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B.C. strips rights of condo investors, according to investor

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Canadian Realestate Magazine | 12 Aug 2016, 08:15 AM Agree 0
A recent B.C. Court of Appeals ruling serves as a sober reminder for investors of the importance of carefully reading condo property acts
  • Terry D | 12 Aug 2016, 11:17 AM Agree 0
    Condo living is high density living meaning that the actions of one resident almost always affect the neighbours more so than in the case of fee simple. Laws which address this higher density living and greater impact are not "socialist" but rather are democratically enacted to address social living; the distinction is significant.

    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. Reviewing condo property legislation, as well as bylaws and other rules enacted by the relevant strata corporation, are basic steps before buying a condo; hopefully a basic step of which investors (and, if applicable, their real estate agents) should not need reminding. The outcome of the case is hardly surprising; the only thing surprising was that the issue was taken to court at all.
  • Jeff J | 12 Aug 2016, 12:25 PM Agree 0
    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. I have zero sympathy for the owners in this case.
  • Vancouver Realtor | 12 Aug 2016, 12:52 PM Agree 0
    Buying a strata title property such as a townhome or apartment it is
    imperative for a buyer to 'read' the monthly strata meetings, Annual
    General Meeting minutes along with all the 'rules' and specifically the
    'Bylaws' The rules and bylaws are 'enforceable' and a buyer should
    not take them lightly, especially if they are considering the property
    as an investment and rent the property.

    The current trend for many strata corporations comprised of the strata
    lot owners is too lessen the % or number of units that can be leased.
    Why? one only needs to read the monthly strata meeting minutes that
    record strata lot 'complaints' over noise, disregard for the bylaws and
    constant bylaw infractions. Move-in and move-out damage, etc.
  • Johnny | 13 Aug 2016, 02:59 AM Agree 0
    Don't blame the strata for restricting rental. This is because any renters abuse and damage the property. As owner and strata council, I stand by the ruling too.
  • David | 13 Aug 2016, 03:00 AM Agree 0
    The investors can go after the realtor for misrepresentation or misleading them to think "yeah, sure, buy and rent it out no problem!"
  • Bev | 13 Aug 2016, 02:07 PM Agree 0
    I second David's comment - check out what the realtor told the buyers, who of course should have read and believed what the bylaws said. I find that realtors often suggest things (ie. change of zoning) to potential buyers to try and lure them into a purchase that does not really represent what the buyers are looking for. This happened on my street just a few days ago. Thank goodness the court upheld the bylaw!
  • Doug Rempel | 15 Aug 2016, 06:25 PM Agree 0
    No body has "stripped the rights of Condo investors" There is a reasonable process that protects the rights of the majority. And to blame a Realtor is just asinine. Unless of course you can prove that the Realtor misrepresented them. If they read the documents as any one should they would have known the restrictions. They do have the option of asking for rental permission under a hardship if they have that type of a situation.
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