Status of Changes to the Strata Property Act and Regulations
Updated March 14, 2013
The province has introduced a number of amendments to the Strata Property Act and Regulations that are at different stages of implementation:
Status: In Effect
A depreciation report help strata corporations plan for the repair, maintenance and replacement of common property, limited common property and common assets.
Strata corporations in British Columbia need to obtain depreciation reports every three years unless they hold an annual 3/4 (three quarter) vote to exempt or have four, or fewer, strata lots. There are different timing requirements for the first depreciation report depending on when the strata corproation was formed.
- For strata corporations formed on or before December 14, 2011, a depreciation report is required by December 13, 2013.
- For strata corporations formed after December 14, 2011, a depreciation report is required within 6 months after their second AGM. While the requirement for new strata corporations took effect via an Order in Council dated February 28, 2013, it will take several weeks for the new changes to be reflected in the online version of the strata property regulations.
See Guide12: Depreciation Reports
Further Resources:CHOA (Condominium Home Owners Association) and VISOA (Vancouver Island Strata Owners Association).
Form B: Allocation of Parking and Storage
Status: Effective January 2014
Effective January 1, 2014 strata corporations will be required to identify how parking and storage lockers are allocated to strata lots on a new Form B (Information Certificate) that will be revised for that purpose. Prior to January 1, 2014, strata corporations should be clarifying and assembling this information and may voluntarily choose to disclose it, however this information will not be legally required on a Form B until that date.
The Order In Council lists the additional parking and storage locker disclosures that will come into effect January 1, 2014 and be added to the current Form B.
Form B Information Certificate: Other disclosures
Effective March 1, 2012 Form B was revised to better inform strata councils and prospective purchasers that the act requires strata corporation rules, Form J (the rental disclosure statement), the current budget and the most recent depreciation report (if any) to be attached to Form B. Current Form B
View the Order In Council for the above changes and the Order In Council for the Depreciation Report amendments.
Audited Financial Statements
Status: Will not come into effect
Based on input from stakeholders, government has decided not to bring into effect at this time a requirement that strata corporations have their financial statements audited each year. Strata corporations may choose to have their financial statements audited as part of the budgeting process at the Annual General Meeting (AGM).
Read the Information Bulletin
See Guide 10: Strata Finances
Status: In Progress
Gives owners and residents better mechanisms for settling disputes that arise in strata corporations.
On May 7, 2012 the province introduced legislation for improved dispute resolution for strata properties. A new Civil Resolution Tribunal with members that have strata property expertise will help resolve issues and conflicts within strata properties. This legislation comes after public consultation, including a survey in fall 2011, and ongoing stakeholder consultation.
On March 15, 2013 Cheryl Vickers was appointed as acting Chair of the Civil Resolution Tribunal.
Form J: Rentals Permitted within Strata Corporations
Owner Developers can grant the right to rent a strata for a specified period of time on the Rental Disclosure Statement (Form J).
For strata corporations formed on or after January 1, 2010 the right to rent a strata lot can continue from one purchaser to the next, to the date specified on the Form J by the owner-developer. This right to rent would not be affected by any subsequent rental restriction bylaws. Preserving the right to rent provides more certainty and stability for strata purchasers.
See Guide 15: Rentals Permitted within Strata Corporations.