As of January 1, 2010, the Strata Property Act changed to the degree that business as usual with respect to condos and rental restrictions is no longer. The rules have changed in respect to any new developments where the developer's Rental Disclosure Statement was filed on or after January 1, 2010.
What does this mean? There is now real possibilities that developers can create strata complexes that effectively have no ability to limit or prohibit rentals. It also means that a developer may decide there is a market for complexes that restrict rentals right from the start. Therefore it is of utmost importance to review the Rental Disclosure Statement along with all the other strata documents to determine when it was filed, what it says and when or if it expires.
NewsReal, March 1, 2010
For more information on changes to Strata Property Act, follow link.