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Property deals in Vancouver hit Olympic proportions during the Games

Visitors from around the world know value when they see it. The million dollar suites may not go to local buyers but visitors snap them up

VANCOUVER, B.C. - While most 2010 fans were happy with stuffed Olympic mascots and other Games trinkets, some visitors to Vancouver were snapping up more exclusive deals.

A Vancouver-based developer says while athletes were competing for gold, it struck gold of its own - selling seven luxury suites in two upscale apartment buildings in the city.

Aspac Developments says buyers, specifically in town for the Olympics, couldn't resist the suites, including a penthouse within spitting distance of the International Broadcast Centre on the shores of Coal Harbour.

Aspac says the penthouse, alone, sold for $22.3 million, while all seven suites fetched a total of $46.76 million.

A spokesman for the group marketing the developments says a stretch of unseasonably warm, sunny weather helped seal the deals, which were closed within the 17 day span of the Games.

George Wong believes the international flair and excitement that flourished during the Olympics made Vancouver extremely attractive.

From The Canadian Press, March 1, 2010 - 3:39 p.m. 

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There are changes to rental rules in the BC Strata Property Act. Here is an example.

Published in the Vancouver Province on Sunday Feb 28th

Dear Condo Smarts: I have been working with a realtor and trying to find a condo to purchase for investment that I intend to use as a rental. There seems to be quite a bit of confusion right now over the types of units that can be rented. I have requested information certificates for two buildings and upon reviewing the bylaws and the number of rentals, there seems to be no logic in the relationship of the limitation on rentals and actual number of rentals.

Could you please tell us how we could find a building where we can buy a unit, rent it out, and have some longterm security over its use.
- Jens Crezma, Vancouver

Dear Jens: There have been some minor changes in the strata legislation that affect rental units.

A strata corporation is permitted to adopt a bylaw that limits or restricts the number of rentals to either a specific number, such as 10 units, or a specific percentage, such as 10 per cent of the total number of units. The changes in legislation now exclude family rentals, as permitted by the act, and hardship exemption rentals. So in the total count of the number of rentals permitted under a bylaw, those are no longer included.

There is no such description as "developer rentals", but I suspect you are referring to the effects of a rental disclosure statement. There are two different exemptions now that apply to rental exemptions, and they refer to units filed under a rental disclosure before Jan. 1, 2010, and those filed after Jan. 1, 2010.

For strata lots created with a valid, filed rental disclosure before Jan. 1, 2010, the owner developer was permitted to file the proper form with the superintendent of real estate. The form set out a declaration of the units they intended to rent for a prescribed period of time. That exemption, if enforceable, applies only to the first purchaser, and expires on the period of time published on the form or when the first purchaser sells the unit. Many of these forms filed before Jan. 1, 2010, identified the period of time as "indefinite" and a court decision in 2000 found that an "indefinite period" was unenforceable, and the first purchaser was not exempt; however, a recent court decision in December of 2009, of Spagnuolo v. Strata Plan BCS 879, has overturned the previous decision, and found that an "unlimited period" is a valid rental disclosure statement.

If you are purchasing a unit from a developer where the proper rental disclosure form was filed before Jan. 1, 2010, and it identifies the intent to rent the units for an "unlimited" period, then as the first purchaser, you are likely exempt from the rental bylaws. If you are buying from the first or a subsequent purchaser, that exemption no longer applies.

As of Jan. 1, 2010, the rules have changed on new developments, too.

The only way you can have some assurance that your strata lot will be exempt from strata bylaws is by purchasing a unit that falls under a rental disclosure exemption. Even strata buildings that average a high ratio of rentals with no bylaw restrictions often change over the years and adopt rental bylaws. Before you purchase, make sure you have a copy of the rental disclosure from the superintendent of real estate, and seek legal advice on the enforceability of the form. Not all forms grant exemptions or are enforceable, so never assume your unit will be exempt.

Tony Gioventu
is executive director of the Condominium Home Owners' Association. Send questions to him at tony@choa.bc.ca

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Tougher mortgage rules to cut down default risks

Date: Tue. Feb. 16 2010 10:52 AM ET

Ottawa has tightened the rules for obtaining a government-backed mortgage, as it casts an eye towards expected future interest rate increases and the risks those pose for Canadian homeowners.

Finance Minister Jim Flaherty announced Tuesday morning that prospective homeowners will soon have to meet the requirements for a five-year, fixed rate mortgage -- as opposed to the three-year standard in place right now. The rule will apply even if they choose a mortgage with a lower interest rate and shorter term.

for more .....

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Check out Vancouver Distress properties. Free list with pictures

For some time now, and since the new Strata Property Act was brought in in July 2000, any Buyers  of Strata properties had to abide by the Bylaws regulating the rental of strata units. The rental Disclosure document, or form "J", filed by the Developer usually indicated the length of time that the units will be designated as rentals. This could be limited to several years or indefinite.

This meant that a buyer of a unit in a Strata, purchasing from the Developer, (first buyer), had a right to rent his unit for the period of time that the Form "J" specified, regardless of any changes in Bylaws limiting the rentals.

However, the second buyer, (buying as a resale) did not have that right. If restrictions to rentals had been voted in by the Strata Corporation, the second Buyer would have to abide by these  changes.

As of Jan 1, 2010, the Strata Property Act was changed, which will make it easier for the second buyer to be an investor, because the only governing document they will have to abide to is the Form "J" and it's limitations.

This explanation, courtesy of
Spagnuolo & Company Real Estate Lawyers

There has been a shortage of rental units for years in British Columbia. In order to address this, the Provincial Government recently passed legislation dealing with the rental provisions of the Strata Property Act ("SPA").

Under the old section 143 of the SPA, a rental restriction bylaw passed by a Strata Corporation did not apply to that strata lot until the strata lot was conveyed by the first owner after the developer or until the date that the rental period disclosed in the RDS expired, whichever was earlier. Essentially the first owner was always able to rent out the strata unit until the expiration of the rental period disclosed in the RDS, but not subsequent owners.

Pursuant to the amended Section 143 of the SPA, for a new RDS filed after December 31, 2009, a rental restriction bylaw will not apply to that strata lot until the date that the rental period disclosed in the RDS expires. This expiration is usually a long time away: perhaps 99 years or even indefinite.

Therefore, practically speaking, starting January 1, 2010, a new RDS will benefit every subsequent owner of that strata lot rather than just the first owner after the developer. All future owners will be able to rent the strata lot without being subject to any rental restriction bylaw for as long as the rental period disclosed in the new RDS allows them to.

This does not apply to strata buildings where the RDS was filed prior to Dec. 31, 2009.

 If you are looking to Buy or to Sell real estate in Vancouver area, give me a call. My consultations are FREE. The benefits to You, may be worth a lot of money.
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