Buying A Property To Rent On Air B’N’B? Beware The BC Story
Are you planning on buying a condo to use as an Air B’N’B? I know a lot of people have, especially in places such as Toronto. However have you considered what might be coming down the pipeline? In BC a homeowners groups will soon be allowed to fine owners $1,000 per day for violating a community by-law forbidding practices such as Air B’N’B rentals.
The B.C. government says new regulations coming into force Nov. 30 will help associations address short-term rentals.
These “Strata corporations” can pass bylaws that restrict or ban short-term rentals and fine owners or residents who aren’t complying, but the maximum fine is currently $200 a week.
Nearly 1.5 million people in B.C. live in strata housing, where the governing corporation is made up of the owners in the housing complex.
Sandy Wagner, president of the board of directors of the Vancouver Island Strata Owners Association offered the following comments: “Short-term rentals are a huge concern to strata corporations. The wear and tear on the common property, as well as the security concerns caused by a steady stream of unknown occupants are just a few of the reasons why (the association), on behalf of our members, is pleased to support the proposed amendments … which will permit strata corporations to assess fines at a real deterrent level.”
Nothing on the horizon yet for Ontario, but you never know ……
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