Tina Mak

RENTAL RESTRICTION

Some condo building will be subject to rental restriction bylaws on January 1, 2006

On July 1, 2000, the Strata Property Act replaced the Condominium Act. Under the Strata Property Act. Some strata owners are subject to a rental restriction by-law, effective January 1, 2006.

This bylaw doesn’t affect all buildings and owners. For information about how the bylaw is applied, go to www.fic.gov.bc.ca. Click on Responsibilities/Strata Property and read Instruction guide 15, “How to Apply Rental Restriction Bylaws”.

The key is to a responsible condo investors by attending the monthly meetings, read the minutes, vote when you need to vote on the rental issue. Most of the condo investors don’t usually pay too much attention to the meeting minutes. It is about time to be more proactive before it becomes too late.