I applaud Premier Eby for his willingness to consider innovative solutions to B.C.’s lack of affordable housing.
However, I believe that the recent change to the Strata Property Act that canceled no-rental bylaws, legally passed by strata owners, will have unintended consequences.
Opening ownership of all strata units to investors hoping to turn a profit on rental properties will increase competition for the units available. Strata ownership until now has been an economical option for first-time home buyers and seniors looking to downsize. They will now have to bid against someone who is looking to make a profit on the ownership of a strata unit. As competition increases, I expect prices will too.
I hope Premier Eby will consider the dismay being expressed by strata owners across the province and reconsider this legislative change to the Strata Property Act.