Monday, December 28, 2009

BC Strata Changes In Effect In New Year

New rules and regulations to create more rental housing and help strata corporations improve financial management take effect Jan. 1, 2010.

The changes will:

· Simplify requirements for renting space in buildings constructed after Jan. 1, 2010.

· Strengthen conflict of interest guidelines.

· Improve strata corporation accounting practices.

· Clarify responsibilities for strata property and expenses.

Over the coming months, the Ministry of Housing and Social Development will consult strata developers, owners, councils and other stakeholders for input on a new dispute resolution process and requirements for depreciation reports.

The provincial government passed the Strata Property Amendment Act this fall, enhancing the legislation that provides a framework to create and manage strata developments in B.C.

In addition to changes that will take effect in the new year, the Province also amended regulations that restrict court-ordered changes to original strata unit entitlements, effective Nov. 25, 2009. As a result, individual owners have greater assurance that the financial obligations and property rights will not change for their investment within the strata.

Visit this LINK for more information about the Strata Property Act.


allvoices

2 comments:

  1. For useful information that helps strata owners visit www.visoa.bc.ca

    ReplyDelete
  2. The changes made to strata legislation are a better reflection of what is good for the real estate industry than what is good for strata owners. The government's lack of attention to strata owner concerns is disgraceful.

    ReplyDelete

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