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Changes to SPA involving the Form B and CRF
Changes to Form B requirements, and CRF Increases
There are changes coming to the Strata Property Act (“SPA”) in April and November 2023. Licensees must be aware of updates to the required information included on a Form B Information Certificate, and changes to the minimum contribution to a strata corporation’s contingency reserve fund.
What changes are coming to SPA relating to the Form B?
The Form B is a provincially prescribed form which includes information about a strata lot and a strata corporation. This information includes, but is not limited to:
- Monthly strata fees for that strata lot,
- Special levies passed that the strata lot owner is responsible for,
- Information about the contingency reserve fund (“CRF”), and
- Details about any storage lockers and parking stalls allocated to the strata lot.
When providing a Form B to a potential buyer or a real estate licensee, strata corporations, and by extension their strata managers, must use the most current form available.
As of April 1, 2023, the Government of BC added a new requirement that strata corporations include a summary of their insurance coverage with the Form B Information Certificate.
If your brokerage provides strata management services, you should advise your strata corporation clients of this new requirement and update any business practices to comply.
What changes are coming to SPA relating to the CRF?
Updates are also coming into effect for the CRF. Effective November 1, 2023, when approving budgets at their annual general meeting, strata corporations and sections will be required to contribute a minimum of 10 per cent of their operating budget to the corporation’s CRF.
Owner developers will also be required to contribute more to the CRF for new strata developments. This increase will equal the lesser of:
- 10 per cent of the estimated operating expenses as set out in the interim budget, multiplied by the number of years since the strata plan was filed; or
- 50 per cent of the estimated operating expenses set out in the interim budget.
More information can be found on the Government of BC website.