrialbacklash It’s the first time since 2009! Get what you’re owed by law. #bc #renterfriendly #affordability #housingcrisis #landlordsfromhell #socialism #landlordspecial #greenscreen
You might not get a whole lot of money back, but in this economy, every penny counts.
How to calculate how much you're owed
To calculate how much interest your landlord may owe you on your deposit, you just use the Deposit Interest Calculator. It will ask you how much your deposit was, when you paid it, and when you are getting it back.
Say you are renting a two-bedroom in Vancouver for $3,600, which according to Zumper is (sadly) the average. A damage deposit in B.C. can be up to half of the first month of rent, so $1,800 if you're someone renting an average-priced two-bedroom in the city.
Using the Deposit Interest Calculator on the government website, it said that you could get about $32.12 of interest in that case, if you were renting for the full 2023 year.
In one of the most expensive Canadian cities, at least it's something!