Renting a Vancouver Strata

 

Uner the Strata Property Act a strata corporation may pass by-laws prohibiting or restricting the rental of strata units. A rental restriction by-law (RRB) must be filed at the Land Title Office and will take effect:

-immediately upon filing, if filed by the developer prior to the sale of any units.

-alternatively, the later of:

1) one year after the RRB was passed

2) where a unit is rented, one year from the date the tenant vacates the unit


Despite a RRB prohibition restricting or prohibiting rentals, an owner may rent a strata lot under 3 conditiions:-


1) A RDS filed after January 1,2010 will benefit the first and subsequent buyers until the expiration of the rental period. A RDS filed before January 1, 2010 will benefit the first owner for the length of the rental period.


2) Family Member - an owner may rent their strata lot to a family member - a spouse, child or parent, or a parent or child of a spouse. 


3) Hardship Exemption - an owner may rent their strata lot on the basis of hardship and must follow the statutory procedure to apply for the exemptiion and must prove hardship.


Be sure to consult a real estate lawyer to verify the above information.



Comments:
No comments

Post Your Comment:

* indicates required fields.
Your Name: *
Please note, your email will not be shown publicly
Your Email (will not be published): *
Comment: *
Please type the text as it appears above:
Blogs
Posts By Date
Categories
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.