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01-22-2012, 01:24 AM
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#1 | | OMGWTFBBQ is a common word I say everyday
Join Date: Apr 2001 Location: Vancouver, BC
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| question on condos, rental property restrictions
so I was speaking to a marketing/sales person recently about a new high rise going up in Vancouver. I was asking about the property and the rental restrictions that would be placed on this new building that will be erected in the near future.
the sales person said that there is a new law that states that any building built 2010 or later can not have any type of limit on the number of rental units available in a condo building. he explained that this was introduced due to the low vacancy rates in Vancouver.
I then asked him that in theory, one could live in a condo that is entirely made up of rental properties. he replied yes that can happen. is this true or is the marketing person trying to make it sound too good to make a sale.
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01-22-2012, 08:59 AM
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#2 | | Old School RS
Join Date: May 2004 Location: Port Moody
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I don't know of a city-wide law that states you cannot limit rental units, but you really need to look at the proposed strata guidelines for the building, they are the most "official" source you can get close to.
Mark
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01-22-2012, 11:13 AM
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#3 | | I *heart* Revscene.net very Muchie
Join Date: Jun 2004 Location: Melbourne
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There are no provincial laws that dictate if a residential unit can be rented out or not. It gets delegated to the strata council to decide on the rental restrictions as a bylaw as stated by lowside67.
Take your realtor's words with a grain of salt. If you decide to act against the rental by-laws imposed by the strata council, you may be forced to sell your place (unless other members of the strata council makes a motion to remove the rental restriction.)
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01-22-2012, 02:50 PM
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#4 | | Wunder? Wonder?? Wander???
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If you buy a condo before there is a strata is established then you will be grandfathered in. So, if you buy in the construction phase then you will be able to rent your condo out. If your strata down the road puts limits on how many can be rental suites, you will be able to still rent yours out. This happened to me in one of my condo's but with my dog. I moved in and there was no dog restrictions. Then our strata voted in a bylaw that your dog has to be under 15lbs. But I'm grandfathered in with my 85lbs argentine dogo.
And to answer your statement if a building for fully be rented out. Yes it can one of my other condo building is. It was built in 2010, and all of the buyers in the building rent there units out. So, it's 100% renters right now.
Last edited by Wild_Penguin; 01-22-2012 at 02:59 PM.
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01-22-2012, 04:26 PM
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#5 | | OMGWTFBBQ is a common word I say everyday
Join Date: Apr 2001 Location: Vancouver, BC
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another RS member pm'd me this link: http://www.bcrea.bc.ca/news-and-publ...2010-%28436%29
thanks for all the info guys! and yeah, this discussion was in regards to a condo that is in the pre-sale stages at the moment. looks like the sales guy wasn't blowing hot air.
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01-26-2012, 02:51 PM
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#6 | | Director of RS Cares
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^ he wasn't. It was a hot topic in the realtor magazine distributed by the real estate board. A good source to look into, if you're unsure is your rental disclosure.
__________________  tiptronic: getting cut off by bicycles since 2007
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02-11-2012, 10:35 PM
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#7 | | SiRVs up, dude
Join Date: Jan 2004 Location: Outerspace
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semi-off topic. Say I own a condo and I'm renting out to someone. Can I write off strata fees (or anything else?)
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02-12-2012, 12:56 AM
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#8 | | I Will not Admit my Addiction to RS
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Yes, I write-off strata management fees, property management fees, property taxes, insurance and any repair expenses (ie. replacing shower heads, etc). You can also deduct mortgage interest (not the principal) as well, if applicable.
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02-13-2012, 11:29 AM
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#9 | | I bringith the lowerballerith
Join Date: Mar 2002 Location: Vancouver
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There's only 2 ways where any restrictions (rental allowed or rental not allowed) can be placed on a building.
It's either the City or Municipal Bylaw.
OR
Strata Corporation Bylaw.
Given how expensive it is to own, and there is a demand for rentals. Not many city or municipals would of rental bylaws on buildings not allowing the units to be rented.
When a Strata corporation places a bylaw on the building its usually due to the following reasons:
The strata wants to protect and serve in the best interest of everyone owning and living in the building. (I.e don't allow rentals, rentals with restrictions, etc)
More on this topic....
City of Vancouver would be pretty dumb to place rental bylaw regulation on all old/new buildings considering they themselves are having trouble addressing housing affordability.
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