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Comment: BC's new strata property law aims at the wrong target

Posted on 01/03/2024 by Iqbal Nugroho

A commentary by the owner of a condo in Victoria.

There are important numbers to add to the negative reality facing pre-2010 strata being forced to convert into rental buildings.

First, justifying the wholesale conversion of strata buildings into rental buildings on the basis that there are about 1,500 available condo units (out of more than 300,000) is a false contention.

People who wanted to become landlords bought properties they could rent. They did not buy a condo in an owner-occupied building. People who wanted to be homeowners at a price they could afford, accepting the collective responsibility of strata living, choosing those units.

The available 1,500 empty units are not going to be miraculously converted into units for rent. These unit owners were never willing, or were not in a position, to be landlords.

For example, in my 22-unit condo, where we have always allowed one rental unit, no owner chooses to rent. One owner, who has kept their unit vacant for almost 20 years, could have rented, but did not.

Even the speculation tax did not move them to rent their unit out. They intend to move into that unit when they retire and in the meantime, they have the means to keep it vacant.

Premier David Eby’s law does not reach them.

Instead, and sadly, the forced rental law will convert previously owner-occupied strata units, the essential ingredient in a well-volunteered and resourced building, into rentals at market-level rents.

And let’s be honest, the mammoth problem this creates is especially painful as it is also absolutely no solution to the housing crisis. It simply picks away at housing supply while ignoring the real problem of housing affordability.

Ah, the elephant in the BC legislative building.

In 2022, in BC, rent increases were supposedly capped at 1.5 per cent. Yet, the average rent increase in BC, in 2022, was actually 15 to 20 per cent, and up to 34 per cent in Victoria. Forcing conversion of owner-occupied units into rentals in a province that has virtually no rent controls will simply add rental units at unattainable rent levels.

Why does the BC government continue to allow rent increases of this huge magnitude if it is sincerely interested in solving the housing crisis?

And why, in the absence of closing this monster loophole that results in unaffordable housing, does the BC government instead take after pre-2010 owner-occupied buildings that offer the primary ray of attainable home ownership hope there is in BC?

>>> To comment on this article, write a letter to the editor: letters@timescolonist.com

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  • Exploring the World of Antique Jewelry
  • The Health Risks of a Sedentary Lifestyle vs. Active Sports
  • The Future of Nutrition: Technology-Enhanced Eating
  • The Ultimate Kitchen Cleanup Guide for Home Cooks
  • Exploring the World of International Street Food

alternative ways to sell your house buy my house home realtor home sellers house buying companies house realtor houses how do you search by mls number? how to sell your home online how to sell your house by owner how to sell your own house my realtor national association of realtors realtor realtor.com find a home realtor.com florida realtor.com mi realtor.com official site realtor.com rentals realtor.com texas realtor definition realtor homes for sale realtor logo realtor md realtor nc realtor near me realtor net realtor on realtor one realtor pa realtor pronunciation realtors realtor websites sell home by owner sell home for cash sell home online sell home quick selling a house sell my home sell my own home steps to selling a house by owner the realtor the realtors what does a realtor do yahoo real estate listings

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