July 16, 2019
Can I rent out my condo unit?
I've owned a condo for a few years and am thinking of buying a house , but still keeping my condo as a rental property. I've heard that the condo corp. can stop me from doing that. Is that true?
The following users say thank you to Cindy S for this useful post:Gord Steeves
July 26, 2019
Relatively speaking, the existence of a condominium building is a relatively new concept in the ancient history of real estate. The idea is a solid one and appears to be generally standing the test of time. That does not mean that there has not been evolution though.
Originally, part of the condominium dream for some was that people would own the units and live in the building with their neighbours “apartment style” but still retain the ownership model of a residential area. Part of the dream for some buildings was that people who owned the condos would not be allowed to rent them out to a third party. This was the idea agreed to by many building executive groups and the by-laws and declarations of the time clearly spelled out that no renting-out was allowed by owners of the units.
Many of these old by laws and declarations are still floating around today, and sometimes, when people are given documents for the cooling off period, they will see that the documents prohibit them renting out their condo unit. These are dated documents, the Condominium act of Manitoba has superseded many of these by-laws and stated that a unit owner, in most instances, cannot be stopped from renting out their unit.
The condominium group can charge a levy up to a certain amount to an owner that rents out and they can impose reasonable restrictions on renting, but unless it is very limited circumstances, the owner has the right to rent out their condo unit.