11/27/2022
BC Government Ends Rental and Age Restrictions for Strata Properties! ๐ก
On November 21st the Government of B.C. announced changes to legislation that will remove rental restrictions in strata properties and introduced the new Housing Supply Act which will provide select municipalities with increased powers to address housing development. These changes will have implications for consumers, real estate licensees, and real estate developers in our province.
Amendments to the Strata Property Act will end all strata rental-restriction bylaws and limit age-restriction bylaws so that the only permitted age restriction is to preserve and promote seniorsโ housing through the โ55 and overโ rule in strata housing. Moving forward, it will not be permissible for a strata to have 19-plus age restrictions; however, โseniors onlyโ strata will still be allowed.
If approved, the changes to the Strata Property Act would take effect immediately. Bylaws restricting short-term rentals, such as AirBnB, will continue to be allowed.
These actions are new steps to deliver homes in B.C., building on B.C.โs 10-year, $7-billion Homes for B.C. plan.
Have any questions regarding this new change or would it could mean for you?
๐ช๐๐๐๐๐๐ ๐๐ ๐๐๐
๐๐!
We are always more than happy to chat ! โจ
Kindly,
Moyed Real Estate Advisors ใฝ๏ธ
๐ปEmail us: [email protected]
โTelephone : 604-506-2072
