News

New regulation poses a challenge to C.R. Strata owners

Campbell River strata owners will be challenged to comply with a new regulation recently announced by the provincial government, says the non-profit Vancouver Island Strata Owners Association (VISOA).

The new regulation affects one in four properties in the province – almost 500,000 strata properties – and fully half of the properties in the Lower Mainland and Victoria.

It requires 14,000 strata corporations with five or more strata lots to complete a “depreciation report” that discloses the estimated cost and timing of major repairs to common property. The strata corporation must either complete the required report within two years or hold a vote of owners that passes a resolution to opt out.

VISOA supports the direction of the new regulation.

VISOA is a non-profit organization that has provided information and education services to strata homeowners.

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