The BC government announced on Nov. 21 two significant changes to housing legislation that is of interest to homebuyers: The new Housing Supply Act was introduced and changes to legislation were announced that will remove age rental restrictions in strata properties, and allow the rental of vacant condos.

“B.C.’s housing crisis is stressing out and hurting people while it holds back our economy,” said new Premier David Eby in a press release. “As a first step in my 100-day plan, we are making changes to deliver more homes for British Columbians, faster.”

The details

The first piece of legislation includes working with municipalities to set housing targets and make sure the homes people need will be built. The intent is to help speed up housing development and increase supply by giving the province the power to set housing targets in municipalities with the greatest need and highest projected growth.

As well, the plan will make it possible to rent out vacant condos and remove some age restrictions. So, the strata can no longer control rental policies or age restrictions in a building. The aim of the new legislation is to alleviate the housing crisis by helping people find more affordable housing, and to aid individuals who need the income from renting out their home. Currently, there are approximately 2,300 empty condos throughout BC that can’t be rented due to the strata rental restrictions. It is important to note that strata’s will still be able to continue regulating short-term rentals such as AirBnBs.

As well, strata with 19-plus age restrictions will not be allowed but this rule will not affect any strata bylaws that limit residents to age 55 and over in order to promote and preserve seniors’ housing.

Positive outcomes

The legislation will create more opportunities to purchase a rental property, property owners will be able to rent out their strata properties without restrictions (except for short-term rentals), owners will be able to turn their current owner-occupied condo or townhome into a rental property and buy a new condo or townhome as their principal residence.

This is the perfect time to speak with a mortgage expert to explore the options on buying a rental in a condo or townhome in a strata. While interest rates have increased, house prices are coming down. This is a great opportunity to expand your real estate portfolio.