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Industry News

Strata Corporations and Vaccine Passports

Update from Shawn Smith, Cleveland Doan (pdf)

2022 Maximum Allowable Rent Increase: 1.5%

British Columbia's maximum allowable rent increase amount for 2022 is being set at 1.5%, based on inflation.

 

New CRMA Regulation - Remote Strata Meetings

Please note the new regulation under the COVID-19 Related Measures Act related to strata meetings is now in force. As of July 9, 2021, BC Reg 181/2021 permits all stratas in British Columbia to conduct remote meetings, including annual and special general meetings, until December 31, 2021 regardless of strata bylaws. BC Reg 181/2021 has not yet been posted on the BC Laws website, but you will be able to find it here once it becomes publicly available.

https://www.bclaws.gov.bc.ca/civix/document/id/regulationbulletin/regulationbulletin/2021cumulati

2021 Japanese beetle eradication effort in Vancouver BC - Update

Due to the efforts of many stakeholders – the number of Japanese beetles has dropped from approximately 8,276 beetles to 214 beetles between 2018 and 2020. The 2020 result represents an 82% reduction in captures from 2019. Treatment is working as are the efforts of landscapers and building managers to comply with the movement restrictions for soil and plant waste leaving Vancouver.

But we still need to get to zero beetles for 2 years in a row to declare it eradicated. Details on how you can help can be found here: www.inspection.gc.ca/jb

Insurance

New regulations relating to strata insurance

Following up on Bill 14, Municipal Affairs and Housing Statutes Amendment Act (No. 2), 2020, Government has issued an Order in Council (OIC) with new regulations under the Financial Institutions Act.

Referral payments respecting strata property insurance

The OIC brings into force changes to section 178 of the Financial Institutions Act (FIA), enacted this summer.  The amendments prohibit the payment of referral fees or any other kind of compensation to property managers or anyone else who is not an insurance licensee for the sale or renewal of strata property insurance.

Notification Period for Change/Non-renewal of Existing Insurance Policy

The OIC also makes changes to the Marketing of Financial Products Regulation, made under the FIA, including changing the name of the regulation to the Financial Products Disclosure Regulation (FPDR).  In instances where strata property insurance will not be renewed or will not be renewed at the same terms and conditions, the regulations will require that insurers provide clients with a notice and/or the proposed terms and conditions a minimum of 30 days prior to the expiration of their existing insurance.  

If the insurer provides notice and terms to the agent instead, they must do so a minimum of 45 days prior to the expiry of the existing insurance; the agent is then responsible to provide the terms and conditions or notification of non-renewal to the client a minimum of 30 days in advance of insurance expiry.

Disclosure of Broker Compensation

The amount of compensation involved in strata property insurance sales and renewals will now need to be disclosed to the strata corporation under the amended regulations.  Agents will now be required to disclose in writing the actual dollar amount of compensation they receive or, if that information is not available, an estimate of that amount and how it will be calculated. Where there is a material change to the policy terms, disclosure must be provided a minimum of 30 days prior to the expiry of the existing strata contract.

The prohibition on payment of referral fees takes effect immediately and the new FPDR disclosure requirements will come into effect November 1, 2020.

Questions on these new regulations should be directed to the Financial and Corporate Sector Policy Branch in the Ministry of Finance at [email protected].

Al's Almanac

Almanac #98 - November 2021

Did you know...Did you know. . . what to do if an ex-tenant fraudulently gets a direct request order to return the security deposit? . . . how to deal with a required few days’ vacancy to do a repair?

Al's Almanac is available to PAMA members.  

 

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