Residential Tenancy Act

This section covers:

  • Exclusive Agreement
  • Tenancy Terms
  • Fixed term agreement
  • Access by Owner
  • Routine Inspections by Owner

Exclusive Agreement: The agreement between the Owner-Vendor and HighStreet Accommodations is an exclusive agreement. It is a true tenancy agreement between the Landlord (Owner-Vendor) and Tenant (HighStreet), governed by the Residential Tenancy Act of British Columbia (RTA), and is not an agency agreement.

Tenancy Terms: HighStreet is the legal tenant in the suite and as such, enjoys all the tenant’s rights and responsibilities of use and enjoyment under the RTA of B.C.

Fixed Term Agreement: The tenancy agreement between the Owner-Vendor and HighStreet operates for a fixed period of time, and which renews annually for an additional fixed term unless one of the parties to the agreement gives a Notice of Termination to the other.

Access by Owner: All access by the Owner must be conducted under the provisions of  the RTA of B.C. The Owner has the right to access the suite only when he or she provides correct notice to HighStreet.

Routine Inspections by Owner: If the Owner wishes to routinely inspect his or her suite for damages and other concerns, all such inspections can be arranged by giving proper notice to HighStreet and by making arrangements for an inspection visit through our offices.
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Strata Properties Act

This section covers:

  • Form K
  • Minimum rental periods
  • Pet restrictions
  • Move-in/ move-out fees
  • Strata Management Relations

Form K: The Form K is also called a “Tenant’s Undertaking,” and is required by law. The Form K requires that the tenant and/or its guests agree to follow all the rules and regulations of the Strata Corporation.

HighStreet, as the legal tenant in the suite, is responsible for ensuring that its Licensees and Guests adhere to and comply with all the rules, regulations, and by-laws of the Strata Corporation that governs the building. In the event that Licensee is non-compliant and inurs a fine or other penalty, HighStreet is responsible for collecting that fine from the Licensee for remittance to the Strata Corporation.

If the Strata Corporation wishes to be advised of each new resident,  HighStreet complies with the requirement.

Minimum Rental Periods Imposed by Strata Regulations: HighStreet will not knowingly sign up a unit in a property with minimum rental period restrictions.

Pet Restrictions: If Strata by-laws restrict pets, HighStreet complies with the restriction.

Move-in / move-out fees: HighStreet operates transparently within our building communities and acts in full compliance with all rules and regulations regarding change of occupants.

In the event that a Strata Corporation insists on levying such a fee on the arrival or departure of a Licensee of HighStreet, any such fees are the full responsibility of the Owner-Vendor.

Strata Management Relations: HighStreet seeks to create and maintain excellent relationships with the Strata Corporations responsible for managing the buildings in which our suites are located. We let them know that we are available 24/7 in case of emergencies, and we inform them that if there is a problem with a suite or with one of our Licensees, we are available and will respond quickly.

From time to time, HighStreet offers to attend Strata Council meetings to either make a presentation to the Council or to answer questions about HighStreet’s program and activities, should they have any.

HighStreet’s attendance at strata meetings is at no cost to the owner; we willingly participate in the matters of the building communities for the intended benefit of all concerned.
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Canada Revenue Agency (CRA)

This section covers:

  • Goods & Services Tax
  • Non-resident reporting

Goods & Services Tax: In the event of unseen circumstances in which a residency becomes less than the required minimum one month period, HighStreet collects and remits GST on any such bookings.  However, reservations of one month or more are exempt from GST.

Non-Resident Reporting: Under CRA rules, HighStreet becomes liable as the agent of a non-resident owner for collection and remittance of the withholding tax associated with the revenue generated by the Owner’s property. Non-resident real estate investors are required to file annually with CRA and HighStreet receives instructions from CRA on how much and how to calculate the monthly remittances by filing a monthly NR4 report (link to CRA website).

