Renting out your Condo

Here are some things to know if you are thinking about renting out your condo!

  1. There are no restrictions on your ability to rent out your condo. Alberta’s Condominium Property Act (the Act) does not allow corporations to create bylaws that prevent owners from renting out their condo. However, they can make restrictions and requirements that owners must follow.
  2. Restrictions in renting out your condo. You must give notice to the condo corporation of your intent to rent out the unit. The notice must include the address where the owner can be served with any notices and must include the amount of rent being charged. The owner must also provide the corporation with the name of the tenant(s) within 20 days from the start of the tenancy. If the tenancy ends, the owner must notify the corporation within 20 days.
  3. Short term rentals. The condo corporation may have a bylaw restricting short term rentals in the complex. An example of what this would look like: An owner shall not use their Unit, or any part thereof: for hotel or guest house type purposes; any Airbnb, VRBO, Homeway for FlipKey or similar type accommodation  unless such use constitutes an authorized, permittd or discretionary use or approved "class 1 home occupation" as defined in the relevant Municipal bylaw.
  4. Your tenants must follow the rules! Your tenants are required to comply with the bylaws of the corporation. It is best to provide your tenants with a copy of the bylaws and any rules documents your condo corporation have produced.
  5. Deposit from owner. You may be required to pay a deposit to the corporation if you rent out your unit. The Condominium Property Regulation sets the maximum rental deposit that may be charged to an owner for a unit rented to a tenant at $1,000 or one month’s rent, whichever is greater. The deposit is to be returned within 20 days after the owner gives the corporation notice the unit is no longer a rental.
  6. Recovery of costs if unit is damaged. If a tenant causes damage, the corporation can seek payment from the owner, including putting a caveat on title for recovery of costs.

This information is intended to provide general information only, and is not a substitute for legal advice.
Information supplied by the Government of Alberta via Service Alberta.

Post a Comment