Certain amendments to the Strata Property Act (British
Columbia) that received Royal Assent on October 29, 2009, as well
as certain amendments to the Strata Property Regulation
(Regulation 43/2000), were brought into force on December 14, 2011
by Regulation 238/2011. As a result of these amendments:
Strata corporations are now required to obtain depreciation
reports (prepared by a "qualified person" after an
on-site visual inspection) that, among other things, estimate the
repair or replacement costs for major items in the strata
corporation and their expected life. Depreciation reports are not
required if the strata plan includes less than five strata lots or
if, by December 13, 2013 and annually thereafter, the strata
corporation waives the depreciation report requirement by a
Strata corporations may now, by simple majority vote, approve
additional contributions to the contingency reserve fund even if
the amount in the fund exceeds 25% of the operating budget.
Previously, if the contingency reserve fund exceeded 100% of the
operating budget, a three-quarter vote was required to approve
additional contributions. This change is intended to allow the
strata corporation to accumulate sufficient funds to pay for work
recommended in a depreciation report.
As of March 1, 2012, copies of the rules of the strata
corporation, the current budget, the owner developer's rental
disclosure statement and the most recent depreciation report must
be attached to a Form B Information Certificate issued by the
strata corporation (and the form itself will be significantly
changed as of January 1, 2014 to include specified information
about the allocation of parking stalls and storage lockers).
The amendments to the Strata Property Act, and numerous
others, were originally contained in Bill 12 (Strata Property
Amendment Act, 2009) and were outlined in the June
2009 issue of Real Estate MATTERS (Volume 1, Issue 2). The progress
of Bill 12 was delayed by the 2009 provincial election, and it was
subsequently reintroduced to the Legislature, in almost identical
form, as Bill 8. As reported in the January 2010 issue of Real Estate MATTERS (Volume 2, Issue 1), portions of
the Strata Property Amendment Act, 2009 were previously
brought into force by Regulation 312/2009 on December 11, 2009, but
a number of them are still not in effect. We will be monitoring
these and reporting on their status from time to time in future
issues of Real Estate MATTERS.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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An early report Monday morning on all radio and news stations stated that two major Canadian cities have been ranked among the highest in the world for real estate. These two cities of course being Vancouver and Toronto
All of the other tenants had left as a result of agreements made with the Landlord, which offered to relocate the Tenant into similar premises in an adjoining building owned by the Landlord, and to pay compensation.
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