Changes by the BC Government to the Strata Property Act regarding bylaws affecting age and rental restrictions — now live and effective!  Rental and Age Restrictions Removed by BC Government. Read below for the bylaw changes:

On November 24, 2022, the BC Government passed amendments to the Strata Property Act which take immediate effect. The BC government rental and age restriction bylaw has been updated with two significant changes impacting REALTORS® dealing with strata properties, as well as their clients:

  • all rental restriction bylaws are removed, except for bylaws restricting short-term rentals such as Airbnb or Vrbo, and,
  • all age restriction bylaws are removed, with the exception of “seniors only” (55-plus) rules. This means that a strata will no longer be allowed to have 19-plus age restrictions.

 

What does this mean for homebuyers? Homebuyers now have a larger selection of strata properties at their selection. More choice, more selection, and… dare we say it, less competition.

What does this mean for sellers? Sellers have access to a larger pool of homebuyers, thereby increasing their potential to sell quicker, but, also more competition. Homes are now more attractive because they can attract a wider range of suitors, but with a slight downside that other sellers are in now in the same position, as well.

What does this mean for strata homeowners? If you moved into a home that was 19+ restricted for quiet from younger children, for example, then you may now have neighbours that fall within that category. Only 55+ designated buildings will remain as such, so they are spared from bylaw changes to senior-living strata complexes.

 

Interested in finding out what your property is worth after the recent rental and age restrictions removed by BC Government, all for FREE? Click here.

 

See links below for more information:

a. Official BC Government Press Release

b. BC Financial Services Authority Advisory: Amendments to the Strata Property Act

c. Building and Strata Statutes Amendment Act, 2022

 

As always, feel free to contact me regarding this information or any other real estate related inquiries by clicking here.

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