BILL 44 – How does this legislation affect strata properties in BC?
On November 24, 2022, an Amendment was made to the Strata Property Act which in short summary:
- Removed rental restrictions (No rental restriction bylaws allowed)
- Removed certain Age Restrictions
- Age restriction bylaws only allowed for 55+ strata
- No other age restriction bylaws allowed
- Restriction does not apply to caregivers who reside in strata lot
- Added Electronic Meetings
- Strata corporations allowed to hold AGM and SGM’s by phone or virtually (ie. ZOOM, Skype)
- Added rules regarding voting cards and secret ballots
When do these changes take effect?
– Legislation was passed on November 24, 2022 and received Royal Assent, meaning that these changes take effect immediately. Certain electronic meeting requirements will come into effect in March 24, 2023 of this year.
Does this legislation apply to leasehold land and First Nation’s Land?
– If it’s a strata corporation, the changes apply to all strata corporations in the province of BC. Any current rental restriction bylaws are no longer enforceable (exception to 55+ stratas).
Does this mean all stratas can now allow short-term rentals like VRBO and Air BnBs (no more rental restrictions)?
– Strata corporations may continue to retain or pass bylaws prohibiting or restricting short-term rentals in their strata. Zoning and municipal restrictions still apply.
It is without a doubt that these changes will affect current strata property owners throughout the province of BC and will bring about both positive and negative outcomes. The Okanagan (Kelowna) itself has a large number of age-restricted strata complexes and it becomes a daunting task for potential purchasers to keep track and know the different rules and restrictions, ongoing/potential issues, nearby development projects and market comparables of all these strata buildings. That is where having an experienced local agent who has helped clients buy and sell in the area and is familiar with various strata properties will continue to be advantageous for those interested in living or investing here.
INVESTOR: Curious about which buildings allow short-term rentals and how much on average each unit can generate? Which short-term buildings allow nightly, 3 day min, and/or weekly rentals? What zoning in Kelowna allows it?
OWNER/OCCUPIER: Which areas have easy access to shopping, less crime, better schools to fit your ideal lifestyle? Will the strata allow my pets or have parking that can accommodate my vehicle?
If you have detailed or specific questions on this and other legislation, it is always advised you do your own due diligence with your legal and accounting professionals, as every case can vary.However, if you are thinking about buying or selling strata units in the Kelowna area and need a local guide professional, please don’t hesitate to reach out and start a discussion of how we can help.
