The Government of British Columbia has proposed changes to the Residential Tenancy Act and the Strata Property Act.
The amendments are aimed at supporting vulnerable tenants and streamlining processes for landlords and strata corporations.
If enacted, the revised Residential Tenancy Act would allow:
•tenants escaping from family violence to terminate their leases early
•tenants accepted into a long-term care facilities to terminate their leases early
•landlords to repay security deposits through electronic transfer
A proposed change to the Strata Property Act would allow the termination of a strata corporation by an 80% vote. Currently, all strata lot owners must vote unanimously. With many aging buildings near the end of their life, this lowered threshold would make it easier for strata corporations to sell their property for redevelopment.
Contact a CapriCMW Strata Risk Advisor for more information and resources on insurance and risk-related matters.
