Rental Restrictions & Strata Bylaws
Are there rental restrictions?
This a very common question asked by buyers looking to either buy in a building that is strictly owner-occupied, looking for flexibility if their situation changes and they need to rent their condo out, or strictly for investment purposes. Now, the quickest answer is that every strata building is different, and looking through and reading the strata documents is key to deciding on whether to purchase the condo or not. You must review the bylaws fully to ensure that they will work for you. Strata bylaws can range from ‘unrestricted’ all the way to limiting your ability to rent out additional bedrooms in your condo.
The Condominium Home Owners Association of BC (CHOA) has a great resource here with more information.
The key consideration when buying a rental condo is knowing your tolerance to flexibility within the building. There are buildings that are zoned for short term rentals, which still require business licensing and other considerations in order to do legal short term rentals. Some buildings will have a minimum rental term (ie rentals must be for a term of at least 1 year), to reduce turnover in the building which typically causes wear and tear. Other buildings will restrict the number of rentals that they will allow at once (ie only 4 units can be rented at one time), to ensure that they still have a high number of owner-occupied condos.
It is very important when purchasing a condo to review all of the rules and bylaws, and understand how they might apply to you – now, and in the future. Rental restrictions are just one type of bylaw. Other common areas that buyers usually want to know are pet, BBQ & smoking bylaws.
If you are looking to purchase or sell a property in the current market, or in the future, get in touch with The Condo Group Real Estate for expert insight and advice at 250-382-6636.
— Amy Francoeur