i would like to know whether or not it is legal to restrict ownership to people over the age of 55 or some other age within a condominium complex in alberta canada.Where can I find the legal answer to this question?
2006-10-23 06:31:23 · 3 answers · asked by bioteachy 1 in Business & Finance ➔ Renting & Real Estate
It is and it is pretty common everywhere as well as Florida from what I've seen.
2006-10-23 07:41:33 · answer #1 · answered by Nicholas M 3 · 0⤊ 0⤋
Most provinces in Canada have a strata property act, and most will include that a strata council can by special resolution put in place a bylaw restricting and or enforcing issues like age restrictions, provided this is done in compliance with the laws of the territory, and registered in the appropriate places, they are very much enforcable.
There are some oddities that occur from time to time in laws that seem to contradict each other, for example. If a building in BC allows rentals and has an age restriction, the age restriction does not apply to the rental suites, as the tenancy act does not allow for age restrictions (only for 55 and over), but the strata act does not have this provision.
SO the place to look is the bylaws of the building you are interested in and making sure they bylaws are registered in the right places (most of the time, the land titles office) Ther is no point in trying to break the rule, as you will have no leg to stand on, and you want to be able to live there without hassle and or trouble.
Your question does also indicate a common issue, buildings with lots of rules and or restrictions, tend to have a lower resale price, which makes them more appealing to buyers not fitting the rules.
So eventhough I understand why some strata corporations want to control their quality of life, it often does affect the value of the property in some way. It is often better to not create more bylaws, but to manage the complex better within the laws of the land that already govern all of us, this way we protect the property, and once lifestyle, while also uptimizing property value, in all market conditions.
2006-10-25 11:19:25 · answer #2 · answered by peterpfann 3 · 0⤊ 0⤋
yes it is....
2006-10-23 13:38:39 · answer #3 · answered by gobblygoo 2 · 0⤊ 0⤋