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» StrataBlog» Regulations for Strata Corporations & Owners
January 8, 2014

Regulations for Strata Corporations & Owners

Regulations for Strata Corporations & Owners

Strata Property Act

Under the Strata Property Act, there are regulations in place to improve accountability in strata corporations and require owners to pay for certain repairs.

Following consultations with the strata community (including strata lot owners, associations, legal experts and professionals) the Strata Property Act was amended. This allows strata corporations to apply to the Supreme Court to order a tenant to perform duties required under strata bylaws, and to move forward with levies to raise funds for special repairs as needed, provided that half of the members approve.

These changes were implemented based on feedback that strata corporations face deadlocked voting and deteriorating conditions. The public consultation included an online survey conducted in February, 2011 that attracted over 1,800 participants, many of whom provided additional comments that reshaped the final regulations.

Mandatory Depreciating Reporting

Other changes include mandatory depreciation reporting, unless stratas exempt themselves with a ¾ majority vote. This is now a provincial requirement, to be updated every three years and with the inclusion of an on-site inspection. Contingency reserve fund contributions may now exceed 25% of the annual operating budget to help pay for extraordinary expenses, with a majority vote at the annual general meeting. Both the depreciation report and contingency fund changes are effective immediately.

Strata properties make up more than half of the taxable properties in a dozen British Columbia municipalities. As the province’s population expands and urban densification increases, the number of stratas will continue to grow. More than one million British Columbians are strata property owners.

For more information, visit the Provincial Housing and Construction Standards page.

C & C Property Group Ltd. provides property management services to strata corporations in the Metro Vancouver area.

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