NR4 remittances are made monthly and reported on the Owner-Vendor’s monthly statement of revenue and expenses.
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Hotel Room Tax & MRDT (Municipal & Regional District Tax)

Hotel Room Tax and the MRDT are provincial and municipal taxes that are applicable to reservations of less than one month. The collection and remittance of Hotel Room Tax, when applicable, is HighStreet’s responsibility. In the exceptional circumstance where a booking has been reduced to less than a month, the taxes apply.
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Insurance for a suite under the care and control of HighStreet is specialized because the tenant is HighStreet and the occupant is HighStreet’s Licensee.  Not all insurance agencies are aware of the particular policies that cover this type of use, so Owners must be careful to choose the right coverage when acquiring insurance.

  • Loss of revenue
  • Liability insurance
  • Damage
  • Strata deductible
  • Finding a policy

Loss of revenue insurance: a form of insurance that will pay the Owner his or her expected revenue in the event that the property becomes uninhabitable; e.g., in case of fire or flood. We highly recommend this type of policy be included an Owner’s insurance protection plan.

Liability: Owners must select a $2 million minimum liability policy under the terms of HighStreet’s Owner-Vendor agreement.

Damage: is not insurable under an insurance policy, but HighStreet has the full responsibility of a tenant for damage other than normal wear and tear.

Strata Deductible The owner must have a policy that covers the strata deductible. The deductibles vary by strata community and it is a wise owner who confirms the amount of this deductible each year before renewing his or her insurance policy.

Finding a policy We can refer an Owner to an insurance agent who handles the correct insurance if you need it.
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Selling the Property

This section covers:

  • Notice of Sale
  • Realty Showings
  • Access of Unit

Notice of Sale: if an Owner intends to sell his or her property, he or she must notify HighStreet immediately.

Realty Showings: will be supervised and restricted as necessary in order to protect the Guest’s quiet enjoyment of the property; there will be no unrestricted access to the suite.

Access of Unit: Owners and/or their real estate agents and/or potential buyers will not be able to access the suite without a HighStreet staff member present.
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Personal Use of Your Suite

Many of our Owner-Vendors love having a home-away-from-home in beautiful Vancouver, B.C., and throughout the Lower Mainland, and when their suites are part of HighStreet’s hospitality management program, suites can be reserved for personal use. There is no charge for personal use, except for the cost of housekeeping service at the end of the Owner’s visit.

  • Personal Use
  • Housekeeping
  • Substitution
  • Reservation for personal use
  • Private revenue bookings by owners
  • Affect on paying reservations
  • Exclusive property listing

Personal use by Owners is restricted to times when the property is not reserved for the use of paying guests. A prior reservation with the HighStreet Reservations Department is required to secure the suite for personal use, so that HighStreet can effectively manage its inventory and revenue.

Housekeeping charges will apply at the end of the Owner’s stay and additional services may be requested at HighStreet’s standard rates during the stay.

Substitution: In the event that the Owner’s suite is reserved by a Guest, and the Owner does not wish to wait until his or her own suite is available, another suite in HighStreet’s inventory can be offered, but only if the alternative unit meets the minimum one month stay requirement.

Reservation for Use: To make a proper reservation in HighStreet’s reservations system for personal use, Owners should call HighStreet’s office as soon as they can. A Reservations or Guest Services Agent will check availability and prepare the reservation confirmation paperwork. The Owner simply completes and returns the confirmation, and the suite is reserved.

Private Revenue: Owners may book immediate family (e.g., children, parents, siblings) into their suite. Personal use does not include private revenue-generating bookings made by the Owner. A private revenue booking constitutes a breach of HighStreet’s Owner-Vendor Agreement.

Affect on Unit Revenue Personal use reservations may directly affect unit revenues in the periods both leading up to and following a reservation for personal use. For this reason, we try to work closely with owners who want to book their units for personal use in order to minimize their loss of revenue.

Exclusive Property Listing  HighStreet operates with a strict requirement for an exclusive agreement with the owner of the property. Owners may not list their properties with any other operators, including on line platforms, property management companies or corporate housing companies.
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Terminating the Tenancy Agreement with HighStreet

The Agreement can be terminated with due notice, provided that termination will not interfere with a previously-made or already existing Guest reservation.

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