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Ian Watt Personal Real Estate Corporation - Sotheby's International Realty Canada

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A Rental Restriction Proposal for Vancouver Condos

Vancouver Condo Real Estate Video Blog #687 - September 19, 2011

 

A Rental Restriction Proposal for Vancouver Condos

 

Ian Watt video blogs about a rental restriction proposal suggestion that may actually get passed for your Vancouver condo's next AGM - rentals permitted after 1 or 2 years of ownership. Realtors are there to market your condo and help you achieve the best price possible for the present market conditions. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs. Please note that opinions, real estate practices, prices and data always changes over time, so please keep in mind the date when this video was published as the information could have become irrelevant over the past days, months and years. Copyright iWatt Media © All Rights Reserved 2011 www.iWatt.ca .

 

 

Ian Watt: Hi good afternoon it's Ian Watt in Downtown Vancouver. As you know a lot of buildings have try to put rental restrictions on the amount of units like be rented at one time a lot of people are trying to put 30% rentals or 50% rentals. Reality is a lot of the buildings especially the ones that were built between let say 2003 to 2011 have 60, 70, 80 percent rentals in there. It is a zoo, now in order for them to change the by laws and put a rental restrictions what people have to do is make sure that 75% of the strata owners both in favor for this. But there's no way that things gonna pass because 75% are renters or investors that renting are renting it out I should say so 70% of the people are get a vote against themselves I don't think so. So what's gonna happen is that every time something is put for a rental restriction it can shut down. So what I'm suggesting to people if they want to limit the amount of rentals and have more occupiers without damaging people. Put it like this everyone is grandfathered from right now onwards and any new purchaser has to live in the unit for one year or two years before they can rented out. What happened is you get the right type of people investing in that building and if they should wanna go from one bedroom to two bedroom and hit that one they are not penalize for and they can rented out forever and ever. This way people will know what is going on in a building they'll have a better care for the building and they will hopefully find a good tenant that suitable for that building. But there is no way any of this stratas are gonna pass by just putting up a flag and say you know what let's cut out the rentals ans shoot ourselves on the foot. No way, it's never gonna happen so maybe the best situation is say no rentals for the first year, second, third year you more than welcome to rented out and they are afew buildings that have that in Downtown Vancouver. My name is Ian Watt if ou ahve any questions you can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great!