Quote:
Originally Posted by libertango
An owner in my small condo complex has been unsuccessfully trying to sell her unit. One of the reasons is that CMHC has red-flagged our building because of our "adults only" bylaw. CMHC policy is to not insure on buldings that have have discriminatory (based on age) bylaws. The problem is that our units are ideal "first-time buyer" units and it is likely that that type of potential buyer would need CMHC approval. So on one hand we don't want to impede the re-sale of any units, but on the other we don't want to change our "adults only" bylaw. (A history of disruptive children in our building forced us to impose the bylaw a few yeares ago) Any discussion or advice on the matter would be greatly appreciated!
Does anyone know if CMHC has loopholes? for example our building is totally not suited for raising children. Thank you so much
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So a first time buyer in your complex would generally be either a single person or a young couple. Both of these types of people are of the type that a) get married and/or b) have kids. This means that they would immediately be breaking the condos bylaws and be subject to rule of law that is written into the condo boards constitution.
From what I have heard about condo boards if you violate a bylaw they have permission to fine you an arbitrarily tremendous amount or confiscate an internal organ of their choice. Since having kids is a pretty natural (and sometimes unexpected) part of being a human being, I think that putting a couple potential parents in a position where they would be facing huge fines and other problems if they got pregnant, would increase the chances of someone walking away from their mortgage simply because the condom broke 9 months before a housing price downturn.
Doesn't seem like a situation that is suitable for many first time buyers I know.