The B.C. government is making changes to the regulations governing how much money strata corporations must contribute to reserve funds.
Strata corporations in B.C. are required to maintain a contingency reserve fund to cover expenses such as maintenance work and emergencies.
Under the changes, stratas will now have to contribute at least 10 per cent of their annual operating budget expenses every year, up from five per cent. The changes take effect in November.
In a media release, Housing Minister Ravi Kahlon said the majority of strata corporations were already contributing, but the changes remained necessary.
“A small number of strata corporations that are underfunding their contingency funds and putting owners at risk of surprise fee hikes and higher insurance costs,” he said.