On November 24, 2022, the BC Government passed amendments to the Strata Property Act which take immediate effect. There are two significant changes that will inpact consumers:
- all rental restriction bylaws are removed, except for bylaws restricting short-term rentals such as Airbnb or Vrbo.
- all age restriction bylaws are removed, with the exception of “seniors only” (55-plus) rules. This means that a strata will no longer be allowed to have 19-plus age restrictions.
- the housing supply act, will help speed up housing development and increase supply by giving the Province the power to set housing targets in municipalities with the greatest need and highest projected growth.
The BC Government wants to help deliver more good homes for people, the Province is introducing new laws to build the homes people need, make it possible for homes that are vacant to be rented and remove discriminatory age and rental restrictions in stratas that hurt young families.
For more info please refer to the following links:
- BC Financial Services Authority Advisory: Amendments to the Strata Property Act (November 28, 2022)
- BC Financial Services Announcement (November 21, 2022)
- Government news release (November 21, 2022)
- Building and Strata Statutes Amendment Act, 2022 (Third Reading)
Add as always if you need any further info feel free to reach out to me directly.
I am here to help.