Are you planning on buying a strata property to use as a rental? Here is some information you’re going to need.
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On a strata property, the strata council (made up of members of the people who own property in the building) can decide collectively that they only want to allow a certain percentage of rentals, or no rentals at all. The rental restrictions on strata properties fall into three categories:
1. Rentals allowed. Anybody can rent to anybody at any time.
2. Rentals allowed with restrictions. This is the most common. Let’s say there are 100 units and there is a 10% rental restriction. That means only 10 units can be rented out at once. If you want to rent your property and there are already 10 units rented out, you’ll have to go on a waiting list.
3. Rentals not allowed under any circumstances. However, they can’t prevent you from renting to immediate family members via the Strata Property Act.
Hardship is another thing to know about. If you bought another place, but can’t find someone to buy or rent out your first property, you can ask for a hardship permission from the strata council. If they allow it, you can still rent out your unit even if rentals aren’t technically allowed.
This is a complicated topic. If you need clarification or have any questions about the process, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.
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