What will it take to eliminate special levies in B.C.?
Since Depreciation Reports are still new to British Columbia, it will take some time to see the effects of the new legislation on B.C.’s strata management industry. However, we here at Power Strata Systems predict that if used effectively, this resource can help us eventually eliminate the need for unexpected and costly special levies.
But achieving a special levy-free province won’t happen overnight, and Depreciation Reports alone won’t get us there. So what will it take to make this vision of a special levy-free B.C. a reality?
Accurate and effective planning
Depreciation Reports can be a powerful planning tool for strata corporations to predict and plan for future expenditures. This approach to long term costs can avoid crisis style management and unexpected special levies.
But Depreciation Reports can only achieve these goals if used properly and followed thoroughly. We will likely see a learning curve period in which strata corporations will initially struggle with various problems and perhaps even additional special levies.
But over time, we think the wrinkles in the process will be ironed out and the need to rely on substantial special levies will be reduced as Strata Corporations implement long-term and realistic capital maintenance and repair budgets.
Eliminating special levies will not be easy and so it will require a committed team effort. Players will need to include strata owners, council members, strata management firms, as well as other service providers to the strata community.
At Power Strata Systems, we are committed to doing our part by enabling strata corporations to efficiently plan for the implementation of depreciation reports (including routine, preventive and corrective maintenance planning). Schedule a free demo today to learn more about how we can help.
All good things come to those who wait
We realize that eliminating special levies in the province is a lofty goal to achieve. But it is possible.
As the reporting process becomes more refined and an efficient contingency reserve fund is achieved, we strongly believe that we will see a significant reduction in and perhaps even complete elimination of special levies.
Just be prepared to deal with a few growing pains and be willing to exercise some patience. As they say, Rome wasn’t built in a day...