As of last Friday November 25, the BC Government had lifted rental restrictions and age restrictions in strata communities throughout British Columbia. Exceptions such as short term airbnbs/vrbos and "senior-only communities" catering to those 55+, however, will continue to take effect.
This was a sudden change by the government. What does this mean now?
Well, it opens up all strata buildings to allow for rentals where they previously did not allow for rentals or had limited the number of rentals to a certain number or percentage of units. Therefore, investors can now look in all buildings for potential rental properties. It also means that owners who previously needed to sell may consider renting out their unit instead.
The government had implemented this in an effort to increase supply of rentals in the market and effectively decreasing rental prices.
As this change came on suddenly, I would suggest many buyers to take advantage of this time to BUY. In the past, buildings that did not allow for rentals typically have a lower average sale price than a comparable building that did allow for rentals. Therefore, many units in previously rental-restricted buildings are still being offered at a low price. In the future, prices in these buildings may come up as the buyer demographic opens up to not just owner-occupiers but owner-investors as well. With high rental values, this is a perfect opportunity for investor buyers to purchase!