New Strata Property Act amendments: What you need to know about the end of rental and age restrictions, and new virtual meetings permissions


  • Stratas can no longer enforce rental restrictions, except for short-term rental restrictions.
  • There are now only two age-related options for stratas: a bylaw requiring at least one resident in a unit to be 55 years-old or older; or no age restriction bylaw.
  • Stratas can now conduct annual and special general meetings virtually without a bylaw explicitly allowing them to do so.


The BC government’s Bill 44 amendments to the Strata Property Act are now in effect. These amendments end rental restrictions, all but one age restriction, and add the ability to hold virtual meetings without the need for a bylaw.

Here’s a quick overview of what these new rules will mean for your clients who own, or are looking to buy, strata properties.

Rental restrictions

  • Stratas can no longer enforce rental restrictions. For example, if a strata has a bylaw restricting rentals to a certain percentage of units, they can no longer enforce this rule.
  • This only applies to long-term rentals. Stratas can still enforce short-term rental restrictions.
  • Renters still need to follow other strata bylaws.
  • While owners currently renting out their units previously in contravention of a strata bylaw are no longer in breach of the bylaw, they are liable for any breach of a rental restriction prior to November 24, 2022 – when the amendments became law.

Age restrictions

  • There are now only two age-related options for stratas:
    • a bylaw requiring at least one resident in a unit to be 55 years-old or older; or
    • no age restriction bylaw.
  • All other age restrictions are unenforceable, including restrictions for older or younger ages. For example, a strata requiring residents be 60 years old or older can no longer enforce this rule.
  • This rule has no relation to rental restrictions – a 55+ strata can’t restrict rentals.
  • Live-in caregivers are allowed to live in age-restricted stratas, including caregivers under the age of 55, regardless of current strata bylaws.

Virtual/electronic strata meetings

  • Stratas can now conduct annual and special general meetings virtually without a bylaw explicitly allowing them to do so.
  • The strata council chooses the format of the meeting, which the council must include in the notice sent to residents.
  • Along with the date, time, and type of meeting, stratas must include instructions on how to attend.
  • Stratas can use any electronic meeting tool so long as it allows all meeting participants to communicate with each other, and the chair can determine if the participants are eligible voters.
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While typically a quiet month of market activity based on seasonal patterns, November home sale and listing totals lagged below the region’s long-term averages.

Sales

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,614 in November 2022, a 52.9 per cent decrease from the 3,428 sales recorded in November 2021, and a 15.2 per cent decrease from the 1,903 homes sold in October 2022.

Last month’s sales were 36.9 per cent below the 10-year November sales average.

“With the most recent core inflation metrics showing a stubborn reluctance to respond significantly to the furious pace of rate increases, the Bank of Canada may choose to act more forcefully to bring inflation back toward target levels.” Andrew Lis, REBGV’s director, economics and data analytics said. “While it’s always difficult to predict what the bank will do with certainty, this persistent inflationary backdrop sets up the December 7 rate announcement to be yet another increase, making holiday-season home purchases something people may end up foregoing this year.”

Listings

There were 3,055 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2022. This represents a 22.9 per cent decrease compared to the 3,964 homes listed in November 2021 and a 24.2 per cent decrease compared to October 2022 when sellers listed 4,033 homes.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,179, a 28.5 per cent increase compared to November 2021 (7,144) and a 6.8 per cent decrease compared to October 2022 (9,852).

“Heading into 2023, the market continues the trend of shifting toward historical averages and typical seasonal norms,” Lis said. “Whether these trends continue will depend on looming economic factors and forthcoming housing policy measures on the horizon, which hold the potential to reignite uncertainty in our market.

“With that said, from a long-term structural standpoint, the current pace of listings and available inventory remain relatively tight when considered against a backdrop of continued in-migration to the province. With the recently announced increase in federal immigration targets, the state of available supply in our market remains one demand surge away from renewed price escalation, despite the inflationary environment and elevated mortgage rates.”

Sales-to-active listings ratio

For all property types, the sales-to-active listings ratio for November 2022 is 17.6 per cent. By property type, the ratio is 13.2 per cent for detached homes, 19.7 per cent for townhomes, and 20.8 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

Home prices

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,131,600. This represents a 0.6 per cent decrease over November 2021, a 10.2 per cent decrease over the last six months, and a 1.5 per cent decrease compared to October 2022.

