Good news for Buyers! There are NEW Changes to Strata Property Regulations! Did you know…………..The Provincial Cabinet has just approved new strata property regulations. Highlights of the new regulations are:
1) Depreciation Reports – are now mandatory for all strata corporations with some strata’s being exempted. This report must be updated every 3 years and must include an onsite inspection and inventory, a schedule of anticipated maintenance and a financial forecasting section. This will become a key document for potential Buyers to preview when considering buying a strata home in BC.
2) Contingency Reserve Funds – Previously, an annual ¾ vote was required to make contributions to the reserve fund if it exceed 100% of the annual operating expenses. Now, strata corporations do not have to fund the CRF above 25% of the operating budget and strata’s can make additional CRF funds by a majority vote.
3) Form B information certificate – to improve disclosure, by March 1, 2012 strata corporations much also attach copies of the: rules, current budget, rental disclosure statement, depreciation report, and by January 1, 2014 parking and storage information will be added to the Form B.
For more information on these NEW changes to the Strata Property Regulations go to: www.housing.gov.bc.ca/strata/regs