Owner Focussed Strata Groups for Quality Advice
CHOA - Condominium Homeowners Association of BC
This is the largest group in BC, with advisor offices in the Lower Mainland, Victoria, Kelowna and Prince George.
CHOA has strata advisors in each office, a quarterly magazine, in-person seminars around the province and webinars.
A strata lot owner, or the strata corporation, can hold membership. The Board of Directors is primarily composed of owners.
VISOA - Vancouver Island Strata Owners Association
This organization has an office in Victoria, as its area of focus is on Vancouver Island. Although smaller than CHOA, it is very active.
VISOA publishes a quarterly magazine, offers in-person seminars throughout the Island, and hosts webinars.
A strata lot owner, or the strata corporation, can hold membership. The Board of Directors is primarily composed of owners.
CCI-BC Canadian Condominium Institute - BC Chapter
CCI-BC Canadian Condominium Institute - BC Chapter
CCI-BC is a growing organization in BC, with a focus on the Lower Mainland. CCI BC does not have an advisory representative in its office, as its focus is education.
CCI-BC offers a legal seminar in the Lower Mainland twice a year, a bi-annual magazine, and monthly webinars throughout the year.
A strata lot owner, or the strata corporation, can hold membership. The Board of Directors is primarily composed of service providers and property managers.
Insurance Appraisals
Electrical Planning Reports
Insurance Appraisals
All Strata developments, from duplexes and triplexes, bare land projects to 500-unit high-rises, require an annual insurance appraisal.
Most insurance appraisals are conducted on a 3-year program, which includes an on-site inspection for the first comprehensive report and two annual updates, with no site inspection required for changes.
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All Strata developments, from duplexes and triplexes, bare land projects to 500-unit high-rises, require an annual insurance appraisal.
Most insurance appraisals are conducted on a 3-year program, which includes an on-site inspection for the first comprehensive report and two annual updates, with no site inspection required for changes.
Some providers will initiate the following 3-year program with a "curb-side" inspection only to keep costs down; however, this type of inspection is not permitted under the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP). Should this occur and the building requires insurance, the Owners may face resistance from the Insurer for paying out the claim, as the inspection is too old. An interior inspection may cost a couple of hundred dollars more, but knowing you did your best is comforting.
Appraisals are for "Insured Value", or what the Strata Property Act calls "full replacement value". Insurance appraisals should indicate the Replacement Cost New (RCN) of the current building, including chattels (furniture and like) and fixtures installed by the developer, Site Improvements, Bylaw Changes, as well as Demolition and Debris Removal of the Buildings.
For a proposal or sample report, please call Bramwell & Associates at the number below.
Depreciation Reports
Electrical Planning Reports
Insurance Appraisals
Depreciation reports (DRs) are required by all strata property developments with a minimum of 5 units or more. This includes bare land developments.
In BC, depreciation reports are completed every 5 years. Extensive developments (over 100 units) are sometimes reviewed annually, with no site inspection required. Given that it can take a few
Depreciation reports (DRs) are required by all strata property developments with a minimum of 5 units or more. This includes bare land developments.
In BC, depreciation reports are completed every 5 years. Extensive developments (over 100 units) are sometimes reviewed annually, with no site inspection required. Given that it can take a few months to get the data for a new project, it is easiest to order the Depreciation Report at the 4th year Annual General Meeting (AGM) to be prepared for the Strata Council budgeting group before the following year's AGM.
New strata corporations established between July 1, 2024, and June 30, 2027, have two years after their first AGM. New stratas established on or after July 1, 2027, must get their first depreciation report within 18 months of their first AGM.
Many smaller stratas get a report and file it away. This is a critical error with significant financial implications.
First, Insurers and lenders are benchmarking the reports for analysis. For this to occur, the Benchmark Report, also known as the Benchmark Analysis or Schedule A, must be included in the report. All commonly accepted reserve study standards throughout North America state this. The reason is that once the data is available, despite the Depreciation Reports Consultants' funding models, the financial health of the Strata can be calculated appropriately.
If the industry-accepted benchmarks are not available, the Insurers will assume there is a higher risk that the insurance policy will be used as a maintenance payment tool. Lenders will see a greater chance of higher special levies and potentially foreclosures. Risk is contained by increasing insurance rates and higher minimum deductibles, while lenders account for risk by increasing personal mortgage rates.
Secondly, the reason for DRs is to assist projects in the BC plan wisely for the future, as many developments are unaware of the costs they will face and may run into financial ruin if they do not save enough.
Always ask for a sample report and ask questions. Obtain a sample EPR report and ensure you are satisfied with it and understand its contents.
For a proposal or sample report, please call Strata Reserve Planning at the number below.
Electrical Planning Reports
Electrical Planning Reports
Electrical Planning Reports
Like DRs, Electrical Planning Reports (EPRs) are required by all strata property developments with a minimum of 5 units or more, including bare land developments.
These reports are required to assess the strata corporation's electrical system capacity and plan for future needs, such as EV charging and heat pumps. These reports are required
Like DRs, Electrical Planning Reports (EPRs) are required by all strata property developments with a minimum of 5 units or more, including bare land developments.
These reports are required to assess the strata corporation's electrical system capacity and plan for future needs, such as EV charging and heat pumps. These reports are required to include an analysis of current capacity, peak demand, spare capacity, and future demands.
Deadlines for obtaining these reports are December 31, 2026, for the Lower Mainland (Metro Vancouver and Fraser Valley Regional District) and Greater Victoria.
Outside the areas, the deadline for Electrical Planning Reports is December 31, 2028.
Many smaller stratas do not want to get an EPR. Although the penalty for failure is unknown, it is believed that a financial penalty will be imposed until all Strata Corporations that are required to provide a report file the report with BC Hydro.
For a proposal or sample report, please call Strata Reserve Planning at the number below, and we will send one from our partner firm.