Most Rental and Age Restrictions are no longer valid with the passing of historic legislation last month!
David Eby followed through on the promise he made in his leadership campaign and introduced Bill 44 which has amended the Strata Property Act so that is no longer legal for Strata’s to adopt bylaws which restrict rentals or impose a minimum age for owners or residents below 55 years (senior housing). This Bill 44 was effective as soon as it passed on November 24th and any bylaws that were previously in place are now unenforceable.
Owners will still need to follow their Municipal bylaws when it comes to short term rentals. A strata can not restrict rentals but they can refuse permission to obtain a short term rental business license as required in Vancouver when renting for a period of less than 30 days.
The Premier stated that 2900 homeowners asked for exemptions from the speculation and vacancy tax based on the fact that their Strata would not allow them to rent their unit out. 2900 homes could be added to the rental pool, a rental pool which is in dire need after an over 40% increase in rents year over year in some parts of BC.
If you are a buyer in this current market, make sure you go back and look at the units you crossed off of your list because of the age restrictions or rental restrictions. You can now look a bit more freely knowing that if life throws you a curveball; you won’t be as stuck as you may have been in a Strata that doesn’t allow rentals or children.
For homeowners in a previously restricted building, your options just opened up big time. Talk to your Realtor about how this affects the value of your home as well as your Mortgage broker. Depending on your situation, maybe you have grown out of your studio apartment, you may be able to keep this unit and rent it out while you upsize into something bigger and start earning passive income!
Either way, your home will have many more eyes on it when it comes time to sell.
Reach out if you have any questions, let's chat about how this affects the value of your home!
-Kade
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