WHAT TO EXPECT FROM BILL 44

1. Rentals - Rental restriction bylaws in strata corporations are no longer valid. Short term rental bylaws are still allowed, and a strata corporation or section can still create a bylaw banning or limiting short term rentals.

2. Age Restrictions - Strata corporations and sections are only allowed to have age restriction bylaws that require one or more persons residing in the strata lot to have reached an age that is not less than 55 years. All other age restriction bylaws are no longer valid.

What is the Home Buyer Rescission Period (HBRP)?

The HBRP, commonly known as a "rescission period," gives buyers the right to withdraw from a purchase agreement within a specified period of time after an offer is accepted. Without a rescission period, if a buyer wishes to terminate an unconditional contract, they would need to negotiate with the seller and would typically face significant financial penalties or legal ramifications.  

What properties will be subject to the HBRP?

The policy will apply to the following types of structures: 

• detached homes,
• semi-detached homes,
• townhouses,
• apartments in a duplex or other multi-unit dwellings,
• residential strata lots,
• manufactured homes that are affixed to land, and
• cooperative interests that include a right of use or occupation of a dwelling.

What Exactly Are The BC Tax Assessments? 

In British Columbia, property tax assessments are conducted by the British Columbia Assessment Authority (BCAA) to determine the value of a property for the purpose of taxation - in other words, this is used to calculate your portion of tax. Residential properties are assessed based on their market value as of July 1st of the previous year. Tax assessments are generally outdated by the time they are received and typically do not reflect current values. If you believe your assessed property value is too high or incorrect, you have the option to appeal the assessment.