COQUITLAM REALTOR® Krista Lapp shares the changes to Bill 44
A new BILL was recently passed with amendments to the Strata Property Act. The key changes prohibit Stratas from restricting rentals as well as prohibit age restrictions in buildings. The only permitted age restriction Bylaw is 55 and over.
This BILL was in effect as of November 24th, 2022. Full rentals are now allowed in all Strata properties which means every unit can be rented out regardless if there were rental restrictions previously in place in the bylaws. Stratas are no longer able to enforce any bylaw that put restrictions on the number of units allowed to be rented. Restrictions around short term rentals and Airbnb type rentals still remain in place.
There is quite a bit of debate in terms of what impact this will have on the market. With full rentals being allowed now, this will open up options for Strata owners who may have wanted to keep their property to rent out and purchase a new primary residence, but formerly didn’t have this option. For investors, this increases selection and options for investment properties. For people looking to rent a property this will help provide more options for a much needed rental supply.
Also passed in BILL 44 is that electronic meetings are now permitted without the need for a bylaw, and secret ballots are not permitted at electronic meetings to ensure eligible voters and proxies are identified and calculated accurately. Strata and property managers will be working to amend their bylaws and if you are a strata lot owner you might start seeing special general meetings called. If you have any questions about these changes, please reach out to me.
Krista Lapp is a Licensed Realtor® based in Coquitlam and living in Burke Mountain.
Creating valuable relationships and happy clients has always been at the heart of Krista’s beliefs. With over 20 years of sales experience and being a successful entrepreneur, her level of professionalism, customer service, sales & marketing and integrity always result in exceptional client satisfaction.
With 106 sales in 2021, Krista qualified for President’s Medallion Club which recognizes the Top 1% of Realtors for sales out of over 14,000 Realtors in Greater Vancouver, and is in the Top 1% for sales at her brokerage Keller Williams Elite Realty.
Krista has been rated the #1 Coquitlam Realtor® in 2019/2020/2021, as well as one of the Top 100 Real Estate Agents in Canada for 2021. RATE MY AGENT
Krista provides Real Estate services in Coquitlam, Port Coquitlam, Port Moody, Pitt Meadows, Maple Ridge, Langley and the Greater Vancouver area.