The NDP introduced amendments to
legislation which will provide municipal governments stronger zoning tools to
protect and improve the supply of rental properties. It will allow them to
ensure existing rental properties cannot be redeveloped for other uses.
Undeveloped land zoned for rental will be used for rental homes.
That's welcome news for Victoria Mayor Lisa
Helps. She points out there are 10,000 rental buildings from the 1960s in
Victoria that require some form of updating, including seismic work. She and
the Victoria council are interested in seeing this work progress as a measure
to alleviate a vacancy rate well below one percent.
“We're definitely looking at incentives for
developers,'' she said.
Victoria council has been working to
increase rental stock in the city. In March, they passed a bylaw to allow
condos, duplexes, townhouses, secondary suites, and garden suites to offer
short-term rentals of up to 2 bedrooms in their principle residences. Even renters
can engage in short-term rentals, as long as they have their landlord’s
permission.
Offering rental space in your home is an
excellent mortgage helper. Talk to me about purchasing a property with
short-term rental potential and I’ll make sure you’re fully informed about what
you need to know before you buy your home.
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