The strata curve ball part 1


So, stratas in BC received this huge curve ball just this week.  In an order to tackle housing availability, the provincial government announced a plan to eliminate rental restrictions in strata properties.  Of course, with the exception of buildings that have an age restriction of  55 plus, other complexes that have rental restrictions will be a thing of the past.  Stratas can still restrict short term rentals and air bnb type setups.

There are two sides of this amendment where many municipal leaders are welcoming this change to tackle the lack of housing.  On the other hand, even though this can be beneficial for homeowners on a financial perspective, stratas may find this new amendment messy.  

Another question that arises is what may this mean for real estate prices, especially for purchasers looking at entry level properties.  Will more investors come into the market in lieu of this new amendment? 

Put your comments here, we'd love to hear your thoughts. 

Cheers

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