Who is Affected by Rental Restriction By-laws?

Under Information for Buyers, Information for Home Owners, Information for Sellers, Presales, Vancouver

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Written on November 23rd, 2016

Whether you’re purchasing a stratified property to use as your primary residence or strictly to rent out as an investment it’s important to consider whether or not future rental restrictions may be enacted by the strata as this could possibly effect your eventual resale value, and of course your rental income if purchasing solely as an investment.

The important, and determining factor is the Rental Disclosure Statement, and when it was filed by the developer.

If the Rental Disclosure Statement was filed on or before December 31, 2009 then only the original purchaser would be exempt from any rental restrictions subsequently passed by the Strata Corporation until the end of the rental period defined in the statement.

If the Rental Disclosure Statement was filed on or after January 01, 2010 the original purchaser and all subsequent purchasers would not be affected by any rental restrictions passed until the end of the rental period as defined in the statement.

Regardless of when the Rental Disclosure Statement is filed, it is important to know when the rental period that is noted in the Rental Disclosure Statement ends, as after that date you and your unit would no longer be exempt from rental restrictions.  Traditionally these rental period end dates were set far out into the future, but more recently some developers have been setting much shorter periods, so it is important to verify this.

It is also important to keep in mind that regardless of when the statement was filed, that strata’s are able to pass restrictions relating to the period of time that units can be rented out, which are typically set as minimum periods of time designed to restrict short term rentals such as Airbnb.

Listing agents should be able to provide the Rental Disclosure Statement for the properties in which they are selling, but if they’re not able to provide this for some reason it is available through the Office of the Superintendant of Real Estate for a fee of $38.



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