Exciting news awaits Okanagan strata real estate purchasers! 

An announcement has just been made, introducing new regulations for minimum contingency reserve fund (CRF) contributions for both BC Strata Corporations and Owner Developers. These updates, effective from November 1, 2023, have far-reaching implications for the management of strata properties in Kelowna.

Minimum CRF Contributions by the Strata Corporation:

Starting November 1, 2023, strata corporations and sections are now required, as per Order in Council No. 32, to allocate a minimum of 10% of their annual operating fund to the contingency reserve fund. This policy shift makes contributions mandatory on an annual basis, regardless of the current CRF balance.

This change…

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