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Western Investor, July 2007 short-term rentals
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As one of the largest condo rental resorts in the B.C. Interior breaks ground on its waterfront, the Town of Osoyoos has begun cracking down on short-term rentals. The town passed a bylaw two years ago banning short-term rentals, but has received complaints from condo owners that some owners are ignoring the ban. This spring, the Osoyoos council announced that, if it finds any evidence of such rentals, it will prosecute. Already one condo management firm has passed its own strata bylaw that will fine unit owners $500 per occurrence for any short-term rentals. Ken Davreux, with Strata Pro Property Management, the property manager for the Desert Court development in Osoyoos, issued a news release announcing the action by Desert Court's Strata Corporation. "Although a strata council cannot enforce the Town of Osoyoos zoning bylaws, they can create a complementary bylaw and enforce it," Davreux said. Meanwhile, construction has started on the rental-friendly $75 million Watermark Beach Resort on Lake Osoyoos, where more than 70 per cent of the suites have already been pre-sold. The remaining 30 per cent is expected to sell out before the end of the summer, forecasts the developer, Vancouver-based Osoyoos Shoreline Development Ltd. Watermark is a four-star, four storey waterfront resort comprised of 123 whole ownership condominiums and 30 beachfront residences. It features retail storefronts along Main Street, an upscale restaurant and patio, a wine and tapas bar, a health club/spa, and a 150- to 200-seat convention centre. Average prices run from the mid-$300,000s to the mid-$500,000s for a furnished suite. Boutique Hotels & Resorts of British Columbia will act as the property manager for the resort, which includes an optional rental pool of legal hotel-type rentals, according to James Askew, president of rareEarth Project Marketing. For additional information regarding the project, click on the logo: Reprinted from Western Investor |
