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death_blossom 01-22-2012 12:24 AM

question on condos, rental property restrictions
 
so I was speaking to a marketing/sales person recently about a new high rise going up in Vancouver. I was asking about the property and the rental restrictions that would be placed on this new building that will be erected in the near future.

the sales person said that there is a new law that states that any building built 2010 or later can not have any type of limit on the number of rental units available in a condo building. he explained that this was introduced due to the low vacancy rates in Vancouver.

I then asked him that in theory, one could live in a condo that is entirely made up of rental properties. he replied yes that can happen. is this true or is the marketing person trying to make it sound too good to make a sale.

lowside67 01-22-2012 07:59 AM

I don't know of a city-wide law that states you cannot limit rental units, but you really need to look at the proposed strata guidelines for the building, they are the most "official" source you can get close to.

Mark

too_slow 01-22-2012 10:13 AM

There are no provincial laws that dictate if a residential unit can be rented out or not. It gets delegated to the strata council to decide on the rental restrictions as a bylaw as stated by lowside67.

Take your realtor's words with a grain of salt. If you decide to act against the rental by-laws imposed by the strata council, you may be forced to sell your place (unless other members of the strata council makes a motion to remove the rental restriction.)

Wild_Penguin 01-22-2012 01:50 PM

If you buy a condo before there is a strata is established then you will be grandfathered in. So, if you buy in the construction phase then you will be able to rent your condo out. If your strata down the road puts limits on how many can be rental suites, you will be able to still rent yours out. This happened to me in one of my condo's but with my dog. I moved in and there was no dog restrictions. Then our strata voted in a bylaw that your dog has to be under 15lbs. But I'm grandfathered in with my 85lbs argentine dogo.

And to answer your statement if a building for fully be rented out. Yes it can one of my other condo building is. It was built in 2010, and all of the buyers in the building rent there units out. So, it's 100% renters right now.

death_blossom 01-22-2012 03:26 PM

another RS member pm'd me this link:

http://www.bcrea.bc.ca/news-and-publ...2010-%28436%29

thanks for all the info guys! and yeah, this discussion was in regards to a condo that is in the pre-sale stages at the moment. looks like the sales guy wasn't blowing hot air.

miss_crayon 01-26-2012 01:51 PM

^ he wasn't. It was a hot topic in the realtor magazine distributed by the real estate board. A good source to look into, if you're unsure is your rental disclosure.

SiRV 02-11-2012 09:35 PM

semi-off topic. Say I own a condo and I'm renting out to someone. Can I write off strata fees (or anything else?)

AWDTurboLuvr 02-11-2012 11:56 PM

Yes, I write-off strata management fees, property management fees, property taxes, insurance and any repair expenses (ie. replacing shower heads, etc). You can also deduct mortgage interest (not the principal) as well, if applicable.

sh0n 02-13-2012 10:29 AM

There's only 2 ways where any restrictions (rental allowed or rental not allowed) can be placed on a building.

It's either the City or Municipal Bylaw.
OR
Strata Corporation Bylaw.

Given how expensive it is to own, and there is a demand for rentals. Not many city or municipals would of rental bylaws on buildings not allowing the units to be rented.

When a Strata corporation places a bylaw on the building its usually due to the following reasons:
The strata wants to protect and serve in the best interest of everyone owning and living in the building. (I.e don't allow rentals, rentals with restrictions, etc)

More on this topic....
City of Vancouver would be pretty dumb to place rental bylaw regulation on all old/new buildings considering they themselves are having trouble addressing housing affordability.


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