The province of BC has amended strata property regulations, effective Nov. 30th.
Currently, in any buildings that have a ban on short-term rentals, the max that they can penalize the owner is $200/week. The new regulations will see this increase to $1,000/day. The government’s hope is that this will be a true deterrent and that rental stock will move from short-term rentals back to long-term rentals. Whether you agree or not, this is important information for any one who own rentals or are contemplating a rental purchase and who plans to have short-term rentals.
For more information on how I can help you fund your rental purchases and refinances while increasing your cash flow, please reach out at firstname.lastname@example.org or call me on 604.725.1607.