Voting within your Condo Strata
Just recently the BC Government announced a change to the strata legislation. The new rule stipulates that Strata Corporations can approve to spend contingency funds on repairs recommend by the building’s Depreciation Report with a simple majority, rather than the 3/4 vote that was previously necessary.
This is great news for owners as voting and approving major repairs to their buildings is now a whole lot easier. Not only will this ensure that buildings are well maintained – which supports its value and makes buildings more appealing to potential Buyers – but this also ensures that owners won’t have to wait to vote on repairs because not enough people show up to meetings (you need 3/4 of owners present for a 3/4 vote) or because a few owners are trying to save money or postpone the work. The negatives in waiting to have the repairs done include the costs of the repairs rising, or the problems worsening, leading to higher costs and more involved repairs.
I always suggest people go to their Strata Meetings to have a good understanding of what’s happening in the building, and how their Strata Council handles the issues. Your condo unit is an investment, so you should ensure that it’s protected with your best interests in mind.
A few other changes to BC Strata Legislation include:
– Parking and Storage Locker Allocation is now listed on the Form B
– Depreciation Reports can be paid for using Operating Funds
– It’s now easier to determine who is responsible for paying liens and other legal problems assigned to a unit when it’s sold to a new buyer
Take a look at our blog for more information on condo units and strata buildings in Kitsilano.