New reg's improve BC strata corporation accountability

Potential strata property buyers have more information available to them as a result of changes made to the BC Strata Property Regulation in December 2011.

Depreciation reports are now required for stratas with five units or more, and strata corporations have until December 2013 to comply.  A strata corporation can also waive the requirement by a 3/4 vote.   A strata corporation's depreciation report estimates the life expectancy of major items and the ultimate cost of their repair or replacement.

The strata corporation must also keep any reports respecting the repair or maintenance of major items in the strata corporation, including engineers' reports, risk management reports, sanitation reports and reports respecting any items for which information is mandatory in a depreciation report.

Effective March 1, 2012, whenever a strata corporation issuses an Information Certificate (Form B), the corporation must attach to it, among other things, the corporation's most recent depreciation report.

In addition, effecctive January 1, 2014, the Information Certificate (Form B) will change.  All that point, the Form B will require a strata corporation to disclose if there is any parking stall or storage locker allocated to the strata lot and if so, whether the parking stall or storage locker is a separate strata lot, part of a strata lot, or part of the common property.

For more information:

• Ministry of Energy and Mines, Office of Housing and Construction Standards Accountability Regulations / Strata Property Act

BC Strata trivia:

• In recent years, the majority of new housing starts in BC have been strata's.
• Strata properties already make up more than 1/2 of the taxable properties in a dozen BC municipalities
• BC Strata Property Act came into force on July 1, 2000

Strata accounted for 39.5% (886) of Kelowna's  and 21.03% (159)  of West Kelowna's 2011 property sales (2,243 and 756 respectively).  According to Okanagan Mainline Real Estate Board (OMREB), property sales includes lots & acreages, manufactured homes, recreational, single family residential and strata (townhomes and apartments).

At this time, both Kelowna and West Kelowna have a great selection of strata properties for sale shown on OMREB:

• 873 strata properties activelly listed in Kelowna and
• 217 in West Kelowna

Ready to find your right 'strata fit'?