Sometimes it's necessary, or just a good idea, to rent out your condo unit. If you travel south for the winter, for example, having a tenant come in to rent the unit is a great way to help you cover expenses in your absence. However, before you go looking for renters, you should become familiar with the rules and regulations related to renting out your condo.
Manitoba and Saskatchewan have some similarities-as well as some crucial differences-when it comes to renting out condominiums. Read on to find out exactly what you need to concern yourself with.
Can an owner rent out their condominium?
Yes. In both provinces, the law mandates that condominium owners are permitted to rent their properties. Condominium by-laws cannot supersede this and prevent owners from renting out their condos.
Saskatchewan also specifies that owners are allowed to rent out units in what's called a short-term management pool, which allows for rentals of less than one month by a single owner or multiple owners.
Can an owner be charged a deposit for renting out their property?
Yes. In both Manitoba and Saskatchewan, condominium corporations can charge owners a deposit for renting out their properties. In both cases, the deposit must be refunded if there are no damages to the property or any other expenses incurred by the corporation.
Manitoba stipulates that the deposit may not exceed $1,500. Saskatchewan, meanwhile, states that the deposit cannot exceed the initial security deposit on the property. Note that both provinces require that the amount of the deposit be detailed in the condo corporation's by-laws.
Does the owner need to provide notice to the corporation about renting out their property?
Yes. In Manitoba, owners must provide written notice to the condo corporation within 30 days of a new tenant taking residence. In Saskatchewan, the owner must notify the corporation if they plan on having a tenant occupying the unit for more than 30 days. If the period is for less than a month, then the owner must provide notice to the corporation 30 days prior to the beginning of the tenancy.
If you have questions about the rules governing condominium property rental or about the details of operating a condominium corporation, the team at Imperial Properties can help. Imperial Properties has developed a strong reputation for sound, effective condominium and residential property management. We're proud to be a leader in our field, offering unparalleled management expertise paired with exceptional service, knowledge, efficiency and cost effectiveness to serve our diverse client base. Contact us today to learn more about how we can help you.