Petition calls for exemptions to buildings like Aqua in Kelowna

The petition has so far garnered more than 4,500 signatures.

Kelowna, B.C.’s Aqua building on the shores of Okanagan Lake is still under construction.

But many of the people who pre-purchased a unit will not be able to use the property as they intended.

“This was purpose-built, pre-sold as short-term rentals and it’s a resort-style community,” said JP Letnick.

Letnick, a local realtor,  is among those who pre-bought a unit.

He told Global News many of the purchasers will face a loss whether they choose to sell the property,  due to its commercial designation it was purchased for a premium price, or keep it.

“A lot of the individuals here if they can’t do short-term rental, they’re going to be underwater on their mortgages because the long-term rental doesn’t cover the actual costs of these units for the mortgages, the strata fees and all the maintenance and everything that’s involved with them,” he said.

The provincial government introduced legislation last fall banning short-term rentals in secondary homes to tackle the housing crisis by creating more long-term homes.

Since then, a group called Property Rights Association of B.C. formed.