New BC Strata Rules Allow for Quicker Fixes Recommended in Depreciation Reports

    With an increasing number of strata and condominium corporations completing Depreciation Reports,  the question of “what now?” often results once stratas receive their finalized document.  Rich Coleman, the BC Minister responsible for housing, has changed strata legislation allowing strata councils to use resources from their contingency reserve fund based on a majority vote.  What does this mean for stratas and condominium councils?  It eases their ability to pass recommended major repairs and replacements and decreases the likelihood of impasses or stalemates that previously occurred when councils required a three-quarter vote, furthering efficiency and minimizing delays.

     

    New B.C. strata rules mean simple majority can approve repairs
    By Rob Shaw
    Click here to read the article as it originally appeared in the Vancouver Sun.
    Owners of condos and apartments will more easily be able to vote for major repairs to their buildings under changes to strata legislation introduced by the B.C. government Feb. 26.The new strata rules will allow condo associations to vote to spend contingency funds for fixes recommended in depreciation reports using a simple majority, and not three-quarters of membership, said Rich Coleman, the minister responsible for housing.That will make it easier for condo boards to pass major repairs, rather than get tied up in votes where holdouts can delay work for years and cause costs to rise, said Coleman.The changes would also clarify that strata councils can use operating money to pay for depreciation reports, which are required by the province.The law will also be changed to make it easier to determine who is responsible for paying liens or other legal problems assigned to a unit when it is sold to a new buyer.Condo boards will also be required to keep better records that link storage lockers to particular units.

    All of the changes were asked for by strata associations and help clarify the rules, said Coleman.

    “It makes it easier for them to operate strata councils,” he said. “There’s a lot of volunteers out there and to carry out their responsibilities we need to make it easier and better understood.”

    © Copyright (c) The Vancouver Sun
    Photograph by: Chris Mikula , The Ottawa Citizen

    Useful Links:

    Normac Depreciation Reports & Reserve Fund Studies
    BC Strata Property Act
    The Vancouver Sun

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