The B.C. government is ushering in changes it says will help protect owners in strata developments at risk of higher insurance costs due to neglected maintenance needs.
As of Nov. 1, 2023, the minimum amount that developers and strata corporations must contribute to contingency reserve funds will be 10 per cent of the strata's annual operating expenses instead of the current five per cent.
Contingency reserve funds are relied on for emergency expenses and maintenance work and are legally mandatory for strata corporations to maintain...
READ MORE: B.C. government raising payments for strata contingency reserve funds | CBC News
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