“Anyone making an investment without appreciating the bundle of rights attached to the investment is not being duly diligent. This applies no less to purchasers of condos than to purchasers of any other investment,” one investor wrote in CREW’s comments section following a story about the Court of Appeals in Vancouver recently upholding a strata bylaw that permits only one unit to be rented at any one time within a Vancouver condo building.
In that building, a total of 158 units comprise 1445 Marpole Avenue, Hycroft Towers, in Vancouver. And of those units, only one can be rented out at a given time, despite an appeal.
The appeal was brought forth by four family member investors who, together, own three units in the building. They had previously rented out one of the three units, despite their application to do so being rejected by the strata council. That was in violation of the strata bylaws, which were upheld by the ruling.
And it seems investors believe the correct decision was made.
“They knew the bylaws, or should have, when they bought the unit(s). If they did not, or chose to ignore these bylaws, that's on them,” another CREW reader wrote. “I have zero sympathy for the owners in this case.”
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CREW readers seem to have little sympathy for a group of investors restricted from renting their units.