- Joined
- Nov 23, 2007
- Messages
- 30
I have owned my townhouse for 9 years and lived in it for 6 years; When upgrading to a house I kept my townhouse and have been renting to great tenants for the last 3 years. There is an AGM this Tuesday with a proposed bylaw change to rentals which I am sure will get voted through. Sorry this is long but I want to know where I stand. How it reads is that when my existing tenants move out I will have one year to sell or have a family member move in which I do not want to do. I also wanted to lock into a longer term mortgage but scared to do so now. Also this townhouse is in a very nice neighbourhood and will be within walking distance to the projected Skytrain expansion so I do not want to lose this rental property to the new bylaw. The new by-law will read as follows:
RENTAL PROHIBITION
Subject to the provisions of this bylaw, all strata lots shall be owner-occupied and rentals, tenancies or licences of occupancy of any sort whatsoever are absolutely probhibited, with the following considerations and exceptions:
a) where cases of undue physical or financial hardship of a personal nature arise, the owner may make a written request to the council for permission to rent a strata lot for a limited period of time, and where the council has been provded with evidence that undue harship will result if limited rental approval is not given, the council shall not unreasonably withhold permission for limited rentals;
i) the spouse of an owner; ii) a parent or child of the ownewr, or iii) a parent or child of the spouse of the owner,
c) where an owner has leased a strata lot to a tenant pursuant to a tenancy agreement entered into before this bylaw was passed, this bylaw does not apply to such strata lot until the later of:
i) one year after the tenant who is occupying the strata lot at the time the bylaw is passed ceased to occupy the strata lot as a tenant; and
ii) one year after the bylaw has been passed; and
d) the strata corporation is entitled to impose a fine of up to $500 for a contravention of this bylaw, and may impose such fine for a cointinuing contravention every seven days.
Any legal advice is most appreciated. I hope that I am not at the mercy of trying to keep the existing tenants there for a number of years, they are great tenants and love the space but I want to know what the future holds.
RENTAL PROHIBITION
Subject to the provisions of this bylaw, all strata lots shall be owner-occupied and rentals, tenancies or licences of occupancy of any sort whatsoever are absolutely probhibited, with the following considerations and exceptions:
a) where cases of undue physical or financial hardship of a personal nature arise, the owner may make a written request to the council for permission to rent a strata lot for a limited period of time, and where the council has been provded with evidence that undue harship will result if limited rental approval is not given, the council shall not unreasonably withhold permission for limited rentals;
i) the spouse of an owner; ii) a parent or child of the ownewr, or iii) a parent or child of the spouse of the owner,
c) where an owner has leased a strata lot to a tenant pursuant to a tenancy agreement entered into before this bylaw was passed, this bylaw does not apply to such strata lot until the later of:
i) one year after the tenant who is occupying the strata lot at the time the bylaw is passed ceased to occupy the strata lot as a tenant; and
ii) one year after the bylaw has been passed; and
d) the strata corporation is entitled to impose a fine of up to $500 for a contravention of this bylaw, and may impose such fine for a cointinuing contravention every seven days.
Any legal advice is most appreciated. I hope that I am not at the mercy of trying to keep the existing tenants there for a number of years, they are great tenants and love the space but I want to know what the future holds.