Broken down by property type

Sales of detached homes in November 2022 reached 486, a 50.8 per cent decrease from the 987 detached sales recorded in November 2021. The benchmark price for detached properties is $1,856,800. This represents a 1.7 per cent decrease from November 2021 and a 1.9 per cent decrease compared to October 2022.

Sales of apartment homes reached 847 in November 2022, a 53.7 per cent decrease compared to the 1,828 sales in November 2021. The benchmark price of an apartment property is $720,500. This represents a 3.5 per cent increase from November 2021 and a 0.9 per cent decrease compared to October 2022.

Attached home sales in November 2022 totalled 281, a 54.2 per cent decrease compared to the 613 sales in November 2021. The benchmark price of an attached unit is $1,027,900. This represents a 2.7 per cent increase from November 2021 and a 1.5 per cent decrease compared to October 2022.

 
 
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At a glance :

  • The federal ban on foreign buyers is coming January 1, 2023.
  • The period will last two years.
  • The ban will only apply to residential property.

The federal government’s ban on new foreign ownership of residential property becomes law on January 1, 2023, disallowing anyone who isn’t a Canadian citizen or permanent resident from buying residential real estate for two years.

During this period, the federal government plans to work with provinces and municipalities to develop a framework to better regulate the role of foreign buyers in the housing market to ensure housing is available for and used by Canadians.

The Liberal Party promised the ownership ban in the 2021 election and rolled it out in the federal Budget 2022: a plan to grow our economy and make life more affordable. The budget was clear on the government’s goals:

“We will do everything we can to make the market fairer for Canadians. We will prevent foreign buyers from parking their money in Canada by buying up homes. We will make sure that houses are being used as homes, rather than as commodities to be traded,” – Budget 2022.

To this end, the government tabled Bill C-19,  Budget Implementation Act, 2022, No. 1. It received Royal Assent on June 23, 2022. Section 235 of the bill is the Prohibition on the Purchase of Residential Property by Non-Canadians Act.

Who can’t buy residential property?

The act defines a non-Canadian as:

  1. an individual who is neither a Canadian citizen nor a person registered as an Indian under the Indian Act nor a permanent resident;
  2. a corporation that is incorporated otherwise than under the laws of Canada or a province;
  3. a corporation incorporated under the laws of Canada or a province whose shares are not listed on a stock exchange in Canada for which a designation under section 262 of the Income Tax Act is in effect and that is controlled by a person referred to in paragraph (a) or (b); and
  4. a prescribed person or entity.

Exceptions

Include:

  • A temporary resident within the meaning of the Immigration and Refugee Protection Act; or
  • A non-Canadian who buys residential property with a Canadian spouse or common-law partner if the spouse or common-law partner is a Canadian citizen or permanent resident, or person registered as an Indian under the Indian Act.

Residential property

Includes any real property or immovable that is:

  1. a detached house or similar building, containing not more than three dwelling units;
  2. a semi-detached house, rowhouse unit, residential condominium unit or other similar premises, vacant land, where the land has been zoned for residential use or mixed use and is within a Census Metropolitan Area (having a population of at least 100,000) or Census Agglomeration (having a population of at least 10,000); or
  3. any prescribed real property or immovable.

Penalties

Non-Canadians found guilty of contravening the act are subject to a fine of not more than $10,000. If the federal government orders the sale of the property, the non-Canadian buyer won’t receive more than the amount paid for the property.

Property Purchased by a Non-Canadian Before January 1, 2023

The ban doesn’t apply if the agreement of purchase and sale of the residential property involving a non-Canadian is dated before January 1, 2023.

Regulations

Future regulations will provide details on transactions deemed prohibited purchases, including whether exceptions apply to conditional contracts entered into before January 1, 2023, that become unconditional on or after January 1, 2023.

 

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FRASER VALLEY


Overall in October we unfortunately saw very much the same sort of market as September, with prices continuing to fall in most categories.


