Saturday, February 11, 2012

Strata Properties Act

One of the most popular posts on this blog has been the Strata Warning we published in 2007.

This article from the Vancouver Courier Feb. 10 2012 explains changes made by the Province in Bill 8, the Strata Property Amendments Act.

Basically it says that every 3 years the strata needs to have a professional assessment of upkeep needs, file a report on it, and choose a plan for how to pay for the work. If actually carried out properly, that could help eliminate or ease the worst of the ugly financial surprises that new buyers or current owners may suddenly face.

It still doesn't change the fact that when you buy a strata you are buying into the infrastructure and not getting much of a share in the land. Land appreciates; infrastructure tends to depreciate. Upkeep will definitely help, however, in retaining the value of your strata apartment for longer.