ENERGY
& MINES |
Energy
and Mines News:
BC Government Delays BC Hydro's Long Term Forecast
[On November 2nd] the BC Government announced that it has once
again delayed the delivery of BC
Hydro's Integrated Resource Plan to Cabinet until August
3, 2013 due to uncertainty of the electricity requirements for
the prospective liquefied natural gas (LNG) export projects to
be located in northern British Columbia. The announcement stated
that Government, BC Hydro and LNG proponents are currently
negotiating electricity-supply agreements. The good news for the
IPP sector is that the use of electricity is under serious
consideration.
The potential size of the LNG load is extraordinarily large. Yet
the current electricity service to the region is insufficient to
meet the potential demand. View the full article posted by Warren
G. Brazier with Clark Wilson LLP.
AMEBC releases BC Budget Consultations Paper
The Association for Mineral Exploration BC (AME BC) is pleased
to provide the Select Standing Committee on Finance and
Government Services with pre-budget 2013 recommendations. View
the AME BC
paper.
|
Act
or
Regulation Affected |
Effective
Date |
Amendment
Information |
There were no
amendments this month. |
FAMILY,
WILLS
& ESTATES |
Family, Wills &
Estates News:
Clarification of Process for Legal Counsel
with Respect to Replacing an Executor
The Ministry of Attorney General has posted the following
clarification:
Where the court orders that one executor is replaced by or
substituted for another, the order should also state:
- That the grant with the name of the old executor be revoked;
- That the grant be reissued with the name of the new
executor;
- That the old grant and any certified copies of the old grant
in the possession of the former executor be returned to the
probate registry within X days (such amount of time as counsel
believes reasonable).
If the order does not state that the old grant is to be revoked
and reissued the original grant would still be in circulation,
apparently valid and potentially relied upon by third parties.
Therefore, as a matter of practice, the registry will not issue a
new grant without counsel obtaining an order revoking the original
grant. Read more at the Ministry of Justice website.
Family Law Act – for Justice
System Workers and Advocates
John-Paul
Boyd has published an
overview of the new Family
Law Act for people who work in the justice system
and legal advocates.
|
Act
or
Regulation Affected |
Effective
Date |
Amendment
Information |
Child, Family and Community Service Regulation
(527/95) |
Oct. 1/12 |
by Reg
57/2012, as amended by Reg
273/2012 |
Interjurisdictional Support Orders Act |
Oct. 12/12 |
by 2012 Bill 33, c. 11, ss. 14 to 28 only (in
force by Reg
303/2012), Justice
Statutes Amendment Act, 2012 |
Interjurisdictional Support Orders Regulation
(15/2003) |
Oct. 12/12 |
by Reg
303/2012 |
FOREST
AND ENVIRONMENT |
Forest
and Environment News:
Beyond the Beetle: An Action Plan for Healthy Forests
(by Steve Thomson, Minister of FLNRO)
With the release of Beyond the Beetle: A Mid-Term Timber
Supply Action Plan, we have outlined a clear strategy to
help our forests recover from the damage done by the mountain
pine beetle infestation.
Unfortunately, the release of the action plan has led to the
spread of misinformation and it's important for your readers to
know the facts. Government is not advocating logging in
reserves. Reserves have been set up to manage crucial wildlife
habitat, biodiversity, viewscapes and old growth forests. Those
reserves are important and need to be kept. If a community
believes the reserves no longer serve these purposes, they can
initiate a discussion with government. Only then would
government consider altering any of those designations. Along
with having community support, any proposed changes must be
ecologically sound and supported by science. Any such proposals
will be considered on a case-by-case basis.
Managing our forests is a complex issue, but the outcome we all
want is simple: an industry that continues to support workers
and communities. In coming up with this plan, we're building on
the $884 million we have spent since 2001 fighting the
infestation and its environmental and economic impacts. Read the
full
editorial.
West Coast Ocean Fertilization Project Defended
Dumping iron dust off BC coast violated no laws or treaties,
leaders say
The leaders of a controversial ocean fertilization project off
the west coast of British Columbia say they have not violated
any Canadian or international laws.
In July, the Haida Salmon Restoration Corporation (HSRC), in
conjunction with American businessman Russ George, dumped
about 100 tonnes of iron dust into the Pacific Ocean.
