Strata Properties

The Strata Property Act took effect on July 1, 2000, and was a significant improvement over the Condominium Act. Nonetheless, no legislation is perfect and the intervening years have provided ample opportunity for real estate practitioners and others to identify improvements that can be made.

BCREA Recommends the Provincial Government:

• Ensure legislation specifies what is required to be reported in financial statements. While REALTORS® and BCREA support the ability of strata corporations to waive this requirement by a ¾ vote at a general meeting, a prescribed alternative short form should be required of all strata corporations. This form could be completed by the strata council or property manager.
• Prescribe a standardized depreciation report, updated annually with professionals completing appropriate sections. While REALTORS® and BCREA support the ability of strata corporations to waive this requirement by a ¾ vote at a general meeting, a prescribed short form should be required of all strata corporations. This form could be completed by the strata council or property manager.
• Amend the definition of “landlord” in the Residential Tenancy Act to include a strata corporation dealing with a difficult tenant, as described in s. 138 of the Strata Property Act.

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