Don’t Buy A Strata In Vancouver
photo credit: penmachine
If you decide to buy (?) think twice of the property is a strata. A strata is basically a political board – and we all know how politics work in BC.
Some of the fun things you’ll get if you do buy a strata include:
* There’s no source of legislation interpretation to let you in on the operation of strata corporations according to law (search Google and let me know if you find anything),
* They do not need to inform owners and purchasers of the financial implications of the condition of common property,
* No need for an audit of strata finances even where the strata corporation has hundreds of thousands of dollars in a reserve fund, and
* The lack of prosecution of developers operating contrary to strata legislation.
In other words, the strata typically becomes a group of self-serving busy bodies, with the ability to harass, ignoring problems with common areas, and getting away with it.
The lack of audited financial leaves the system wide open for misappropriation of funds.
A neighbor of mine has been fighting with his strata for over a year, as they will not fix the exterior of his condo. They won’t let him do it himself and have made his life hell. His property has taken a hit and he has nowhere to turn.
His only option is to sue, and the cost is very high. And the strata board knows it.
Look out for buildings where there are foreign investors also. They won’t vote or participate in the strata’s decisions. This can create a lot of problems.
The “leaky condos” mess should have brought radical changes to stratas, but I guess legislators were too busy passing lifestyle laws and finding new sneaky ways to tax us, to really care about condo owners financial security.
July 14th, 2008 at 12:20 pm
[...] Payoff Credit Card Debt Today wrote an interesting post today onHere’s a quick excerpt photo credit: penmachine If you decide to buy (?) think twice of the property is a strata. A strata is basically a political board – and we all know how politics work in BC. Some of the fun things you’ll get if you do buy a strata include: * There’s no source of legislation interpretation to let you in on the operation of strata corporations according to law (search Google and let me know if you find anything), * They do not need to inform owners and purchasers of the financial implicat [...]
December 19th, 2008 at 4:55 pm
Strata Legislation Review – Let’s Make It Happen !
Dear Strata Council Member or Strata Owner,
For years many strata owners and their strata councils have been aware of deficiencies in the legislation that affects strata home ownership. In 2003 there was some hope for improved legislation when a previous Minister of Finance committed to review the Strata Property Act. Without explanation, this review has not occurred.
However in its very recent November 15, 2008 report, the all-party Select Standing Committee on Finance and Government Services recommended that the provincial government consider “Committing to an immediate review of the strata property legislation.” The Vancouver Island Strata Owners Association (VISOA) strongly supports this recommendation. One in four properties in the province and one half of all properties in the lower mainland and Victoria are directly affected by strata legislation that is not working well.
To help ensure that this Committee recommendation is implemented (and does not go the way of the government’s 2003 commitment) we are asking concerned strata owners and their strata councils across the province to do one or more of the following:
Write a letter to Premier Campbell supporting the Committee’s recommendation and asking that it be implemented immediately,
Write a letter to the editor of a local newspaper in support of the Committee’s recommendation, and
Forward this e-mail to other strata owners and strata councils.
The complete Committee report can be found at http://www.leg.bc.ca/budgetconsultations Further information on strata legislation concerns brought to the attention of VISOA can be found at http://www.visoa.bc.ca under Legislation Issues. The VISOA report entitled Beyond the Sales Pitch may be of particular interest to you.
The recommended review has the potential to produce legislation that will significantly improve strata living for thousands of homeowners across the province. Your support for such a review is essential to ensure that it occurs.
Sincerely,
Deryk Norton
Board Member – Government Relations
Vancouver Island Strata Owners Association
July 24th, 2009 at 1:30 pm
Please check the website http://www.bcstratachanges.ca for important website changes including updates on the continuing quest for better strata legislation in BC.
Although we do not yet know what it means for strata owners, one very recent development is the reassignment of responsibility for the Strata Property Act from the Ministry of Finance to the Ministry of Housing and Social Development.
Sincerely,
Deryk Norton
Editor
May 21st, 2012 at 4:45 am
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