The province is introducing amendments to strata property regulations in an effort to crack down on strata vacation rentals.
Under the new regulations, which will come into effect Nov. 30, strata corporations will be able to fine owners or residents not complying with short-term rental bans up to $1,000 a day.
Currently, stratas can pass bylaws banning short-term rentals, with a maximum fine of $200 per week.
In B.C., ownership in condominiums, apartments or townhouses sharing common areas is often purchased through an owners’ corporation under a strata title.
The owners elect a council that sets policy for the strata.
Ensure long-term rental stock
The province said the amendment is in part to increase the rental vacancy rate, by discouraging hosts and owners from turning their properties into short-term rentals.
“We’ve all heard the stories of renters losing their homes when units are pulled out of the rental market to be used as short-term rentals,” said Selina Robinson, Minister of Municipal Affairs and Housing.
“With this change, we can ensure there is long-term rental stock for people and families who need them.”
Robinson also said short-term rentals can create “unintended consequences” for the people who make their homes in strata buildings, including “unacceptable levels of noise, damage to common property, and security issues.”
Angela Calla, Mortgage Expert, AMP of the Year in 2009 has been helping British Columbian families save money with the best mortgage strategy for over a decade from her Port Coquitlam office location. She is a regular contributor to national and regional media outlets and long-time host of The Mortgage Show on CKNW Saturdays at 7pm, and sits on many advisory boards for mortgage lenders and insures.