Premier Eby removing most strata restrictions

BC Premier Eby announces new actions regarding housing

David Eby announced on November 21, 2022 his vision to bring more housing to the people of British Columbia. These new legislation will concentrate on three steps to make housing available to the public.

1. The government will work with municipalities with the highest need for housing to help speed up the process for new housing developments. This is the "Housing Supply Act" and is scheduled to be brought into force in mid-2023. We will see, if municipalities will work as closely with the Premier as he wishes.

2. The government has made changes/amendments to the "Strata Property Act", which apply immediately. All rental restrictions bylaws have been dismissed. That means any strata property can now be rented immediately. There is no more need to sell your home, if you own a home in a complex, which previously had a rental restriction bylaw in place. Such bylaw is now void.

3. The changes to the "Strata Property Act" also included a limitation of age restrictions. The currently known 55+ age restriction is the only one, which still can be enforced by strata corporations, however the less common 45+, 35+ and 19+ restrictions are obsolete going forward.

What will these changes bring? Well, if you are looking to buy your first home, these changes have just increased the pool of potential homes for you and your family. If you own a home in a strata, which previously didn't allow rentals, now you don't have to sell it any longer, when you move up or out of the province. You now have the option to rent it our and keep it as an asset. The age restriction changes will make the smallest impact however, some really nice complexes may now be available to your and your family, which previously didn't allow families to move into.

If you have further questions, please feel free to reach out and let us help you assess your specific situation to ensure, that you get the correct information. The IMPACT Real Estate Group is happy to help with all your Lower Mainland and Fraser Valley real estate needs.