The Ontario Municipal Board has made it decision when it comes to rental properties in London. Despite appeals from builders and investors it seems as if the local property owners have won out on this battle.
Let us preface this by saying we are staying neutral on this topic as we see both sides of the argument. Being two locally focused Realtors, the growth of our community is extremely important to us and we understand why certain communities want to maintain some form of control. That's not to say we don't grasp the investment side of things. A large part of our business is indeed in multi-residential investment properties, and we've seen and experienced that there are some great property owners out there who's goals are in line with the communities. That said here is a rundown of the recent changes to regulation when it comes to investment properties.
- A new bylaw will limit the number of bedrooms in multi-unit dwellings around Western and Fanshawe Campus
- The Maximum number of rooms will be 3 in both duplex's and multi-use properties and 5 in other projects
- The concept is to reduce the density of student population around Fanshawe and Western.
Regulations also redefine parking rules and landscaping requirements, what those are is yet to be known(we've spoken with the zoning office and checked the by-law site- we'll keep you updated on the changes.).