As of last week, as per Bill 44, all strata properties, be it a condo, townhouse, or bare land strata home, are fully rentable. Any rental restrictions that were in place are now unenforceable. The only restriction that strata properties can make is a bylaw restricting short term rentals (Airbnb-type rentals).
When the news first came out, the rumour circulated that strata homes that have 55+ age restrictions can enforce rental restrictions, but that is NOT true: ALL strata properties now must allow rentals.
The other major change is that all age restriction bylaws are unenforceable, except buildings that have or are adopting a 55+ age restriction. The 55+ age restriction means that one or more people who RESIDE in the residence (be it owner or tenant) must be 55+. The strata owners have the option to pass a bylaw specifying if one or all residents in a unit need to be 55+. Note that an owner of a strata unit in this building can be any age, but whoever RESIDES in the unit needs to be 55+.
This is a big legislative change, and there are many questions that have come up and many answers are not clear yet. Do reach out to me with your questions, and note I may have to refer you to a lawyer who is an expert in strata law. The main takeaway is that it doesn’t matter if your current bylaws state that your strata has a 19+ or 40+ age restriction, or limits the number of rentals in the building to, let’s say, 5 units at a time; these bylaws are now unenforceable: All strata properties are fully rentable, and only the 55+ age restriction for residents is enforceable if there is a 55+ bylaw. Some buildings are apparently quickly adopting this age restriction as a new bylaw, lawyers have been busy this past week.
Victoria Real Estate Board Market Report for November 2022
November 2022 | November 2021 | |
Net unconditional sales | 384 | 653 |
New listings | 785 | 696 |
Total active listings | 2,111 | 887 |
A total of 384 properties sold in the Victoria Real Estate Board region this November, 41.2 per cent fewer than the 653 properties sold in November 2021 and 20 per cent fewer than in October 2022. Sales of condominiums were down 42.4 per cent from November 2021 with 136 units sold. Sales of single family homes decreased 34.1 per cent from November 2021 with 182 sold.
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