We saw 860 sales in the Fraser Valley in October, which marked the second lowest volume October in the last 20 years. September 2022 was also the second lowest volume for that respective month.  Both lowest records were set in the 2008 financial crisis ( October 2008 was 709 and September 2008 was 912)


To put it in perspective for the last 3 years:

- 2021 had 1863 sales in October

- 2020 had 2215 sales in October

- 2019 had 1313 sales in October


We had the first two weeks of October start off a bit faster, but then, as the interest rate hike happened near the end of the month, things came to a complet slowdown.


What this means is that we just don't have nearly as many sales happening as usual and homes are taking longer to sell than in recent history on average.  Homes priced accurately are selling in the 30-90 day range, but a quick look at the market will see many homes that have been on the market for months and months - the majority of those are simply overpriced in the current market and will not sell unless they reduce. (So the average days on market stats get skewed by these homes!)



ACTIVE LISTINGS:


We saw 5,098 listings in October 2022 which is below the 20-year average which has been between 7000 - 8000 most years prior with exception of 2021 where we had 3184 the lowest in recorded market history.  This is something that we haven't seen too often when we see prices fall at the same time.  Nearly every other time we have had a market crash in recent history, we've seen inventory actually increase as more people flood the market with their homes to sell (Such as July 2008 when we had a whopping 10,474 listings!).  This time is different though, as we are seeing a much more complicated landscape with buyers and sellers.  Many sellers are terrified of selling right now as they see their variable mortgage payments go up by 1/3, see their  home valuation drop by 1/3, and see the cost of rent go up nearly 20% (since last year)if they were to rent ...all very tough decisions for many homeowners out there, and this is certainly a factor for the low listing volume.



PRICES:


With regards to price, we saw roughly the same decrease of home values in most areas of anywhere between 1-3%.  Some areas were more exaggerated such as Cloverdale Detached that has fallen another 6% and Attached 5%.  One area seemed more resilient, South Surrey / White Rock which saw an increase of 7%.  When you look at both areas in the Housing Price Index however (vs Average Prices) then both of these areas show a Housing Price Index as a decrease that lines up with the rest of the Fraser Valley being a decrease of 3% in Cloverdale and 0.5% in South Surrey / White Rock.


Prices are still falling fast due to many economic factors, but primarily the consequence of the interest rate hikes and people's lower affordability.  With the Bank of Canada mandate to decrease our rampant inflation (Currently 6.9% but this DOESN'T include the food and energy sectors which have been hammered) they are set to continue their rate hike policies.  They will likely do this until we have inflation much lower and that number doesn't look like it's coming down any time soon. I am forecasting and predicting sometime in mid to end of 2023.


WHAT SHOULD YOU DO?


If you are a first-time home buyer and thinking of getting in the market, you may want to consider getting pre-approved right now to determine what you can afford and what interest rate you would be locked in at and then see what's available.  Will prices continue to come down? Very likely but will interest rates increase? Almost certainly and sometimes that can be a good reason to buy sooner when you compare what a few rate hikes can do to your monthly payments vs what the price decrease might be etc!

If you are buying and selling then, depending on what you are buying and selling, the relative valuations may go down very similarly giving you a similar "gap" between property prices, and despite the interest rates being higher on your new mortgage, you may actually come out ahead of the game depending on what you're selling! For example, if you are selling a smaller condo right now for $500,000, you may have come down from the peak of the market $100,000 , however the detached house on acreage that you might have paid $3,500,000 might now be $2,700,000 so you can see what I mean about it being favorable for some. You are saving more than you're losing 


Now may be a good time to talk to a mortgage broker, get pre-approved, and purchase your first property, or  sell your existing property to purchase another.  If you need assistance with this, please let me know and I can put you in touch with the rifght people.

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Inflation, rising interest rates create caution across Metro Vancouver’s housing market

Home sale activity across the Metro Vancouver housing market continued to trend well below historical averages in October.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,903 in October 2022, a 45.5 per cent decrease from the 3,494 sales recorded in October 2021, and a 12.8 per cent increase from the 1,687 homes sold in September 2022.

Last month’s sales were 33.3 per cent below the 10-year October sales average.

“Inflation and rising interest rates continue to dominate headlines, leading many buyers and sellers to assess how these factors impact their housing options,” Andrew Lis, REBGV’s director, economics and data analytics said. “With sales remaining near historic lows, the number of active listings continues to inch upward, causing home prices to recede from the record highs set in the spring of 2022.”

