~ Strata Properties - New Legislation ~
Do you live in, or plan to purchase a Strata property?
If yes then you should know about a new piece of legislation that has been passed in 2011 and is in effect now. How will it affect you? Some people say that it will have a positive impact on the industry and some say that it will have no impact at all. One thing we know for sure is that it will cost more money to live in a Strata property. My sources are telling me that the cost could go up anywhere from $10 - $60 /month just in fees - not calculating some repair bills that may be unnecessary in some people’s opinions.
Here is some basic information about the Depreciation report.
What is A Depreciation Report?
A Depreciation Report, commonly known as a Reserve Fund Study, is a comprehensive outline of expected repairs, improvements, and common update expenses of a Strata property over time. As of December 13, 2011, Strata Corporations are required to complete a Depreciation Report by December 13, 2013 and every following
three years, unless rejected by a three quarter vote. A Depreciation Report must include a description, estimated service life, and any associated repair costs for a Strata Properties infrastructure including, but not limited to:
· the building’s Structure
· the building’s exterior; including roofs, roof decks, doors, windows, and skylights
· The building’s systems; including electrical, heating, plumbing, fire protection and security systems
· parking facilities and roadways
· common amenities and facilities
· interior finishes; including floor covering and furnishings
· patios and balconies
Similar Reports are already required in Ontario, Alberta, and much of the United States.
If you wish to receive more detailed information package, I have one ready and I can email it to you on request.