BC Strata Management key terms

A legal entity created when land is deposited as a strata plan, owning common property and governed by the Strata Property Act on behalf of all owners.

The registered subdivision plan that divides land into strata lots and common property, and that defines unit entitlements and the corporation's boundaries.

All parts of the strata plan that are not strata lots, including hallways, roofs, and shared systems; owned collectively by all owners as tenants in common.

Common property designated by the strata plan or a resolution for the exclusive use of one or more strata lots, such as a balcony or parking stall.

The individually owned portion of a strata development, shown on the strata plan with its own title and assessed for taxes separately from other lots.

The number assigned to each strata lot on the strata plan that determines its share of common expenses, common assets, and voting power at general meetings.

The person or company that registers the strata plan and initially owns all lots; subject to disclosure, warranty, and budget requirements before selling units.

Rules adopted by the strata corporation governing use of lots and common property, which may be amended or repealed by special resolution of owners.

Restrictions governing use, safety, and condition of common property or common assets that the strata council may make without owner approval, subject to notice and repeal.

The elected body of owners that manages the strata corporation's affairs between general meetings, exercising powers and duties granted by the Act and bylaws.

An owner or other eligible person elected to the strata council who must act honestly, in good faith, and in the best interests of the corporation.

A meeting of owners, either annual or special, at which resolutions are voted on and council members are elected; notice and quorum requirements apply.

The yearly meeting at which owners receive financial statements, approve budgets, and elect the strata council, held within the time required by the Act.

A meeting called outside the annual cycle to decide a specific matter, such as a special levy or bylaw amendment, on proper notice to owners.

The minimum number or unit entitlement of owners who must be present in person or by proxy for a general meeting to validly conduct business.

A written authorization allowing one person to attend and vote at a general meeting on behalf of an owner who cannot attend personally.

A decision requiring approval by owners holding at least three-quarters of the unit entitlement of those voting, used for major changes such as bylaw amendments or common property alterations.

A formal decision of owners or the council, adopted by the voting threshold the Act requires for that type of matter, such as majority or three-quarters.

The account holding money collected for everyday expenses such as utilities, insurance, and routine maintenance, funded through monthly strata fees.

A separate fund, funded annually from the operating budget, reserved for major repairs, maintenance, and replacement of common property and common assets.

A professional assessment of common property components, their expected useful lives and replacement costs, used to plan contingency reserve funding over at least thirty years.

The monthly amounts owners must pay, calculated from unit entitlement, to cover their share of operating expenses and contributions to the reserve fund.

A one-time charge on owners, approved by resolution, to raise money for an expense that the operating fund or reserve fund cannot reasonably cover.

The annual financial plan estimating operating expenses and reserve contributions, which owners approve at the annual general meeting before fees are set.

The costs of managing, maintaining, repairing, and insuring the common property and common assets, shared by owners in proportion to unit entitlement.

Annual reports prepared for the strata corporation showing income, expenditures, fund balances, and reserve fund activity, presented to owners at the annual general meeting.

A person or firm retained by the strata corporation to carry out management duties under a written contract, and subject to licensing and conduct rules.

The written agreement setting out the strata manager's scope of services, fees, term, and termination rights, which must be disclosed to owners.

The legal obligation of council members and managers to act loyally, honestly, and in the corporation's best interests rather than their own.

A situation where a council member's or manager's personal or financial interest could improperly influence decisions, requiring disclosure and abstention from voting.

A document the owner developer must give buyers before a purchase, describing the strata plan, bylaws, budget, and other prescribed information.

The initial operating budget prepared by the owner developer for the first year, setting the starting strata fees before owners approve a budget.

A right granted to an owner to use a portion of common property, often through a bylaw or limited common property designation, without owning it.

The level of owner support, such as majority or three-quarters of unit entitlement, that a proposed resolution must obtain to pass.

The part of the registered strata plan listing each strata lot and the number assigned to it, which sets expense shares and voting power.