There were 4,033 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2022. This represents a 0.4 per cent decrease compared to the 4,049 homes listed in October 2021 and a 4.6 per cent decrease compared to September 2022 when 4,229 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,852, a 22.6 per cent increase compared to October 2021 (8,034) and a 1.2 per cent decrease compared to September 2022 (9,971).

“Recent years have been characterized by a frenetic pace of sales amplified by scarce listings on the market to choose from. Today’s market cycle is a marked departure, with a slower pace of sales and more selection to choose from,” Lis said. “This environment provides buyers and sellers more time to conduct home inspections, strata minute reviews, and other due diligence. With the possibly of yet another rate hike by the Bank of Canada this December, it has become even more important to secure financing as early in the process as possible.”

For all property types, the sales-to-active listings ratio for October 2022 is 19.3 per cent. By property type, the ratio is 14.3 per cent for detached homes, 21.6 per cent for townhomes, and 23.2 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,148,900. This represents a 2.1 per cent increase from October 2021, a 9.2 per cent decrease over the last six months, and a 0.6 per cent decrease compared to September 2022.

Sales of detached homes in October 2022 reached 575, a 47.2 per cent decrease from the 1,090 detached sales recorded in October 2021. The benchmark price for a detached home is $1,892,100. This represents a 1.6 per cent increase from October 2021 and a 0.7 per cent decrease compared to September 2022.

Sales of apartment homes reached 995 in October 2022, a 44.8 per cent decrease compared to the 1,801 sales in October 2021. The benchmark price of an apartment home is $727,100. This represents a 5.1 per cent increase from October 2021 and a 0.2 per cent decrease compared to September 2022.

Attached home sales in October 2022 totalled 333, a 44.8 per cent decrease compared to the 603 sales in October 2021. The benchmark price of an attached unit is $1,043,600. This represents a 7.1 per cent increase from October 2021 and a 0.5 per cent decrease compared to September 2022.

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Home sellers were more active in Metro Vancouver’s housing market in September while home buyer demand remained below the region’s long-term averages. 


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,687 in September 2022, a 46.4 per cent decrease from the 3,149 sales recorded in September 2021, and a 9.8 per cent decrease from the 1,870 homes sold in August 2022. 


Last month’s sales were 35.7 per cent below the 10-year September sales average. 


“With the Bank of Canada and other central banks around the globe hiking rates in an effort to stamp out inflation, the cost to borrow funds has risen substantially over a short period,” said Andrew Lis, REBGV director, economics and data analytics. “This has resulted in a more challenging environment for borrowers looking to purchase a home, and home sales across the region have dropped accordingly.” 


There were 4,229 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2022. This represents an 18.2 per cent decrease compared to the 5,171 homes listed in September 2021 and a 27.1 per cent increase compared to August 2022 when 3,328 homes were listed. 


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,971, an eight per cent increase compared to September 2021 (9,236) and a 3.2 per cent increase compared to August 2022 (9,662). 


“With fewer homes selling and new listings continuing to come to market, inventory is beginning to accumulate, providing buyers with more selection compared to last year,” Lis said. “With more supply and less demand within this market cycle, residential home prices have edged down in the region over the last six months.” 


For all property types, the sales-to-active listings ratio for September 2022 is 16.9 per cent. By property type, the ratio is 12.4 per cent for detached homes, 18.4 per cent for townhomes, and 20.9 per cent for apartments. 


Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. 


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,155,300. This represents a 3.9 per cent increase over September 2021, an 8.5 per cent decline over the past six months, and a 2.1 per cent decline compared to August 2022.


Sales of detached homes in September 2022 reached 525, a 44.7 per cent decrease from the 950 detached sales recorded in September 2021. The benchmark price for a detached home is $1,906,400. This represents a 3.8 per cent increase from September 2021 and a 2.4 per cent decrease compared to August 2022. 


Sales of apartment homes reached 888 in September 2022, a 45.2 per cent decrease compared to the 1,621 sales in September 2021. The benchmark price of an apartment home is $728,500. This represents a 6.2% per cent increase from September 2021 and a 1.6 per cent decrease compared to August 2022. 


