Create two condominium classifications

At present, there is only one classification for all residential condominium corporations.  This creates a one-size-fits-all system for a major component of home ownership. That is extremely unfair to people who think they are buying into a community of owner-residents, a vertical community like houses in suburbia when in reality they often become a minority of residents—with little political power—caught in a dog's breakfast of various investor schemes.

This is extremely unfair to buyers who thought they were buying a unit in a condo that would consist primarily of owner-residents and instead, they find themselves in a large condo that consists of:
• rental units,
• rooming houses,
• over-crowded student housing,
• suite-hotel units and
• boarding houses

These businesses are operated by individual investors, small corporations, the property management company that manages the corporation, the developer, slumlords and by renters who sub-rent the units—with or without the owners knowledge or permission.

Therefore the province should create two separate types of residential condos.

Standard Condominium Corporation
A standard condo corporation would have the following restrictions:
1.
The corporation cannot have any more than 10% of the residential units leased at any one time.
2.
All leases must be for six months, or more, with a maximum of one lease per unit every twelve months.
3.
A maximum of 20% of the total residential units may be one-bedroom, one-bedroom with den or bachelor units.
4.
A minimum of 60% of all the residential units must be two-bedroom units.
5.
A minimum of 10% of all the residential units must be three-bedroom units.
6.
No short-term rentals are allowed.
7.
All residential units are solely for single-family use.
8.
The residential units are not to be used for any commercial or non-residential activities.

Investor Condominium Corporation
An investor condo corporation would have the following restrictions:
1. The residential units can be used for any residential use that is allowed by
    the municipal by-laws.

That's it.


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