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Saturday, January 28, 2023

LETTER: Investors the beneficiaries of strata rental restrictions




LETTER: Investors the beneficiaries of strata rental restrictions






Premier David Eby’s Bill 44 which overrode strata corporations’ rental restrictions was conceived with apparently no consultation with any strata groups. This has led to many letters to the editor by concerned strata homeowners.

Many housing “experts” have stated this bill will not help the target group it was intended for. The major feeling is investors/wealthy people will be looking to purchase any units for sale in direct competition with younger couples or families looking to enter the housing market. The belief is that market prices will rise as they do so because these investors will be charging the rental market rate to receive the best return on their investment.

I noted one strata on the mainland had a minimal rental policy and currently has approximately 60 per cent of the units controlled by the absentee owners/investors with some owing up to 10 units. They now outnumber the actual homeowners who live there and thus, control the strata. Should they receive a nice offer from a developer, they have the clout to sell and these homeowners would be forced to sell and move.

All of these points make me wonder if Premier Eby’s only consultation was with his investor friends. I have sent three emails to the premier’s office with no reply regarding these concerns.

Wayne Messer

Saanich


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