There are many pieces of legislations including the Strata Property Act, the Residential Property Act and the Personal Information and Privacy Act which regulate the duties and obligations expected of an elected strata council.
A strata manager can help guide council members through all of the complexities of running today’s mixed use, residential or commercial strata corporations including the ever changing complex legislative requirements. The Real Estate Council of BC is the regulatory agency that enforces the licensing requirements of Real Estate Professionals. As of January 1, 2006, any persons acting as a “Strata Manager” must be licensed as such with the Real Estate Council of BC.
In a market where mixed use buildings are becoming more and more the standard, knowing what duties are required, and what piece(s) of legislation govern they way in which these duties are performed can often be complicated and confusing for many of the individual volunteers on a strata council.
These Strata’s encompass a combination of residential and commercial strata units. Whether it‘s as simple as a building with retail spaces on the ground floor and residential space above, or as complex as ground floor retail, several floors of office space, several floors of rental apartments, an amenity centre, and several floors of “condo’s”, a well rounded knowledge base of real estate legislation is required to successfully run a building of this type.
As our city continues to grow, with little or no space to move outwards, we are faced with the requirement to move upwards, with more and more of our city being redeveloped into “Planned Communities”. With this ever increasing trend in the real estate market, and the requirements to run the daily operations of these new types of real estate becoming more and more complex, we ask, why would anyone want to take the risk of trying to navigate through these tumultuous waters alone.
Commercial Strata Properties can generally be divided into three categories:
And, or any combinations of the above.
Tax reporting requirements can be confusing in these types of strata’s as, while strata corporations are generally tax exempt, commercial owners will be required to report included tax amounts payable to the Strata Corporation.
Furthermore, maintenance, permits, licensing and insurance requirements are generally much more extensive in these types of strata’s.
Having a management company familiar with the various aspects of commercial real estate requirements, and how they co-inside with the Strata Property Act, can save the strata corporation time and money. Not to mention relieving the strata council of the stress and burden of having to know what these requirements are and how to go about achieving them.
Often referred to as “Condo’s”, residential strata’s include the following elements:
And, or any combinations of the above. These types of strata can also include amenities owned and shared by the owners of the individual units known as common property or limited common property such as swimming pools, exercise rooms, etc….
Along with the Strata Property Act, because these buildings primarily deal with “individuals” rather than corporations or businesses, strict adherence to the Personal Information and Privacy Act is essential. Depending on the building, and the bylaws, a residential strata building that allows rentals must also ensure that they are in compliance with the Residential Tenancy Act.
With more than 25 years of experience in the industry, Martello has the expertise and up to date knowledge base to work collaboratively alongside the Strata Corporations elected council members to effectively manage the day to day operations including budget preparation, owner relations, full cycle accounting, mandatory reporting and record keeping requirements, trust audit’s, etc…., while avoiding potential costly liability issues that could arise.
Martello has become one of the most trusted real estate advisory firms in western Canada because of our pride of management and commitment to our Code of Ethics. Over 90% of our new clients come to us through referrals. If you haven’t been referred to us directly, have a look at our extensive library of case studies that show not only what we have done, but also what our clients have to say about us.
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