Attached home sales in September 2022 totalled 274, a 52.6 per cent decrease compared to the 578 sales in September 2021. The benchmark price of an attached home is $1,048,900. This represents a 9.1 per cent increase from September 2021 and a 1.9 per cent decrease compared to August 2022. 



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Metro Vancouver’s housing market is experiencing a quieter summer season marked by reduced sale and listing activity.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,870 in August 2022, a 40.7 per cent decrease from the 3,152 sales recorded in August 2021, and a 0.9 per cent decrease from the 1,887 homes sold in July 2022.

Last month’s sales were 29.2 per cent below the 10-year August sales average.

“With inflationary pressure and interest rates on the rise, home buyer and seller activity shifted below our long-term seasonal averages this summer,” Andrew Lis, REBGV’s director, economics and data analytics said. “This shift in market conditions caused prices to edge down over the past four months.”

There were 3,328 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2022. This represents a 17.5 per cent decrease compared to the 4,032 homes listed in August 2021 and a 16 per cent decrease compared to July 2022 when 3,960 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,662, a 7.3 per cent increase compared to August 2021 (9,005) and a 6.1 per cent decrease compared to July 2022 (10,288).

“Home buyers and sellers are taking more time to assess what this changing landscape means for their housing needs,” Lis said. “Preparation is critical in today’s market. Work with your Realtor to assess what today’s home prices, financing options, and other considerations mean for you.”

For all property types, the sales-to-active listings ratio for August 2022 is 19.4 per cent. By property type, the ratio is 12.2 per cent for detached homes, 25.3 per cent for townhomes, and 24.8 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,180,500. This represents a 7.4 per cent increase over August 2021 and a 2.2 per cent decrease compared to July 2022.

Sales of detached homes in August 2022 reached 517, a 45.3 per cent decrease from the 945 detached sales recorded in August 2021. The benchmark price for a detached home is $1,954,100. This represents a 7.9 per cent increase from August 2021 and a 2.3 per cent decrease compared to July 2022.

Sales of apartment homes reached 998 in August 2022, a 38.8 per cent decrease compared to the 1,631 sales in August 2021. The benchmark price of an apartment home is $740,100. This represents an 8.7 per cent increase from August 2021 and a two per cent decrease compared to July 2022.

Attached home sales in August 2022 totalled 355, a 38.4 per cent decrease compared to the 576 sales in August 2021. The benchmark price of an attached home is $1,069,100. This represents a 12.7 per cent increase from August 2021 and a 2.5 per cent decrease compared to July 2022.

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Please visit our Open House at 29 15633 MOUNTAIN VIEW DR in Surrey.
Open House on Saturday, July 9, 2022 2:00PM - 4:00PM Open house by appointment only. Please call ahead and reserve your spot.
Large, family-sized townhome still under warranty. Features 4 bedrooms with 3 full baths and one half bath. Double garage with large driveway big enough to park another 2 vehicles. This is an end unit with huge windows and beautiful sun exposure - enjoy breakfast on the large east facing deck and grow your flowers in the west facing front yard. Basement contains one bedroom and full bathroom, ideal for teenagers. Upstairs has huge master bed with walk-in closet and spa-like ensuite, as well as 2 other bedrooms and main bath. High ceilings and open floor plan on main floor makes this home a dream for entertaining. Modern kitchen with high end stainless steel appliances, quartz countertops and shaker style cabinets. Close to schools and shopping, this is a must see. Call your realtor
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I have listed a new property at 29 15633 MOUNTAIN VIEW DR in Surrey.
Large, family-sized townhome still under warranty. Features 4 bedrooms with 3 full baths and one half bath. Double garage with large driveway big enough to park another 2 vehicles. This is an end unit with huge windows and beautiful sun exposure - enjoy breakfast on the large east facing deck and grow your flowers in the west facing front yard. Basement contains one bedroom and full bathroom, ideal for teenagers. Upstairs has huge master bed with walk-in closet and spa-like ensuite, as well as 2 other bedrooms and main bath. High ceilings and open floor plan on main floor makes this home a dream for entertaining. Modern kitchen with high end stainless steel appliances, quartz countertops and shaker style cabinets. Close to schools and shopping, this is a must see. Call your realtor
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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.