Strata corporations are now required to commit 10% of their annual budget to contingency reserves.
With so many homes under strata title now, and many of us original 'forumers' getting into our 40s, I think it would be good to have a Strata-related thread going -- especially as more freehold properties transform into multi-unit strata.
https://www.timescolonist.com/homes/cond...ge-contingency-fund-contribution-7669472
Condo Smarts: New regulations change contingency-fund contribution
October 13, 2023
"As of Nov. 1, 2023, strata corporations and sections will be required to contribute a minimum of 10% of the annual operating fund to the contingency reserve fund when approving the budget at the AGM...."
Author: Tony Gioventu
Do you live in an older building?
Or one from the late 90's that is starting to see those 25-year projects come due?
Are you experiencing any nightmare projects right now due to skyrocketing rates with plumbers / electricians / insurance?
Are you on a strata council?
Are you in a bareland strata?
I can speak from experience being on council in a 1964-build apartment-style condo building in Port Moody, and a bareland strata in View Royal, Vancouver Island.
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