In this episode, Brent and James discuss Bill 44 with Jamie Bleay, partner at Bleay Both Uppal LLP. An in-depth look at the controversial removal of rental & age restrictions for stratas 2009 and older.
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Over 1.5 million people live in strata housing in the Province of British Columbia. Let's face it, you'd rather watch reruns of the nightly news than read the Strata Property Act (And we can't blame you) Still, most people are at a loss when it comes to understanding such an important framework for how many of us live our lives in proximity with one another. 🎙 Stratagize with Brent Anderson & James Milne features conversations with industry leaders and experts who share their knowledge to demystify an industry that impacts the lives of more than 1 out of 3 British Columbians. Whether you are a council member, owner, investor, or renter, if you're looking for content that will bring value to your strata and help you get to the next level… THIS is it! Listen to our latest episode, subscribe and rate us on iTunes. 👊 _________________________________ 🚨 STRATA TIP:If you have old bylaws that are no longer enforceable due to changes in legislation, consider having a strata lawyer review and edit them and have them passed at an upcoming AGM. This is good practice to do every 5-10 years.
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MAIN TAKEAWAYS:🛠 The removal of rent restrictions affects about 2,900 empty strata units as determined under the Speculation & Vacancy Tax.
🛠 Stratas are leaving old restriction bylaws on the books as a passive (and unenforceable) deterrent.
🛠 Occupancy limits are a growing area of inquiry in Mr. Bleay’s practice.
🛠 A strategy for making rental less attractive may be to increase the move in/out fee.
🦄 MYTH VS FACT Bill will 44 have a detrimental impact on pre-2009 strata corporations.
(Myth)
Jamie sees Bill 44 having very little impact at all.
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