Legal Note Archives - Page 5 of 5 - Geoff Jarman Real Estate

Burnaby Short Term Rental Regulations

In response to an emerging trend in the tourism industry, the City of Burnaby has introduced new regulations for short-term rentals that protect long-term inventory and prevent disruptions to local neighbourhoods.

Source: Unslpash

“It’s important that we do all we can to create a proper balance with housing in our community. We need housing that is available and affordable, so everyone can live here,” said Burnaby Mayor Mike Hurley. “At the same time, we want to support tourism and ensure residents benefit from emerging technologies and marketplaces.”

Burnaby City Council is considering amendments to the Burnaby Zoning Bylaw, the Business Licence Bylaw, Business Licence Fees Bylaw, and the Bylaw Notice Enforcement Bylaw in order to establish a short-term rental program specifically for homeowners who wish to conduct short-term rentals within their principal residence.

Source: Unslpash

The proposed bylaw amendments are based on the framework adopted by the City Council in July 2020 and include the following key provisions:

Business licence required and must provide evidence that the address of the short term rental is the applicant’s principal residence
Must be for principal residence only, not permitted in rental units, secondary suites
Can only rent out for 90 nights of a calendar year as short term and the short term rental operator/applicants not be absent from their principal residence for more than 28 nights (so I guess it must be a local owner)
Operator must deliver their contact info to their neighbours and record every address the notice was delivered to
Business licence must be posted in a conspicuous place within the short term rental
Must post a fire safety plan by all entrances and exits
Must be available at all times to respond to complaints in respect of the short term rental

As a result of the rapid growth of online platforms such as Airbnb and VRBO, which facilitate the booking of private residences for use as tourist accommodations, Burnaby introduced this framework. These types of platforms are popular with tourists and homeowners, but it is also intended to protect both the supply and affordability of long-term rental housing, as well as the safety and security of residential neighbourhoods and buildings.

Source

Learn More: Short-term rental proposed bylaw amendments

Media Contact:

Chris Bryan

Manager, Corporate Communications

Corporate Communications and Marketing Departments

604-570-3616 | ac.ybanrubobfsctd@nayrB.sirhC

For more information about Burnaby short term rental regulations call Geoff Jarman at 604-313-7280

2022 Buyer’s Remorse affecting you?

Buyer’s Remorse

Article from Zancope Notary Public

“In the past 15 days I personally dealt with 5 collapsing deals involving buyer’s remorse. For the first time in 6 years, I’m seeing people intentionally backing out and not completing their deals.

My perception is that people who have purchased properties between December and February are feeling that they have paid too much, and they believe that by not completing their purchase, they will only be losing their deposit. This is a myth!

As we know, after a real estate purchase/sale contract has been fully executed with at least $1.00 deposit paid, if one of the parts does not complete, the amount paid for the deposit will have nothing to do with the damages to be paid by the breaching party.

What are the consequences for not finalizing your real estate purchase?

Your deposit will be frozen with the legal representative holding it, until parties reach an agreement or when court determines who gets paid what.

Seller will be responsible to mitigate damages, by re-listing the property and trying to sell ASAP.

Buyer that did not complete, could be responsible for:

All legal fees (their lawyer and seller’s lawyer)
Additional realtor’s fees for the work of re-listing the property and additional commissions paid
Any loss incurred by the seller – difference between the sale price they would have received from original buyer and what they were able to sell it for later.

For example: Original sale happened for $1Million. Buyer did not complete, and sellers listed again, selling for $700k. Original buyer (regardless of their deposit) could be responsible for covering the $300k loss from the sellers + all lawyer’s fees incurred by parties + additional commissions paid for the second sale”

If you are suffering from Buyer’s Remorse, Call Geoff at 604 313 7280 if you have any questions or concerns about what it means to walk away from a real estate purchase.