Bill 44: WHAT YOU NEED TO KNOW
Premiere David Eby
"We just can't have a situation where we're leaving housing on the table when people are looking for a place to rent"
On November 24th, the new Building and Strata Statutes Amendment Act was passed with Royal assent.
This newly introduced act effectively does away with the ability for BC Stratas to enforce rental and rental restrictions. Bill 44 was proposed by BC Premiere David Eby in late November and passed only days later. The new legislature is intended to increase supply to the BC housing supply. This move will bring an estimated 3000 strata units to the rental market in BC.
Prior to this, Strata buildings varied across the board with regards to what the youngest age they would allow. Additionally, many Strata buildings had capped the amount of allowable rentals or had completely prohibited them all together. The only two exceptions to these new rule changes are 55+ buildings and bylaws prohibiting short term aka “vacation rentals”.
Many Buyers and renters are welcoming this new shift as it not only opens up more units to them to dwell in, but also creates a better investment when purchasing a condo. Many renters have struggled to find a unit to rent due to age caps preventing children under the age of 19 living in the unit.
Strata owners may also find themselves pleased with this news as it means their condo values are likely to rise. Alternately, owners who purchased in age/rental restricted buildings to ensure a mature demographic are now left with no say on the matter. Grumblings have been heard in comment sections on Stratas consulting with lawyers on creating boundaries via stricter bylaws with regards to noise complaints and higher move-in/move-out fees.
If you’re an investor, this would be an excellent time to look at restricted units listed prior to this new legislation. As they’ve yet to adjust their prices, there are opportunities to snap up units that could rise a fair amount by next year.
Premier David Eby introduces the new legislation