Vivid at the Yates is a 20-storey, 135-unit below-market condominium tower situated along the 800-block of Johnson Street in downtown Victoria.
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The rules are very clearly stated as are the ramifications of disobeying a Covenant buyer(s) will have signed. Whoever is telling you there are "lots" of people planning to rent out their units and that there are no ramifications to doing so is very poorly informed on the situation and if what he or she says is true, is possibly misinforming other buyers.
The issue isn’t a matter of strata bylaws but of a Covenant placed directly on the title of all Vivid suites by BC Housing.
Purchasers must sign a Statutory Declaration acknowledging this Covenant and agreeing to abide by the rules it sets out, which your source, Promontory Kingpin, should direct to his or her lawyer for review and an explanation as soon as possible if he or she misunderstood the gravity of the situation the first time around.
The Covenant includes an agreement that for two years the suite will not be leased to a third party and may only be occupied by the qualified purchasers.
Should the purchaser choose to ignore this rule, the Covenant states that BC Housing "may exercise all of its remedies both at law and in equity in order to enforce the obligations of the Transferor [the purchaser] and the rights of the Transferee [BC Housing].” According to the agreement, this may take the form of “specific performance, injunctive relief (mandatory or otherwise) or other equitable relief”.
In other words, BC Housing can force a sale - at a price that is 8% below appraised market value - should a purchaser get caught breaking the rules.
Photo from April 20th
I wonder if this site it mostly clay or will blasting be necessary to complete the excavation?
April 14, 2018
Despite Chard Development's targeting of first-time and young buyers with unique incentives, it's the moms and dads who are pushing their children to jump on an opportunity.
Work has begun on building over 250 condominiums in two towers set to rise between the 800-blocks of Yates and Johnson streets.
There may be lots of construction cranes above city streets, but not all projects have available pre-sale condo inventory. Find out what's still selling and what's coming soon.