WHAT'S NEW

"Updated FAQ page"
We have recently updated our  FAQ page and added some information on depreciation reports.
If you have any topics you would like us to cover then contact us here.

"Strata Property Act  Regulations"
BC has recently posted  the updated SPA regulations. They included amendments up  to BC Reg 238/2011 and are now current to December 14, 2011.

"VISOA AGM and Seminar"
Our AGM and seminar on Februay 26 promises to be an interesting jam packed afternoon. It's being held at the Victoria Edelweiss Club.
Our speakers include Veronica Barlee, BC Housing Policy Branch, Mike Wilson, RDH Building Engineering and R.C. (Tino) Di Bella.
The major topic is "Depreciation Reports" with an additional topic on "Strata Voting: When is it a Secret?
You may submit questions for the speakers to editor@visoa.bc.ca
For a copy of the notice and a location map click here.

"Condo Owner Information Sessions"
RDH Building Engineering Ltd. will be holding free information sessions for condo owners and others in Victoria and Vancouver in the coming months. Depreciation reports are on the agenda.
For more information click here.

"New VISOA Survey on Strata Legislation"
As we continue to speak on behalf of strata owners about your concerns with BC strata legislation we would like input from you.
Please complete this short survey.
The survey results will provide important infromation that will help VISOA Directors in our communication with government and the media.

"New Strata Property Act Regulations for Depreciation Reports"
Like other provinces, depreciation reports are now mandatory in BC unless a strata corporation exempts themselves. If strata corporations are opting to exempt themselves by 3/4 vote, they have 18 months from their last successful exemption vote to either hold another vote or obtain a depreciation report. In practice this means that, if votes to exempt are being held annually at AGMs, there would still be about 6 months left to get a depreciation report done if the 3/4 vote did not pass in a given year. 
Strata corporations with less than five units are not required to prepare depreciation reports or hold a ¾ vote to exempt themselves.
Given the wide range of strata properties, strata corporations will have the flexibility to select the person or team best-suited to analyze their particular property. The regulations require that the depreciation report provide the person’s name, qualifications, whether they have errors and omissions insurance and their relationship to the strata corporation.
Depreciation reports will include an onsite visual inspection and are to be updated every three years. Corporations will have 18 months from the time a ¾ vote expires to get a depreciation report.
Strata corporations are not required to fund contingency reserve funds (CRF) above the minimum previously required (25% of the operating budget). However strata owners may now make any additional contributions to the CRF by simple majority vote. (Previously an annual ¾ vote was required to make contributions to the CRF above 100% of the operating budget).
The legislation and regulations are only one component of depreciation reports. Education and best practices will also provide information on: selecting a qualified person or team; formatting and presenting a report; securing materials electronically to facilitate regular updating and best practices in maintaining, repairing and funding common property and limited common property.
The new regulation is available here . Additional information is available here ; updated strata property guides are expected in February 2012.

FORM B OVERVIEW
The Form B has been revised to improve disclosure:
By January 1, 2014 strata corporations will be required to provide additional information to prospective purchasers on parking and storage allocated to the strata lot.
As well, by March 1, 2012, strata corporations must attach: copies of the strata corporation’s rules; the current budget; the owner developer’s Rental Disclosure Statement, if any; and the most recent depreciation report, if any. With the exception of the depreciation report, none of these requirements are new.
If they choose to do so, strata corporations may use the revised Information Certificate sooner than the required dates.

Regulations for audited financial statements are expected next year. The consultation process identified some timing issues that need to be addressed.

To save you the frustration of going back and forth between the two Acts and the recent Order in Council, the appropriate replacement texts to the Strata Property Act & Regulations are attached so you can “cut and paste” them into your hard copy. Instructions on how to do it are here. The Order in Council is here and the Schedules are here.

"Would You Like to Live in a Smoke Free Strata"
The BC government now has a website that explains your options for smoke free living.

 

 "Presentaion Slides from our Seminar on Depreciation Reports, Victoria November 20"
VISOA presented the seminar "Depreciation Reports, also known as Reserve Fund Studies" byAlex McGowan, P.Eng., LEED AP of Levelton Consultants Ltd. Alex has kindly allowed us to post his presentation here.

“Progress Report on the Future Direction of VISOA”

 At VISOA’s last Annual General Meeting we asked you, our members, for your authorization to conduct a year-long review of VISOA – where we are now and what are our long-range plans. We’ve had a committee of six board members working with a consultant; we created a survey and invited you to respond (and you did – see the results here). Next the entire board and several of our long-service volunteers brainstormed during a weekend workshop where we analyzed the survey results and began prioritizing your wishes and our ideas, and balancing all of that with the budget.

We shall have a complete report for you at our next AGM on February 26th. In the meantime, we are excited for the future and want to share some of the ideas with you. We plan to streamline some of our administrative processes, which in turn should reduce some expenses. We want to augment our seminar program by beginning a new series of workshops aimed specifically at strata councilors – small groups where everyone will have time to have all their questions answered in detail and we can all learn from each other. We intend to encourage and support local networks of strata owners, especially in our member communities “north of the Malahat”. We will maintain a strong Board and develop and retain a broad base of volunteers. We hope to increase our online capability, perhaps with the use of an online forum for members to interact or with webinars. Another priority is to enhance our helpline, as this is our most-utilized service.

We will continue to develop and provide new services in response to member demand, so long as they can be provided in a cost-effective manner. I am told that this organization was close to folding several years ago, but a strong board turned it around and worked to grow VISOA to the thriving and vibrant organization we are today. I am grateful to my predecessors for their hard work and dedication, and pledge to you, our members, that we will uphold those high standards.

Sandy Wagner, President

"Strata Property Act Index"
Having trouble finding your way around the Strata Property Act?
Here is a useful index to the Act prepared by Harvey Williams.

"VISOA membership survey"
At our most recent AGM it was agreed to review the programs and services that we provide to our members. Your Board also made a committment to involve members in this review. We created an on-line survey for members to provide their comments and suggestions. This survey is now complete and you may see a summary of the results here.

"Smart Meters"
Beginning in July 2011 BC Hydro started to upgrade homes and businesses across BC with smart meters.  The California Council on Science and Technology has produced a report "Health Impacts of Radio Frequency Exposure from Smart Meters". Another useful link is here. This information is provided to our members with the caveat that VISOA lacks the expertise to engage in the controversy.

"Strata Articles"
Suzanne Morphet has written the following article for the Vancouver Sun that should be of interest to all strata owners.
Coming to terms with councillors who violate the Strata Property Act.
Strata managers' role in tribunals unclear (October 29,2011)
 

"Updated Guides to the Strata Property Act"
The guides to the Strata Property Act have been reviewed and revised by the Ministry of Housing and Social development as a result of the recent changes to the Act and regulations. The updated guides may be found here. VISOA has also a limited number of the guides for sale on our publications page. We also have a limited number of the Strata Property Act - Convenience Copy for sale on our publications page.

   "Before You Buy A Condo"
Wouldn't it have been great to get some unbiased advice from existing condo owners before you purchased your first condo. Your Board has collaborated with Brian Smith of Nanaimo to create a website to provide this advice. It's called BeforeYouBuyACondo.com.