In this episode of Own Your Life, we plan to cover the current hot topics:
~ BC has lifted rental restrictions √
~ November sales data √
👉 Learn more, call Jessi at 604 716 6474, email jessi@jessijohnson.ca or schedule time to chat here: https://calendly.com/jessirealestate
The BC government has announced that your strata can no longer control rental policies, and limiting age restrictions to 55 and up. In efforts to help alleviate the housing crisis, the provincial government made a new policy. The goal, is to help people find more affordable housing and those that need to rent out their homes. There are approximately 2,300 (2900 according to the Vancouver Sun) empty condos across BC that cannot be rented due to strata rental restrictions.
Strata’s can still regulate short-term rentals such as Airbnb’s, which can now come with an enforceable fine of up to $1,000/day. Strata bylaws that limit residents to age 55 and over are still valid. But, any strata bylaw restricting ages under 55 is no longer in effect. Eliminates by-laws that prevented children / minors from living in buildings that otherwise allowed adults to live there. Now to be clear, these amendments to the Strata Act were announced on November 21 and went into effect immediately.
Let’s say you own a condo with an age or rental restriction, what just happened to you, basically overnight? You just won the lottery! Odds are, the value of your condo just went up $50,000 to $100,000+.
Or what if you have wanted to upgrade to a larger property or move to a different location but couldn’t due to these restrictions? Well, now you can and we are here to help. And, furnished suites in desirable neighbourhoods are incredibly lucrative for mid-term rentals (30+ days). 30+ days is no longer considered short term, but remember that some stratas still put the minimum at 90 days / 3 months.
Watch the video for more details 🙂
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