BC Government Ends Rental and Age Restrictions for Strata Properties.

On November 21st the new Premier announced sweeping action to expand BC's house supply.

He had this to say about the beginning of his three pronged action plan:

“B.C.’s housing crisis is stressing out and hurting people while it holds back our economy,” said Premier David Eby. “As a first step in my 100-day plan, we are making changes to deliver more homes for British Columbians, faster. We will work with municipalities to set housing targets and make sure the homes people need get built. For those searching for a home today, there's good news. We're making it possible for thousands of condos that are vacant to be rented out as soon as these new laws pass. For those worried about the future, we're setting out a new way to co-ordinate the efforts of our cities and the Province to build the homes people need quickly.”

On November 24th three key changes were made to the Strata Property Act that took effect immidiately. They are:

• Banning of strata rental restriction bylaws;
• Limiting age restriction bylaws in strata housing to age 55 and over; and
• Making electronic meetings a permanent option for strata corporations.

As part of the changes the BC government released the following statement:

'In areas where government has data through the Speculation and Vacancy Tax, there are approximately 2,900 empty condos that cannot be rented out because strata rules prevent them from renting out their condo, and government expects there are more empty units in strata buildings in other parts of the province. This amendment will enable owners to rent out these badly needed homes immediately. Government also expects that some owners in strata buildings would choose to rent out a room in their condo if they were given the opportunity to do so.

“Rules that prevent families with children from living in a home or prevent people from renting the unit they own are no longer acceptable in our current housing market,” said Murray Rankin, Attorney General and Minister Responsible for Housing. “These amendments will open up more rental and homeownership options for people at a time when they’re needed the most.”'

The mayor of Vancouver, Ken Sim, had this to say about the changes:

“By removing restrictions on strata housing units, this act will help deliver much-needed rental supply, making it easier for families with children to live and work in Vancouver. No municipality will benefit more than the City of Vancouver (the city with the largest number of strata units) from the removal of strata rental restrictions. Furthermore, the collaborative approach toward housing targets is a critical step forward and will help ensure predictable increases in housing supply across the Lower Mainland. This legislation goes a long way in addressing housing shortages in Vancouver and has my full support.”

If you have any questions about how the new rules will affect your housing price Contact Us Today!