On November 24, 2022, the BC Government passed amendments to the Strata Property Act which take immediate effect. There are two significant changes impacting owners and buyers of Strata properties.
All rental restriction bylaws are removed, except for bylaws restricting short-term rentals such as Airbnb or Vrbo, and
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.
BC’s real estate regulator, the BC Financial Services Authority, advises the following changes:
If we have listed your property and it has restrictions, (other than the + 55 Occupancy) we will be reviewing disclosure statements with clients to ensure they are updated to reflect the changes to the Strata Property Act, and obtaining advice regarding current contracts on properties with rental restrictions.
Additional changes to strata within the legislation include:
Or you may choose to go to the government website : https://www.bcfsa.ca/ The BC Financial Services Authority,
The BCFSA "regulates and oversees important financial transactions in British Columbia to ensure fairness, legality, and the prosperity of consumers and the province."
All rental restriction bylaws are removed, except for bylaws restricting short-term rentals such as Airbnb or Vrbo, and
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.
BC’s real estate regulator, the BC Financial Services Authority, advises the following changes:
- If you own a strata property that has restrictions regarding age and / or rentals know that Strata Property Act has been amended and the changes are currently in force, and the strata is bylaws required to remove any unenforceable bylaws or any bylaws that contravene the Strata Property Act.
- If you are a potential seller, or buyer under contract to purchase a rental or age-restricted property, be aware the Strata Property Act has been amended and you may wish to seek legal advice.
If we have listed your property and it has restrictions, (other than the + 55 Occupancy) we will be reviewing disclosure statements with clients to ensure they are updated to reflect the changes to the Strata Property Act, and obtaining advice regarding current contracts on properties with rental restrictions.
Additional changes to strata within the legislation include:
- the requirement for an owner developer to file a rental disclosure statement (Form J) to explain strata rental rights is repealed,
- requirements for a notice of an annual or special general meeting of a strata corporation are expanded,
- requirements for an information certificate to include the number of rented strata lots in a strata plan is repealed,
- electronic meetings are now permanently permitted without the need for a bylaw, and
- secret ballots are not permitted at electronic meetings to ensure eligible voters and proxies are identified and calculated accurately.
Or you may choose to go to the government website : https://www.bcfsa.ca/ The BC Financial Services Authority,
The BCFSA "regulates and oversees important financial transactions in British Columbia to ensure fairness, legality, and the prosperity of consumers and the province."
