Andrew Hasman and Jeff Benna recently came together to talk about Bill 44. This bill was very quick to pass and included some major changes in British Columbia.
Strata corporations can now hold virtual meetings
Now, this isn’t a new concept as most of us have had virtual meetings for a few years now.
Some may see this as a matter of convenience as the COVID-19 pandemic has changed many different ways of communicating with one another. People who do not live in the same city can connect with each other and partake in meetings over video. This option can be looked as a much easier, financially viable, efficient and accessible way of being included in these meetings.
Another change that has occurred would be the age restriction rule.
Age restrictions have been lifted except for those aged 55+
Eliminating this restriction is seen as very beneficial as it creates a wider market for those looking to buy a home, particularly those under the age of 19. There is one last big change to be discussed.
Rental restrictions except for short term stay are no longer enforceable
To put it in simpler terms, this means that if you’re in a building that up until now has said that there are no rentals, you are now allowed to rent your suite out.
This change could bring 10’s of 1000’s of available renting space. There will be a lot more potential supply coming in. This could mean a lot more market value to come out of this for marketability when it comes time to resell.
For some people, they do want some kind of rental restrictions, however Andrew believes that this is the minority of people. Many professionals aged 25 to 45, for example, still have the ability to work from home, or would want to take a year off or whatever the case may be, and don’t want their unit standing vacant. This is a flexible option for those wanting to rent out their space for a one year lease or longer, which for most people would be considered a good thing.
Going forward, in the next few weeks we may see more people rent their spaces more rather than sell. It’s important to note that the rules do not apply for short term rentals such as Airbnbs, VRBO, etc.
Currently in the real estate market, there is an increase in interest rate that has caused an obvious slowdown. This is not necessarily a bad thing as this is a more normal market condition, which gives buyers and sellers more time.