Announced last week, “David Eby’s changes to strata that have age &/or rental restrictions being eliminated [Bill 44] unless the strata are a 55+ age restriction received Royal Accent on Thursday, November 24th. Our office reached out to our Real Estate Board and BCFSA for guidance, and at this point, the responses we have received is to not provide any guidance on these changes.”
In the meantime, this significant change to strata bylaws could affect Sellers and Buyers; for Sellers, the value of their property could potentially increase. For Buyers, the potential of strata properties that had not been previously available due to bylaw restrictions is now available.
We will try to keep you posted as we receive more guidance.