The move, which was intended to stimulate plankton growth and
help revive salmon populations, has been widely criticized by
scientists as reckless and lacking scientific support. View CBC
article.
Salmon Inquiry Commissioner Critical of Fisheries Act
Changes
The Cohen commission recommendations, which call for greater
protection for sockeye salmon and their habitat, run headlong
into federal government measures to water down environmental
regulations and cut staff.
Former B.C. Supreme Court Justice Bruce Cohen took aim at the
federal government Wednesday in his much-anticipated report on
the decline of Fraser River sockeye. He said he was
“troubled” by recent amendments to the environmental
process and the Fisheries Act by Prime Minister Stephen
Harper’s Conservative government.
“Many experts have emphasized the importance of protecting
fish habitat, promoting biodiversity and adopting
ecosystem-based management practices,” said Cohen.
“However, the recent amendments to the Fisheries Act
appear to be taking (the Department of Fisheries and Oceans) in
a very different direction.”
Cohen said he was disappointed the federal government
didn’t wait to introduce the changes in Bill C-38 until
after the inquiry was complete.
Read the Vancouver Sun
article.
Amendment Declares Resource Roads are not Workplaces
On October 15, 2012, Pat Bell, Minister Responsible for Labour
signed Order
in Council 692, approving changes to the Occupational
Health and Safety Regulation, B.C. Reg. 296/97. The amendment
reads:
(2) Subject to subsection (3), in this Regulation,
“workplace” does not include a resource road.
(3) A portion of a resource road is a workplace during any
period within which it is being built, maintained, repaired,
rehabilitated, stabilized, upgraded removed, or deactivated.
(4) Although a resource road does not constitute a workplace
for the purposes of this Regulation, other than in one of the
limited circumstances referred to in subsection (3), a
reference to a workplace in this Regulation continues to
include a thing or place that constitutes a workplace even
though that thing, or an activity or the result of an activity
initiated or carried out at that place, is in whole or in part
on a resource road.
The amendment also provided the following definition:
"resource road" means a road or portion
of a road on Crown land, and includes a bridge, culvert,
ford or other structure or work associated with the road,
but does not include a highway within the meaning of the
Transportation Act.
Read the full article
posted in Rumblings – Forestry TruckSafe, BC
Forest Safety Council. |
Act
or
Regulation Affected |
Effective
Date |
Amendment
Information |
BC Timber Sales Regulation (381/2008) |
Oct. 1/12 |
by Reg
152/2012 as amended by Reg
278/2012 |
Forest Service Road Use Regulation (70/2004) |
Oct. 12/12 |
by Reg
302/2012 |
Hunting Regulation (190/84) |
Oct. 5/12 |
by Reg
293/2012 |
Limited Entry Hunting Regulation (134/93) |
Oct. 5/12 |
by Reg
293/2012 |
Motor Vehicle Prohibition Regulation (196/99) |
Oct. 5/12 |
by Reg
293/2012 |
Occupational Health and Safety Regulation
(296/97) |
Oct. 16/12 |
by Reg
305/2012 |
Wildlife Act Commercial Activities Regulation
(338/82) |
Oct. 5/12 |
by Reg
293/2012 |
HEALTH |
Health
News:
Cheaper Drugs on the Horizon
As patents for brand-name products expire,
generic versions will be available at lower prices
Customers are often caught in the middle between pharmacists who
are in support of generic drugs and drug companies that spend
billions to market their brand. People often believe brands are
better; usually this is not the case.
According to IMS Health Canada, 61 per cent of prescriptions are
for generic drugs; yet they account for only 24 per cent of the
$22.2 billion Canadians spent on prescriptions in 2011.
The BC government recently passed the Pharmaceutical
Services Act to further lower the price of generic drugs,
but the regulations governing the legislation have yet to be
worked out.
The new legislation gives the province the flexibility to set
prices by regulation, allowing the government to account for
changing circumstances in the industry.
Read the Vancouver Sun
article.
BC Ponders Sharing Slaughterhouse Scrutiny
with Industry –
Meat Inspection Regulations
BC is considering changes to the provincial meat inspection
system that off-loads much of the responsibility for scrutiny of
the killing floor from government inspectors to trained abattoir
staff.
