Quote:
Originally Posted by The Producer
i guess I officially don't live in a non-rental building anymore.
upside - could roll up to my parents house for a few years and bank 3k a month.
could try a different town for a bit and probably net zero or better while hanging onto our ownership.
downside: i won't be the only one thinking about doing that. our owner occupied building is for the most part well managed and taken car of by owners that care about their homes. i'm generalizing but in my experience the current ~10% of units that are rented (current strata bylaw) are the toughest neighbours to deal with.
Fortunately this does not force stratas to allow short term rentals. We'll be able to continue to ban airbnb's etc in our building.
Time will tell how his plays out I suppose. I'm not exactly sure how this helps anybody. Will more owned but unoccupied units make it to the rental market?
https://news.gov.bc.ca/releases/2022PREM0065-001745 |
"In addition, the Province is making amendments to the Strata Property Act to end all strata rental-restriction bylaws and to limit age-restriction bylaws so that the only permitted age restrictrion is to preserve and promote serniors' housing through the “55 and over” rule in strata housing."
It's finally happening...... I would not be surprised if this gets overturned in some court.
If this goes through, it's going to be massive. More investors are going to pile into the well managed stratas, rental stock will spike, home prices will increase, and there is going to be alot of unhappy home owners that their buildings are slowly going to become rental buildings.
Personally, I no longer need to worry about only looking at 25% of homes when shopping due to rental restrictions.