If you are renting on a monthly basis, to secure your reservation, our property owners require a deposit equivalent to 50% of the first month's rent, which is in accordance with the guidelines prescribed by the British Columbia Residential Tenancy Branch. When you move in, this deposit serves as your damage deposit. This damage deposit is held by the suite owner to cover any damage caused by a tenant beyond normal wear and tear during the tenancy. The damage deposit is fully refundable after the end of the rental period, subject to a suite inspection.
If your stay is less than one month, the damage deposit varies from owner to owner, but generally is 50% of the rent payable.
The property is not considered reserved until the Tenancy Agreement has been signed by both parties and the security deposit has been received. Tenants are expected to pay the Security Deposit within 3 days of booking.
You're expected to pay the first month's rent or, in the case of daily or weekly bookings, the entire rent, upon arrival. All payments are in Canadian dollars and are paid directly to the property owner.