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Monday, April 26, 2010

Rental Restrictions Have Changed

by Leela & Sarah on Mon, Apr, 26, 2010 04:15 PM

Categories:new developments,property in Vancouver,rental restrictions

TIP: When purchasing property, buyers and their Realtors should always review the Rental Disclosure Statement (RSD), filed under the Real Estate Development Marketing Act. Focus on the DATE this statement was filed with the Superintendent of Real Estate. The right to rent out your unit may be effected.

Rental rules have changed as of: JANUARY 1, 2010.

PRIOR to this date, only the original owner can be guaranteed ‘no rental restrictions’ as promised by the developer. Subsequent owners may not be granted this right, if the Strata Corporation changes the building’s rental bylaws.

If the RDS was filed AFTER December 31, 2009, the number of subsequent owners is irrelevant. The ability of all subsequent owners to rent will continue, regardless of any building bylaw changes, until period set out in the RDS expires.

For more information, please feel free to contact us directly. (vancityproperty@gmail.com)

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Leela & Sarah

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Office: 604-306-9859

TRG-The Residential Group Rlty
#101 - 1965 West 4th Avenue
Vancouver, BC
V6J 1M8 CA