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Author: Steve Munday
Strata corporations will be required to contribute more!
The Province has introduced legislative amendments increasing the minimum amount that developers and strata corporations are required to contribute to a CRF, from 5% to at least 10% of the annual operating expenses every year. These changes will take effect on November 1, 2023. For further information:
2023 Deposit Interest Rate
The interest rate for Security and Pet Damage Deposits for 2023 has been calculated at 1.95%. This calculation, as outlined in the Residential Tenancy Regulations, is 4.5% below the prime lending rate for BC (6.45%). Just as with any other year, to calculate how that effects the repayment of a deposit landlords should utilize the RTB’s Deposit Interest Calculator found at http://www.housing.gov.bc.ca/rtb/WebTools/InterestOnDepositCalculator.html
No Strata Rental-Restriction Bylaws Allowed
November 24 2022…
Today, the Government of B.C. announced changes to legislation that will remove rental restrictions in strata properties and introduced the new Housing Supply Act which will provide select municipalities with increased powers to address housing development. These changes will have implications for consumers, real estate licensees, and real estate developers in our province.
For further information please visit: https://alpha.gov.bc.ca/gov/content/housing-tenancy/strata-housing/legislation-and-changes/changes-to-legislation#five
