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Stratas in BC › Finance Related

Assessing Fees

Based on Unit Factors or Otherwise

On registration or redivision of the Plan, the Corporation will submit a schedule detailing the unit factors assigned to each unit. The unit factors can be based on square footage or the initial market value compared to the rest of the complex. In Alberta, the total number of unit factors in a plan is 10,000, and this divided amongst the units.

Assessments are based on a proration (unit factors) unless the bylaws specify another method. Most commonly the other method is an equal share given to each unit.

Strata Fee Assessments

Strata fees assessments are the reasonable amounts required to cover all of the expenses of maintaining the common property. 

Special Assessments

If the regular assessments of condominium fees are inadequate to cover expenses, a special assessment may be made. Special assessments are generally only made in the case of large emergency expenses, for example to pay for significant unforeseen replacements or repairs.

Division of Units

In BC, there is a specific provision in the Act, that allows the corporation to make a division of units that have unique characteristics, that is unique expense requirements. The fees arel prorated among the units in each division.