When a Strata Corporation is formed by a developer in B.C. the developer must comply with the Real Estate Services Act and the Strata Property Act. The developer must file a disclosure statement , for approval by the Superintendent of Real Estate for B.C., containing information on the development they intend to develop. One of the pieces of information contained in this statement is a Form J (under the Strata Property Act), which is a rental disclosure statement. This statement states how many Strata lots in the development the developer intends to rent out and for how long. This right to rent traditionally passed to the first buyer of the Strata lot from the developer, for as long as they owned the strata lot. Thus the Form J became quite necessary for the new buyer or subsequent buyers to have, this information will now be provided with a Form B.
After January 1, 2010 the right of the Strata lot owner to rent a strata lot in a development was formed. The buyer and subsequent buyers, after January 1, 2010, have the right to rent a strata lot to the date specified in the Form J filed by the developer. This right to rent would not be affected by a new rental restriction bylaw passed by the owners at a Annual or Special General meeting subsequent to the registration of the Strata Plan in the Land Titles Office.
The passing of the right to rent should provide more certainty and stability for Strata lot owners wishing to rent their Strata lots, hence increasing rentals in the Lower Mainland of B.C.
For more information on rentals in Strata Corporations you can go to the web site www.fic.gov.bc.ca, then go to the Superintendent of Real Estate & Financial Institutions, then click on the Strata Property Act instruction guide "how to apply rental restriction bylaws" or contact a lawyer who practices Strata Law.