The proposal contained in the Report on the BC Abattoir
Inspection Review recommends that staff be trained to examine
livestock and carcasses to determine if they are fit for human
consumption. Government inspectors would make periodic visits,
depending on the level of risk at the facility.
Meat producers and processors are wary of the idea, especially
after several million kilograms of beef products were recalled
from stores last month after E. coli was detected at the
XL Foods packing plant in Brooks, Alberta. Sixteen people in
four provinces were sickened by products from the plant.
Read the full
story on the Vancouver Sun.
All Health Care Workers Should Get Flu Shots,
CMA Journal Says
Doctors who refuse to get a flu shot are increasing the risk of
their patients dying from flu, Canada's top medical journal is
arguing in an editorial calling for mandatory influenza
vaccination for health care workers. "No right-thinking
physician would ever knowingly harm a patient or fail to do
something essential that would result in harm to a patient," Dr.
Ken Flegel, senior associate editor of the Canadian Medical
Association Journal writes in an editorial published Monday.
View the Vancouver Sun
article.
|
Act
or
Regulation Affected |
Effective
Date |
Amendment
Information |
Emergency Medical Assistants Regulation
(210/2010) |
Oct. 1/12 |
s. 27 (16) repeals s. 27 |
Regulated Activities Regulation (161/2011) |
Oct. 15/12 |
by Reg
286/2012 |
Speech and Hearing Health Professional
Regulation (413/2008) |
Oct. 1/12 |
by Reg
74/2012 |
LABOUR,
COMPANY & FINANCE |
Labour,
Company and Finance News:
November 1st Amendments
The BC Registry Services has distributed a summary of relevant
legislative changes that have come into force November 1st.
These changes have been consolidated on Quickscribe.
Business Corporations Act
OIC
682, approved and Ordered October 11, 2012, brings into
force effective November 1, 2012, sections 1 (b), 7, 17 to 32,
33(b), 36, 37(a) to (g) and 38 of the Finance
Statutes Amendment Act, 2012. These sections amend
the Business Corporations Act. Of note is the amendment
to section 355 of the Business Corporations Act which,
effective November 1, 2012, requires that court orders be
obtained to restore an unlimited liability company.
Cooperative Association Act
OIC
682, approved and Ordered October 11, 2012, brings into
force effective November 1, 2012, sections 39 to 44 and 48 to 72
of the Finance
Statutes Amendment Act, 2012. These sections amend
the Cooperative Association Act. Of particular interest
is the amendment to section 15 of the Cooperative
Association Act which removes the requirement that the
registrar review associations’ rules to determine if they
meet the requirements of the Act. Instead, the registry will
only be the repository of the rules for public access.
Therefore, rules for incorporation and changes to rules from
existing cooperative associations that are dated from November
1, 2012, will no longer be examined for compliance.
Financial Institutions Act
Effective November 1, 2012, various amendments to
the Financial Institutions Act, from the Finance
Statutes Amendment Act, 2011, and regulatory
amendments come into force. Essentially, these amendments remove
references to the Company Act and apply the application
of the Business Corporations Act to trust companies and
insurance companies.
Credit Union Incorporation Act
Effective November 1, 2012, various amendments to the
Credit Union Incorporations Act, from the Finance
Statutes Amendment Act, 2011, and regulatory
amendments come into force. These amendments remove references
to the Company Act and import directly into the Act
requirements and/or provisions from the Company Act.
Should you have any questions regarding these amendments, please
contact Debbie Turner, A/Deputy Registrar, at Debbie.Turner@gov.bc.ca.
BC Government Probes Report of Illegal Recruiting Practices
–
Employment Standards Act
The BC government has launched an investigation into reports
that recruiters in China are breaking BC laws while arranging
for Chinese nationals to work in BC coal mines.
The government is responding to a media report alleging Chinese
miners are being asked to pay more than $12,500 for the
opportunity to work in Canada.
“We are now investigating the matter,” Andy Watson,
a spokesman for the BC Ministry of Jobs, Tourism and Skills
Training, stated in an email Friday.
The report, based on an exchange between a reporter with the
Tyee news website and companies posting job ads on a Chinese
website similar to Craigslist, said prospective employees were
being charged $12,500.
Watson said several provisions of the BC Employment
Standards Act prohibit companies and recruiters from
charging foreign workers or docking their pay in order to assist
with job placements in Canada. Those who violate the law can be
fined up to $10,000. Read the Vancouver Sun article.
