Friday, February 11, 2011

BC Strata Property Act Survey

STRATA PROPERTY ACT SURVEY LAUNCHED

VICTORIA – More than half a million strata owners and residents will have an opportunity to shape new regulations that improve accountability within strata corporations through a public consultation survey that launched today.

            The new rules are expected to be in place by fall 2011 and will help protect strata owners by requiring strata corporations to provide:
  • Audited annual financial statements.
  • Depreciation reports to help strata corporations plan for future maintenance costs.
  • Better disclosure for purchasers regarding the parking and storage that come with the strata unit.
Close to 1,000 strata owners have already pre-registered for the survey. A second public consultation concerning better ways to resolve disputes that inevitably arise in stratas is scheduled to take place later in 2011.

The survey will be available until March 7 at 4:30 p.m. and can be accessed directly by clicking here.

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