Some B.C. stratas considering 55-plus age restrictions amid rental restriction ban | 24CA News
A lot of British Columbia strata companies are contemplating implementing 55-plus age restrictions, after the province moved to dam bans on leases.
The modification to the Strata Act, handed final November, eradicated all rental restriction bylaws, besides these banning short-term leases, and all age restriction bylaws, besides these for “seniors only” (55-plus) buildings.
In asserting the plan, Premier David Eby stated the modifications had been vital to deal with the province’s persistent housing disaster.
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Not everybody was happy with the modifications, and a few strata councils have began methods to get round them.
“People are afraid of the change, so they are taking some kind of measure,” Victoria Realtor Tony Zarsadias instructed Global News.
“When this first came out there was a knee jerk reaction, and they immediately moved to change bylaws to 55-plus.”
About 300,000 strata items in B.C. had been beneath some sort of rental restrictions when the province amended the Strata Act.
At least 2,900 of them are estimated to be owned by individuals who want to lease them out.
B.C. Housing Minister Ravi Kahlon instructed Global News some homeowners could also be confused by the brand new guidelines.
“Anyone that thinks by moving your building to 55-plus you are not going to have renters, you are wrong. You are going to have renters that are 55 and older,” he stated.
If a constructing strikes to 55-plus, youthful homeowners can be grandfathered in.
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But the problem can be what would occur if the proprietor has a toddler.
“You will make it more complicated for the people who live there,” Kahlon stated.
“These new rules have a lot of unintended consequences. And when they have renters they will realize that is OK.”
Historically, restrictions have affected a property’s worth, pushing sale costs down as a result of it limits the client pool, in line with Condominium Home Owners Association government director Tony Gioventu.
“I am really encouraging strata corporations to think about implications because it could have a significant impact of values and ability to sell units,” he stated.
The new guidelines will apply to pre-2010 buildings. lots of that are smaller self-managed strata companies with fewer than 50 homeowners.
© 2023 Global News, a division of Corus Entertainment Inc.
