Building Envelope and Mechanical Equipment study - Bill 8

The Strata rules are being changed to require all Strata organizations to perform regular assessments of the buildings contained in the Strata. This will include an engineering study of the building enclosure (exterior, roof, parkade) and all mechanical equipment.

The study will need to project out 30 years, the costs to maintain and replace critical components of the building.

The next step many would like to see is a law that will require Strata's to actually finance at least a portion of the expected costs with the monthly operating assessments.  Some are calling for up to 50% of the costs identified in the study to be financed by monthly Strata fees.

The purpose is to finally give buyers an accurate reflection of the costs of owning multi-family and force the Strata to properly maintain the value of the building by forcing regular assessment and service.