A new regulation banning stratas from the ability to restrict homeowners from renting out their residential units is now in effect.
Under the new leadership of BC Premier David Eby, the new legislation was proposed on Monday, November 21, and it was subsequently swiftly approved by the BC NDP majority.
The change in provincial legislation then went into effect on Thursday, November 24, which automatically and immediately overrides any strata bylaw that restricts rentals in their building.
This policy shift is part of the provincial government’s new multi-faceted approach to tackle housing affordability.
Based on the province’s data through the Speculation and Vacancy Tax, it is anticipated about 2,300 empty condominiums across BC cannot be rented out due to strata rules that prevent property owners from renting out their units.
It is also believed that the legislation change will open up the possibility for some condominium owners to rent out a room in their unit if they were given the opportunity to do so.
However, stratas can still ban the operation of short-term rentals — such as Airbnb — in their buildings. Existing provincial legislation permits stratas to enforce fines of up to $1,000 per day for short-term rentals that are not permitted under strata bylaws.
As of last week, only strata bylaws limiting residents to age 55 and over are allowed, with any strata age-restriction bylaw restricting ages to under 55 now invalid. Stratas can have bylaws that require one or more persons residing in the unit to have reached an age that is not less than 55 years. The provincial legislation allows any live-in caregiver, including caregivers under the age of 55.
