The big news this past month in the Strata Management world is that the Government has passed new laws under the Strata Property Act to give Strata Council’s and Strata Management companies a stick to combat short term rentals should they choose to do so.
Putting my own personal beliefs about short term rentals aside for a minute, and wearing my strata manager hat, this is without a doubt an excellent thing for strata corporations. It finally gives them the ability to create and pass strata bylaws with some teeth!
Previously, strata corporation’s were only able to levy fines of $200/ week to those who were violating short term rental bylaws in their strata building. Big deal! Most short term rental owners looked at $200/ week as a cost of doing business, especially if their place was renting for upwards of $300/ night!
Effective Nov 30, 2018, strata corporation’s are going to have the ability to pass bylaws allowing them to fine short term rental operators up to $1000/ night! What a difference! I’m going to guess that most people aren’t going to be able to absorb that type of expense, and this really will put an end to most short term rentals in BC.
If you’re interested in learning more about strata management and need some help, please our strata management company here.
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