Until now there haven't been many safeguards for purchasers of Condos that have been poorly built or manged by their owners.  Inadequate maintenance,  lack of budgeting for future repairs and little or no transparency are issues with many strata corporations in Vancouver.  That is about to change.

Among the changes,  strata corporations will be required to prepare a depreciation report.  The report will include a physical inventory of the strata's common property including building systems such as the building envelope,  roof,  pipes and boilers.  The report will also include (now here is the good part) an estimate of the cost of anticipated maintenance, repair and replacement of those common property items projected over 30 years!!

And most important to prospective buyers,  the strata corporations will be required to prepare financial forecasts of how the strata will fund those expenses from the contingency reserve fund or special levies.  The report will have to be updated every three years and include an onsite inspection.  The new regulations will be effective immediately but stratas will have two years to comply.

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