The BC government has announced new legislative changes aimed at strengthening depreciation reports for strata corporations, effective July 1, 2024.
Impact on Strata Owners and Council Members
Depreciation reports provide estimates of the long-term repair and replacement costs of a strata corporation’s shared property and assets. Previously, obtaining these ...
Effective January 1, 2019, developers in British Columbia will be subject to new information collection, reporting and document retention requirements in connection with assignments of purchase agreements in qualifying developments. The new requirements will apply to any five (5) or more strata lots in a stratified building in British Columbia that are marketed for ...
The Province of British Columbia is taking steps to ensure that the applicable taxes are paid on assignments of pre-sale condominiums with the introduction of Bill 25 Real Estate Development Marketing Amendment Act, 2018. The goal of the legislation is to collect the applicable tax on such assignments and to generally discourage the assignment of such contracts and reduce ...
A number of the amendments to the Condominium Property Act (Alberta) (the “Act”) that were contained in the Condominium Property Amendment Act, 2014 (the “Amendment Act”) came into force on January 1, 2018, with a second set scheduled to come into force on April 1, 2018. The changes contained in the Amendment Act include a notable increase in the obligations that the ...
Thinking of purchasing a strata lot to rent out on the short-term market? If so, you may wish to familiarize yourself with the applicable rental restrictions.
The popularity of short-term rentals such as Airbnb continues to soar, making them an increasingly attractive revenue stream for potential property investors.
NOTE: The below article is a shortened version summarizing material information regarding the Empty Homes Tax. Click here for the full version including additional commentary and examples.
1. Vancouver’s new Empty Homes Tax became effective January 1, 2017.
Targeting the approximately 10,000 year-round empty and 10,000 under-occupied homes in Vancouver, homes ...
The British Columbia Law Institute published on September 1, 2016 its Consultation Paper on Complex Stratas seeking public comments on proposed reforms to the Strata Property Act and its regulations concerning sections, types, and phases.
The BCLI carries out scholarly research, writing and analysis for law reform, collaborating with government and other entities ...
On July 28, 2016 highly anticipated changes to the British Columbia Strata Property Act came into effect by regulation. The following news release from the government provides more information about these amendments.
Of key importance to strata corporations, developers and owners alike is the reduction in the voting threshold required to terminate a strata ...
On November 16, 2015 proposed changes to the British Columbia Strata Property Act in Bill 40-2015 were approved by the provincial legislature. These changes will come into effect after related regulatory changes are made, which is expected to occur in early 2016. This amendment, among other things, will make it easier for strata corporations to terminate their strata by ...
The B.C. Supreme Court recently issued a ruling in a strata property case involving second-hand smoke. Andrushko v The Owners Strata Plan KAS 1041 McIntosh Grove, 2015 BCSC 2445 will be of interest to strata councils and their advisors, who are increasingly being called upon to manage smoking-related disputes.
The case involved a strata complex located in Salmon Arm ...
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