Strata Property Act Updates – Increased CRF Contributions and Form Bs
- A recent order-in-council brought new changes to the Strata Property Act which will become effective later in 2023:
- Effective April 1, 2023, strata corporations and sections will have to provide a summary of their insurance coverage on the Form B: Information Certificate.
- Effective November 1, 2023, when approving budgets at the annual general meeting, strata corporations and sections will be legally required to contribute a minimum of 10% of the annual operating fund to the contingency reserve fund (CRF). The amount that owner developers must contribute to the contingency reserve fund for new strata developments has also increased.
See https://www2.gov.bc.ca/gov/content/housing-tenancy/strata-housing/legislation-and-changes/changes-to-legislation for more information.
