Strata Budget

Strata budgets are governed by the Strata Property Act, SBC 1998, c. 43 (SPA), and the Strata Property Regulation. The SPA requires the strata corporation to approve an annual operating budget each year and sets out mandatory budget procedures and approval processes. Verify current requirements with a BC lawyer or notary before relying on any specific section.

Yes. Under the Strata Property Act, SBC 1998, c. 43, the strata corporation must prepare and approve an operating budget at each Annual General Meeting (AGM) for the fiscal year ahead. The budget must be approved by a majority vote of the owners present in person or by proxy. Verify the specific voting threshold and procedural details under the current SPA provisions with a BC lawyer or notary.

Under the Strata Property Act, SBC 1998, c. 43, if the proposed budget is not approved, the strata council must prepare a new budget and present it at another general meeting. In the interim, the strata corporation may continue to levy strata fees based on the budget from the previous fiscal year. Verify current interim-budget rules with a BC lawyer or notary before acting.

The Strata Property Act, SBC 1998, c. 43, requires every strata corporation to establish and maintain a contingency reserve fund for common expenses that usually occur less than once a year or are not anticipated in the annual operating budget. The annual operating budget must include a minimum annual contribution to the CRF of at least 10% (as of 2026-07-27 — verify current) of the total budgeted contribution to the operating fund for the fiscal year. Verify current CRF contribution requirements with a BC lawyer or notary.

Monthly strata fees are calculated by dividing each owner's proportionate share of the approved annual operating budget (including the mandatory contingency reserve fund contribution) by twelve. Each owner's share is determined by the unit entitlement assigned to their strata lot, as shown on the strata plan filed in the Land Title Office under the Land Title Act, RSBC 1996, c. 250, and governed by the Strata Property Act, SBC 1998, c. 43. Verify the unit entitlement and calculation method in your strata's bylaws and budget documents with a BC lawyer or notary.

Yes. Under the Real Estate Services Act (RESA), SBC 2004, c. 42, and the Strata Property Act, SBC 1998, c. 43, the Form B: Information Certificate must include a copy of the current year's approved budget, the previous year's actual expenditures, and financial statements. The strata corporation must provide this information to the buyer (or the buyer's representative) upon written request. Verify the specific contents and timing requirements of Form B with a BC lawyer, notary, or REALTOR® familiar with current BCFSA standards.

Under the Strata Property Act, SBC 1998, c. 43, the strata corporation may pass a resolution at a general meeting to amend the budget or impose a special levy if additional funds are needed during the fiscal year. The voting threshold and notice requirements depend on the nature and size of the change; verify current thresholds with a BC lawyer or notary. An amendment to the operating budget typically requires a majority vote, while a special levy may require a different threshold depending on its purpose.

Common operating expenses in a strata budget typically include building insurance premiums, utilities, landscaping and groundskeeping, property management fees, routine maintenance and repairs, janitorial services, and the mandatory contribution to the contingency reserve fund. The Strata Property Act, SBC 1998, c. 43, requires the budget to cover expenses related to common property and assets, and the ongoing operation of the strata corporation. Verify the specific expense categories appropriate for your strata with a BC lawyer, notary, or the strata's property manager.

The Strata Property Act, SBC 1998, c. 43, does not automatically require all strata corporations to have an audited or professionally reviewed budget, but it does require annual financial statements. Depending on the number of strata lots and the requirements in the strata's bylaws or a resolution passed by the owners, a strata may be required to have its financial statements audited or reviewed by a qualified accountant. Verify whether your strata must prepare audited statements under current SPA thresholds (as of 2026-07-27 — verify current) by consulting a BC lawyer, notary, or accountant.

Under the Strata Property Act, SBC 1998, c. 43, unpaid strata fees constitute a debt owed to the strata corporation and create a lien against the owner's strata lot from the date the payment becomes due. The strata corporation may collect the debt, plus interest and collection costs, and may ultimately enforce the lien through legal proceedings or a court-ordered sale of the strata lot. Verify enforcement steps, interest rates, and lien registration procedures with a BC lawyer or notary before acting.