Associa British Columbia, Inc. Resolves Community’s Financial Predicament

This community is a 33-unit strata located in the popular West End area of Vancouver, Canada.

Challenge:

The strata’s council was struggling with a limited operating budget and found it difficult to repay CRF loans. An owner in the building also refused to pay maintenance fees for a considerable period of time and then passed away. While the council was contracted with a management company during this challenge, they failed to properly manage the financial situation or offer advice on how to resolve the non-payment dilemma.

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Resolution:

When Associa British Columbia, Inc. stepped in as new management in 2021, things changed. The team brought immediate clarity to the financial predicament, providing direction on repayment of the CRF loan. With the help of the community manager and the accounting team, the unpaid owner debt was repaid and the council was able to get all finances back on a solid footing.