Title image that reads Key 2024 Canadian and BC Housing Legislation Updates: A Guide for Home Buyers and Sellers

Canadians can anticipate significant changes in housing legislation across federal, provincial, and local levels in 2024. These updates come in response to the pressing shortage of housing supply in both resale and rental markets, impacting homebuyers and sellers alike. Let's delve into the key policies that will shape the real estate landscape this year.

Canadian Federal Housing Legislation Updates:

  1. Short-term Rental Restrictions: In November 2023, the Government of Canada introduced measures to incentivize short-term rental operators to contribute to the long-term housing market. Non-compliance with licensing, permitting, or registration requirements will result in denied income tax deductions for expenses incurred on or after January 1st, 2024.
  2. Pre-approved Home Design Catalogue: To streamline new home construction, the federal government plans to reintroduce a post-Second World War housing policy featuring standardized, pre-approved home designs. This move aims to facilitate quicker and more straightforward property development. Consultations for the home catalogue are set to begin in January 2024.

British Columbia Housing Legislation Updates:

  1. New Short-term Rental Housing By-laws: In late 2023, British Columbia implemented the Short-Term Rental Accommodations Act, enforcing stricter regulations on short-term rental housing. Starting May 1st, 2024, hosts will be required to display a valid business license number, and rentals will be limited to the host's principal residence, plus one additional unit in select communities. Read more about short-term rental rules specific to BC and cities in the Okanagan in this recent blog article.
  2. Expanded Speculation and Vacancy Tax: The speculation and vacancy tax laws in British Columbia have expanded to cover 13 new communities, requiring homeowners to declare property usage for the first time in January 2025.
  3. Updated Zoning Rules: Proposed new zoning laws aim to promote small-scale, multi-unit housing across the province. Secondary suites, laneway homes, and adjustments to by-laws allowing three to four units in certain areas are all part of the plan. Municipalities are also required to update community plans and zoning by-laws regularly throughout 2024.

Stay informed about these critical housing policy changes as they unfold in 2024, as they will undoubtedly influence the real estate market throughout the year. For a deeper understanding of these updates and their potential impact on your real estate journey, visit our blog regularly for updates. Alternatively, feel free to reach out to Jeff Creamer, your Kelowna Realtor at Royal LePage Kelowna. We're here to assist you in navigating the evolving real estate landscape.

Source: Royal LePage Blog