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Landlords and Tenants
in British Columbia            

 

 

 

 

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About Condos

Are you considering buying a condo as a rental property? Condominiums - often referred to as condos - are often the preferred vehicle for first-time investors to invest in real estate.

Condos are easiest to maintain since they are governed by a Strata Corporation which may hire a professional strata management company to assist in taking care of the exterior upkeep. Whether your condo is going to be your primary residence or a rental, you must be sure to add the cost of the strata fees into your monthly payment. This is a fixed expense. If you elect to rent out your unit, you need to make sure that rentals are permitted by the Strata’s bylaws. If rentals are allowed, make sure there are no onerous rental restrictions such as age or pet restrictions that may eliminate many of your potential renters.

Use this Condo Due Diligence form if you are looking at purchasing a condo as a rental. 

CMHC produces a Condominium Buying Guide that you many also find helpful.

 

So why do you want a condo?

Some investors find condos easier to manage.  There is little or no yard maintenance to deal with, lots of neighbours to tattle on your Tenants and a myriad of owners with similar goals to talk with so you don't feel you're all alone.

 

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