Forec

Stratas shifting to 55+ presents 'massive loophole' in Property Act, Duncan condo owner says

25/03/2023

A condo owner in Duncan says her strata opting to go 55+ will significantly impact not only her finances, but her personal life — prompting her to ask British Columbia’s premier to fix a “massive loophole” in recent changes to housing legislation.

Brianne Pascoe, 30, purchased her unit last June. When she moved into the building it was 19+, but since then the government has made significant changes to the Strata Property Act with Bill 44 — including what some are calling a loophole upending the lives of buyers and renters.

That’s because Pascoe’s strata voted to restrict anyone under 55 from moving into the building, something other strata councils around the province have been doing ever since the changes came into effect last November.

The new laws aim to increase B.C.’s housing stock to help solve the province’s rental shortage, with changes to the Act scrapping rental restrictions, including

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Forec

Condo developers can pre-sell before building permits in place

23/03/2023

BC Superintendent of Real Estate policy change, which also allows strata pre-sales before financing is committed, came into effect on March 8, 2023

The BC Financial Services Authority (“BCFSA”) has issued a notice to its stakeholders, including developers, advising that the Superintendent of Real Estate’s Policy Statements 5 and 6 have been amended, effective March 8, 2023.

Together, Policy Statements 5 and 6 allow developers to engage in the early marketing of development projects before obtaining a building permit (Policy Statement 5) and a satisfactory financing commitment (Policy Statement 6), provided certain requirements are met.

The amendments to Policy Statements 5 and 6 are intended to create clear and consistent guidelines governing early marketing requirements in British Columbia.

Policy Statement 5 provides that a developer may engage in the early marketing of a development project even though it has not yet obtained certain approvals for its project, including a building

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Forec

Condo on the market since last summer sees multiple price adjustments

21/03/2023

Re/Max Hallmark Realty Ltd.

1048 Broadview Ave., No. 901, Toronto

Asking price: $1,149,900 (December, 2022)

Previous asking price: $1,149,900 (October, 2022); $1,169,900 (September, 2022); $1,198,000 (August, 2022)

Selling price: $1,120,000 (January, 2023)

Previous selling price: $498,468 (March, 2010)

Taxes: $4,177 (2022)

Property days on market: 146

Listing agent: Christopher Bibby, Re/Max Hallmark Bibby Group Realty

The previous owners of the one-bedroom plus den suite had the builder of the unit remove an original second bedroom to expand the entertaining area.Re/Max Hallmark Realty Ltd.

The action

This one-bedroom plus den suite is in a building just north of Playter Estates and the Danforth but somewhat off the beaten path. Hitting the market last summer, successive mortgage rate hikes made the sale a challenge and the asking price was tweaked several times. Finally, in mid-January, a bid came in at $1.12-million from local buyers.

“There was a verbal offer from

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Forec

B.C. condo owner concerned after strata council implements new age restriction

19/03/2023


Brianna Pascoe has penned a letter to B.C. Premier David Eby after the strata in her Duncan condo building voted to enact a 55-plus age restriction bylaw.


“I am now a 30-year-old stuck in a retirement building,” Pascoe said, reading from her letter. “I no longer have a nice little stepping stone for my future.”


The vote was 19 to four in favour of the bylaw change.


The letter is asking Eby to close what she calls a loophole created by recent changes made to the Strata Property Act.


“Condo buildings that weren’t previously 55-plus, they have been allowed to change to a 55-plus building to avoid having to enact the changes he’s put in place,” said Pascoe.


Tony Gioventu, executive director of the Condominium Homeowners Association of BC, says there’s a reason why some stratas may be making a similar move.


“Strata

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Forec

Trees topple onto Union City condo complex; Residents evacuated

17/03/2023

UNION CITY — Dozens of people were evacuated from their homes after a number of trees came down on multiple buildings in a condominium complex in Union City Tuesday, a day the Bay Area saw widespread damage from gale-force winds.

Four trees toppled onto homes on Starling Drive near Mann Avenue just before noon Tuesday, prompting the evacuation of the entire condo complex has been evacuated, 48 units in all. No one was hurt.

“While I was taking a picture of it, this one right across from me fell right onto the house. Big noise,” said resident Alex Chis. He’s lived across the street from the condos since 1980 and was one of the first people to call 911.

“The tree just fell down and then we got knocked on from the fire department and the police department to evacuate as soon as possible,” said Kayla Rivera, who added she’s

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