“Can you refer us to a good management company?” That’s the number 1 question advisors at CHOA are asked every day.

With almost a million strata units in the province and a substantial portion managed by outside companies, strata management in B.C. is a billion-dollar industry. For the first time since the creation of strata-titled properties, strata managers will be licensed and regulated as of January 1, 2006. This is good news for strata corporations province-wide. Up till then, the only enforcement and regulation that a strata can expect is through the negotiated terms and conditions of their contracts. Even though a manager may be a licensed real estate agent or licensed property manager for commercial or rental properties, the current licensing does not include strata management activities or the management of strata trust funds.

Strata Law: When a strata enters into a management contract, everything is based on the contractual agreement between the management company and the strata. A well-written contract, in the interest of both the strata and the manager, makes a great difference between a successful relationship or an acrimonious one. CHOA advises all of our members and callers to have the contract reviewed by a lawyer representing only the strata, before they sign the agreement. Good management companies enter into sound contract agreements with their clients and aren’t afraid of independent legal reviews before the negotiations are complete.

Tips: You can check out the new proposed regulations and legislation at the following website and make submissions to the government if you have any additional recommendations. A copy of the draft regulation is available on the ministry’s website at: www.fin.gov.bc. ca/PT/fcsp/RESAconsult.

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Comments may be submitted to the Financial and Corporate Sector Policy Branch of the Ministry of Finance. By e-mail: fcsp@ gems7.gov.bc.ca; fax: 250- 387-9093; or PO Box 9418 Stn Prov Govt, Victoria, V8W 9V1.

Tony Gioventu is the executive director of the Condominium Home Owners Association (CHOA). Contact CHOA at 604-584-2462 or toll-free 1-877-353-2462, fax 604-515-9643 or e-mail [email protected]

© The Vancouver Province 2004