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  1. Do we have to continue paying strata fees in these tough times?

    No contingencies for a strata to defer fees Tony GioventuThe Province Dear Tony: Our strata council has been contacted by several owners asking if the strata corporation can defer strata fees until people can get back to work. We are not sure what options we have. Is this something the council has the authority to […]

    By Les Twarog Vancouver Real Estate and Condo Blog
    26-03-2020
    Strata Information

  2. Managing through a crisis

    Large gatherings are prohibited, how do we make decisions? Tony GioventuThe Province Dear Tony: Our strata corporation is 125 units and we have an upcoming annual general meeting that is going to be critical as we need to approve a significant increase in our budget to cover our insurance. We do have a common room […]

    By Les Twarog Vancouver Real Estate and Condo Blog
    19-03-2020
    Strata Information

  3. Discuss insurance options in advance of renewal time

    Strata council has right to negotiate insurance Tony GioventuThe Province Dear Tony: Our strata corporation has just renewed our insurance policy. As part of the renewal our increases were 150 per cent for premiums, deductibles increased from $25,000 to $100,000, we have a loss limit now that covers only 35 million of our 55 million […]

    By Les Twarog Vancouver Real Estate and Condo Blog
    11-03-2020
    Strata Information

  4. Reviewing all transactions is serious business

    Routine audit is recommended on operating budget Tony GioventuThe Province Dear Tony: Our property manager asks us to approve the financial statements each month and last month our treasurer noticed there was a duplication for a bill from the three previous months.  The error was tracked down to a simple accounting duplication that was resolved, […]

    By Les Twarog Vancouver Real Estate and Condo Blog
    09-03-2020
    Strata Information

  5. Plan budget, contingency inputs to anticipate future risks

    Is a strata corporation permitted to amend their budget part way through the fiscal year Tony GioventuThe Province Dear Tony: Our strata corporation is one of the properties where our deductible has gone from $25,000 to $100,000 dollars as a result of two claims last year.  We approved our annual budget in December and now […]

    By Les Twarog Vancouver Real Estate and Condo Blog
    27-02-2020
    Strata Information

  6. At tax time, get strata to consult with accountant

    The lines of taxation get blurry when strata corporations run a commercial enterprise Tony GioventuThe Province Dear Tony: Our strata corporation is a multi-building community in the Fraser Valley. We host five guest suites solely for owner use at a minimal cost to cover expenses, rent 20 additional parking spaces at $25 per month and […]

    By Les Twarog Vancouver Real Estate and Condo Blog
    20-02-2020
    Strata Information

  7. Two methods to obtain strata records

    Buyers can get information about corporation, future maintenance and the insurance policy Tony GioventuThe Province Dear Tony: Our family has been shopping for a two-bedroom condo for the past three months and finally found a location and price range that fits our needs. We put in an offer on the condo subject to receiving specific […]

    By Les Twarog Vancouver Real Estate and Condo Blog
    13-02-2020
    Strata Information

  8. Insurance options should be considered

    Strata corporation should consider the options for renewing your insurance Tony GioventuThe Province Dear Tony: We are a first-time buyer and looking at an older condo in Surrey that is affordable and large enough for our family. The building just posted a notice, without any explanations, they could no longer purchase insurance as of January […]

    By Les Twarog Vancouver Real Estate and Condo Blog
    06-02-2020
    Strata Information

  9. Council must vote on, report use of reserve funds

    There is more than one benefit to the owners when you issue a special levy for an insurance deductible Tony GioventuThe Province Dear Tony: Our strata has had a deductible of $100,000 for several years due to a number of claims and the inability to approve a resolution to replace our piping. In November we […]

    By Les Twarog Vancouver Real Estate and Condo Blog
    30-01-2020
    Strata Information

  10. Bylaw on deductible won’t benefit insurance renewal

    Beware of bylaws that limit or restrict insurance claims Tony GioventuThe Province Dear Tony: Our strata corporation has consulted with a lawyer and our property manager and have been advised that if we approve a bylaw that limits the amount an owner would have to pay if they were responsible for a claim, it would […]

    By Les Twarog Vancouver Real Estate and Condo Blog
    22-01-2020
    Strata Information

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