Better Accountability for Strata Corporations?

New regulations are finally being developed in British Columbia that will hopefully help improve accountability for the Strata Property Act and Regulations with a focus on depreciation reports and audited financial statements (if you’d like to find out more about depreciation reports give me a call: 778-878-0778).

If you would like to be notified when the survey is available, quickly sign up here. Public consultation will be an important part of developing the new regulations including a survey scheduled for early 2011.

Strata Properties:  There are half a million residential strata lots in BC, commonly known as condominiums, in addition to commercial and mixed-use stratas. A strata is a property subdivided into individual units (strata lots) and common property. Each strata owner has title to their individual unit plus a proportional share of the common property of the strata corporation.

The approximately 29,000 strata corporations in BC operate and make decisions under the provincial Strata Property Act, a legislative framework based on democratic principles. The Act does not permit government to intervene in the affairs of a strata corporation or provide for the interpretation of the Act and Regulations.

Further consultations will follow later in 2011 on an improved dispute resolution process.

More Information:
– For basic information about the Act please go to the 28 SPA guides and the FAQs
– Recent changes to the Act.
Strata Property Act, regulations, standard bylaws and forms

Other Resources:
Strata associations
The role of the Superintendent of Real Estate (at FICOM – Financial Institutions Commission) with respect to strata property
The Real Estate Council of BC (RECBC) and its role in licensing strata property managers

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