There are important numbers to add to the negative reality facing pre-2010 stratas being forced to convert into rental buildings.
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, chose those units. 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.
And let’s be honest, the mammoth problems 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 really problem of housing affordability.In 2022, in B.C., rent increases were supposedly capped at 1.5 per cent. Yet, the average rent increase in B.C., in 2022, was actually 15 to 20 per cent, and up to 34 per cent in Victoria.