Changes to B.C.’s Strata Property Act Create Opportunity for Landlords and Tenants
Hundreds of thousands of British Columbia condo units that have sat untenanted due to strata restrictions can now be rented out.
On November 24, 2022, in a move set to transform B.C.’s property rental landscape, the provincial government amended the Strata Property Act by withdrawing a strata corporation’s right to create rental restriction bylaws.
This change was based on new B.C. Premier David Eby’s proposal to remove rental rules from B.C. strata buildings, which also included lifting age restrictions other than 55+.
Under the previous version of the Act, many B.C. condo owners were constrained in the ability to rent out their properties. Some strata councils allowed a small number of units in a building to be rented, while others banned them entirely.
Now, 300,000 B.C. units—including 2,900 sitting empty—that were once stifled by strata restrictions, can be leased to potential tenants.
The team at Rent it Furnished is very excited about the impact this amendment will have on the rental industry in British Columbia and for the new opportunity this will present for landlords and tenants.
B.C. has long been facing a housing crisis and in this new era of high inflation and ever-rising interest rates, the ability to lease a property for a short period of time, whether furnished or unfurnished, can be a fiscally sound solution for landlords. The new legislation will also provide more housing options for tenants in this ultra-competitive rental market.
Amendments to the Act also affect the duration of tenancies. Previously, strata councils could restrict the length of tenancies in their buildings. Under the new legislation, lease periods exceeding 30 days will be allowed. This includes mid-term rentals of three or six months, the latter being the most common rental period for furnished and unfurnished listings on Rentitfurnished.com.
If you are a landlord who, due to the new legislation, is now able to rent out one or more of your units, we are here to help. Since 2009, Rent it Furnished’s property management and tenant placement professionals have been supporting landlords in managing their investments, providing them with peace of mind while optimizing Return on Investments.
Whether it’s preparing your property for a new rental, transitioning your long-term rental to a mid-term rental, marketing your property, screening applicants, collecting rents or coordinating emergency repairs and maintenance, we handle it all with professionalism and efficiency—freeing up your valuable time so you can get back to what matters most.
For more information please visit our website to discover more about our services. And tenants seeking a furnished or unfurnished mid-term rental can review our available Lower Mainland listings here.