On April 22, 2024, the British Columbia government approved B.C. Reg. 88/2024, enacted under the Municipal Affairs and Housing Statutes Amendment Act (No. 2), 2020, and the Strata Property Act. This regulation introduces amendments to the existing Strata Property Regulation, B.C. Reg. 43/2000. The primary goal of these changes is to improve the management and financial accountability of strata corporations, particularly concerning their maintenance responsibilities and financial planning.

This initiative responds to the necessity of modernizing regulations governing strata corporations in British Columbia, ensuring they operate transparently and responsibly. Several critical changes to existing sections have been introduced. For example, in Section 4.1 (2), the amendment updates the list of certain items by replacing the reference “(h) and (n.1)” with “(h), (n.1), (n.3), and (n.4),” potentially expanding the scope of regulations that strata corporations must comply with.

Section 6.2 has been significantly revised to include a new definition of “qualified person.” This definition now encompasses individuals with expertise in strata maintenance, specifying professional designations such as registered engineers, architects, and certified reserve planners. This change ensures that only qualified professionals conduct depreciation reports, thus improving the quality of assessments related to strata property management. Furthermore, a requirement has been added for an executive summary to be included in reports, ensuring clarity and succinctness in presenting findings. The section also updates terminology related to heating systems to include “ventilation, air conditioning,” reflecting contemporary standards in property maintenance. Several subsections (6, 6.1, 6.2, 7, and 8) have been repealed to streamline and simplify the regulatory framework.

New sections focusing on the timeline and requirements for depreciation reports have also been introduced. Section 6.21 defines “specified areas,” which include the Capital Regional District, Fraser Valley Regional District, and Metro Vancouver Regional District. This section mandates that strata corporations must obtain a new depreciation report at least once every five years. Specific timelines are set for existing and newly established strata corporations based on their establishment date: strata corporations established before July 1, 2024, must obtain a report by July 1, 2026 (for specified areas) or by July 1, 2027 (for non-specified areas). New strata corporations established between July 1, 2024, and July 1, 2027, must acquire their first report within two years of the first annual general meeting, while those formed after July 1, 2027, must obtain their first report within 18 months of their inaugural meeting. Moreover, Section 6.22 provides an exemption clause indicating that strata corporations with fewer than five strata lots are exempt from the depreciation report requirement, acknowledging that smaller corporations may not have the same financial complexities.

By establishing clearer requirements for depreciation reports and defining the qualifications necessary for conducting these reports, the regulation seeks to improve the financial health and accountability of strata corporations.

British Columbia (88/2024) April 23, 2024