B.C. premier David Eby says his government is considering legislative changes aimed at strata corporations moving to 55-plus age limits.
The B.C. government passed legislation last year requiring all strata buildings to drop any rules barring owners from renting suites, except if the building is designated 55-plus.
Under the current rules, 55-plus buildings must still rent to the 55-plus demographic.
But many homeowners have raised concerns the rule changes will force them either to sell their property or decide not to have a potential partner or younger roommate move in.
The changes have also affected families who have children, with the current rules allowing stratas to force out owners who welcome a new baby.
“We want people to grow their families. So we will be introducing amendments to the legislation on this issue of people who live in buildings then convert to 55-plus,” Eby said in a press conference from Olympia, Wash. on Monday.
“A building being 55-plus is not objectionable. What is objectionable is empty units in that building or people being kicked out of their home because of this issue. We do see some buildings making some unfortunate choices on how they treat their current residents.”
Condo owner Brianne Pascoe recently sent Eby a letter asking for him to make these legislative changes.
The 30 year old lives in a Duncan, B.C., condo building that recently passed a by-law to move to 55-plus. Pascoe said this change will force her to sell if she wants a partner or roommate of the same age to move in to her suite.
“While I wholeheartedly agree that there should be no age or rental restrictions, your government has left a massive loophole that has upended many people’s lives,” she wrote.
“During discussions before our strata vote, the only thing the other owners, who are mostly of retired age, cared about was potentially having ‘loud’ children in the building.”
Pascoe said there are already multiple 55-buildings in her neighbourhood and the changes will make it difficult to find people to rent out empty suites.
“I am now a 30 year old stuck in a retirement building. I no longer have a nice little stepping stone for my future. I can’t move in a future partner, and if I choose to sell, my property is now worth at least 30 per cent less,” Pascoe said.
It is unclear exactly what impact the age restrictions will have on property values, but many realtors have publicly theorized values would go down.
The main reason is because limiting who can buy and rent in a building limits the pool of potential buyers.
“It is reducing the number of people who can see it. So it is impacting the marketability,” Realtor Ty Corsie said.
“Will it lower the property values? In my opinion, it does affect it.”
- Here are 5 ways Budget 2023 will impact your wallet
- Budget 2023 expands dental-care program, but expected cost balloons to $13B
- In Budget 2023, Liberals eye inflation relief ‘without having to write a big cheque’
- 11-year-old dead by suicide, one of 13 who’ve died in Alberta child welfare system so far this year