New B.C. rules boost minimum strata corporations must put aside for contingencies
“Here’s the problem — as buildings age, components start to accelerate to break down quicker, and we need more money in the reserves,” he said.
“The problem with not having sufficient contributions or sufficient budgets is you will find you are going to have a lot more special levies, and with communities that don’t want increased strata fees, it’s harder and harder to approve special levies, repairs get deferred, and so people end up spending actually a lot more money than if they’d actually planned their renewals.
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