Strata Property Act Amendments In Effect

Certain amendments to the Strata Property Act (British Columbia) that received Royal Assent on October 29, 2009, as well as certain amendments to the Strata Property Regulation (Regulation 43/2000), were brought into force on December 14, 2011 by Regulation 238/2011. As a result of these amendments:

• Strata corporations are now required to obtain depreciation reports (prepared by a "qualified person" after an on-site visual inspection) that, among other things, estimate the repair or replacement costs for major items in the strata corporation and their expected life. Depreciation reports are not required if the strata plan includes less than five strata lots or if, by December 13, 2013 and annually thereafter, the strata corporation waives the depreciation report requirement by a three-quarter vote.