December 2, 2022
The BC government has swiftly made it official! Bill 44 has been passed, removing rental restrictions from all Strata buildings in BC.
What does this mean?
Previously, many Stratas in BC limited the # of rentable units within a building, or put an age restriction in place (such as only 19+)
Now:
✅ No more rental limits or restrictions – all Stratas must allow rentals! (This is for long term rentals only, short-term rentals must still follow city bylaws)
✅ All age-restrictions removed except for age 55+
Leading to….
✔️ Increase in Rental Supply
✔️ Likely a positive affect on affordability
✔️ Wider range of buyers who are interested in your home
✔️ More flexibility for you and your family >> planning on starting a family? Good news! You cannot be forced to move.
✔️ More opportunities to invest in a rental property (or to keep your current property as a rental if you want to move up the property ladder)
What are your thoughts on this change? Reach out with any questions!
