LANGLEY, BC, Nov. 30, 2023 /CNW/ – In response to the latest short-term rental (STR) regulations introduced by the BC Government, seasoned REALTOR®, Bill deMooy, renowned for specializing in selling homes with suites in communities like Langley, anticipates a potential surge in homes entering the market, providing increased options for homebuyers.
The regulations, set to take effect in the spring of 2024, are expected to compel numerous short-term condominium and townhouse owners to convert their properties into long-term rentals or consider selling their investments. Bill deMooy explained, “It’s anticipated that there will be a significant number of long-term rentals becoming available to renters, and there is an expectation that some landlords and investors will choose to sell their property thus providing more choices for homebuyers. I’ve represented landlords who have sold their rental units because of the NDP Government limits to rent increases so I won’t be surprised if this new legislation will further dissuade real estate rental investments.”
Under the new regulations, STRs will be limited, as Bill clarified, stating, “Such as homes with suites; someone who lives in a single-family home could list either a basement suite or a laneway home as a short-term rental but not both.” Homeowners can also list their primary residence as a short-term rental as long as they predominantly reside in it. Bill speculated, “If I understand this definition correctly, a homeowner who enjoys being a snowbird for up to 5 months could rent out their entire home as a STR.”
Anticipating the impacts of these changes, Bill noted, “Time will tell with the first effect being a curtailing by those investors planning to buy their first, or additional, rental property for short-term rental. The second effect will be the selling of STR properties or converting to long-term rentals.”
About Bill deMooy: Bill deMooy is a highly respected REALTOR® renowned for his extensive expertise in the Lower Mainland’s real estate market. He is committed to guiding clients in making well-informed real estate decisions while addressing the housing challenges within the local community.
SOURCE Bill deMooy – Homes with Suites
Featured image: Deposit Photos © Simpson33
