Quote:
Originally Posted by Scotsman
Well that was fast...
CHOA = Condominium Home Owner's Association of BC
https://choa.bc.ca/whats-happening/
You can find their news release on the Nov 25 link.
With the passing of BILL 44 –Building and Strata Statutes Amendment Act, 2022 strata
corporations across BC will no longer be able to enforce bylaws that prohibit or restrict rentals. Effectively
immediately, all rental bylaws are no longer enforceable.
Only age restriction bylaws of 55 and over that apply to occupancy are now enforceable with a
requirement to accommodate live in care givers or support persons. This will be interesting to watch how this takes shape with investors now wanting to buy those previously undesirable no-rental strata units.
You'll have some no-rental strata owners finally able to rent their place out (intent of this new bill).
Then you have some no-rental strata owners' greatest fears come true, to share space with renters and to have investor owners who won't want to vote for strata upkeep. |
we talked about this a couple of pages ago
this affects us - we live in a 90% non rental building (strata laws did allow for 10% of ~80 units to be rented on a 5ish year waitlist)
I still can't really figure out what this has to do with helping the housing market. Our building is 100% occupied - this really doesn't put any more units into the market.
Even if I rent out my unit - I have to live somewhere. What's the difference?
This just seems like a windfall for investment owners. Why would we want to help this group?
Potential owner occupiers who looked for both a quieter lifestyle, and a possible purchase discount will get blown away in multiple offers by investors.
Just going further down the subscription based society slope I guess.