Strata corporations will have new powers to pass bylaws restricting or banning short-term rentals and fine non-compliant owners or residents up to $1,000 a day because of changes to the BC Strata Property Regulation.
Another Canadian real estate indicator is pointing to cooler markets across the country. Canadian Real Estate Association (CREA) numbers show sales across the country cooled in July. The decline has led to a greater amount of inventory in almost every market West of Ottawa. Less sales and more inventory has sent the sales to new listings ratio plummeting in all but 3 markets.
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