On November 24th 2022 the BC Legislature passed 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. Strata complexes will only be able to restrict short term rentals and 55+ rental restrictions.
Landlords will still be obliged to provide a a Form K Notice of Tenant’s responsibilities to the strata corporation. With these changes Landlords and tenants must still comply with all other bylaws and rules of a strata corporation
This change came about after David Eby commented, “(We’re) in the middle of a housing crisis,” Eby said Tuesday. “We need every single unit we can get immediately for people in British Columbia. I know everyone in this room knows that.” (Global BC)
The Condominium Home Owners Association of BC will be hosting a free Bill 44 Information Webinar on November 30, 2022 at 12:00noon. Please visit the CHOA website at www.choa.bc.ca for a link to the webinar. For anyone who cannot attend the webinar will be recorded and posted on the CHOA YouTube channel
What does this mean for buyers and sellers?
Now that rental restrictions have lifted, investors will be looking at condos for a good ROI. Areas such as Port Moody have a few older complexes that sell below market value because of these restrictions.
Review strata bylaws (for re-sale strata lots) and/or consumer disclosure statements (for pre-sale strata lots/strata lots purchased from a developer) and advise your clients to seek legal advice if they contain restrictions that are no longer compliant with SPA; and
The province of British Columbia has potentially allowed for 300,000 homes to be rentable with the removal of the restrictions.
If you are currently under contract to purchase a rental or age restricted property, you may wish to seek legal advice.