New strata rules set
New regulations under the Strata Property Act that improve accountability in strata corporations have been introduced that will support the more than one million strata property owners and residents in the province.
The new rules were developed after extensive consultations with the strata community including strata lot owners, strata associations, legal experts and professionals.
The consultation also included an online public survey in February 2011 that attracted over 1,800 participants, many of whom provided additional comments that helped refine the final regulations.
The majority of new housing starts in recent years have been stratas.
Strata properties already make up more than half of the taxable properties in a dozen British Columbia municipalities.
The prevalence of stratas will continue to grow as the province’s population expands and urban densification increases.
The Strata Property Act and regulations are used directly on a regular basis by members of the public.
Regulations with respect to audited financial statements are expected to be introduced next year.
A guide to the new regulations will be published early in 2012 to give strata owners and corporations an opportunity to learn more about the new rules before they are required to comply.
Further information is available at: http://www.housing.gov.bc.ca/strata/regs.