Overview of the New Provincial Sales Tax
In this paper written for the recent CLEBC course: End of
the HST: Update 2012, Noah
Sarna of Thorsteinssons LLP provides an overview of the
new provincial sales tax, including: the mechanics of the PST,
differences between the PST and the SST, and what's taxable now.
The paper
is available on the CLEBC
website.
|
Act
or
Regulation Affected |
Effective
Date |
Amendment
Information |
Audit and Audit Committee Regulation (314/90) |
Nov. 1/12 |
by Reg
210/2012 |
Business Corporations Act |
Nov. 1/12 |
by 2011 Bill 17, c. 29, ss. 1-17 only (in force
by Reg
208/2012), Finance
Statutes Amendment Act, 2011 |
by 2012 Bill 23, c. 12, ss. 1 (b), 7, 17-32, 33
(b), 36, 37 (a)-(g), 38 only (in force by Reg
301/2012), Finance
Statutes Amendment Act, 2012 |
Business Corporations Regulation (65/2004) |
Nov. 1/12 |
by Reg
205/2012 |
Cooperative Association Act |
Nov. 1/12 |
by 2012 Bill 23, c. 12, ss. 39-44, 48-72 only
(in force by Reg
301/2012), Finance
Statutes Amendment Act, 2012 |
Credit Union Incorporation Act |
Nov. 1/12 |
by 2012 Bill 17, c. 29, ss. 18-62 only (in force
by Reg
208/2012), Finance
Statutes Amendment Act, 2011 |
by 2012 Bill 23, c. 12, s. 73 only (in force by
Reg
209/2012), Finance
Statutes Amendment Act, 2012 |
Credit Union Incorporation Act Regulation
(206/2012) |
NEW
Nov. 1/12 |
see Reg
206/2012 |
Definitions Regulation (311/90) |
Nov. 1/12 |
by Reg
211/2012 |
Employment and Assistance Regulation (263/2002) |
Oct. 1/12 |
by Regs
197/2012 and 198/2012 |
Employment and Assistance for Persons with
Disabilities Regulation (265/2002) |
Oct. 1/12 |
by Regs
197/2012 and 198/2012 |
Extraprovincial Corporations Exemption
Regulation (391/90) |
REPEALED
Nov. 1/12 |
by Reg
212/2012 |
Financial Institutions Act |
Nov. 1/12 |
by 2012 Bill 17, c. 29, ss. 64-81, 83-85, 87-116
only (in force by Reg
208/2012), Finance
Statutes Amendment Act, 2011 |
by 2012 Bill 23, c. 12, s. 75 only (in force by
Reg
209/2012), Finance
Statutes Amendment Act, 2012 |
Financial Institutions Fees Regulation (312/90) |
Nov. 1/12 |
by Reg
213/2012 |
Finanical Institutions Publication Regulation
(207/2012) |
NEW
Nov. 1/12 |
see Reg
207/2012 |
Income Tax Act |
Oct. 1/12 |
by 2012 Bill 21, c. 8, ss. 50, 53 to 56 and 93
only (in force by Reg
272/2012), Budget
Measures Implementation Act, 2012 |
Insurance Council Regulation (569/2004) |
Nov. 1/12 |
by Reg
214/2012 |
Limitation on Acquisitions Regulation (331/90) |
Nov. 1/12 |
by Reg
215/2012 |
National Instrument 81-102: Mutual Funds
(2/2000) |
Oct. 31/12 |
by Reg
96/2012 |
Non-Reporting Company Exemption Regulation
(101/92) |
REPEALED
Nov. 1/12 |
by Reg
216/2012 |
Occupational Health and Safety Regulation
(296/97) |
Oct. 16/12 |
by Reg
305/2012 |
Pre-existing Company Provisions Regulation
(217/2012) |
NEW
Nov. 1/12 |
see Reg
217/2012 |
Training Tax Credits (Prescribed Requirements)
Regulation (299/2010) |
Oct. 1/12 |
by Reg
272/2012 |
LOCAL
GOVERNMENT |
Local Government News:
Mayors Meet Developers
Mayors from Langley and its neighbours talked about growth
Opportunities and plans for the future were presented by local
mayors to hundreds of development professionals on October 10.
The first Urban Development Institute (UDI) lunch in the Fraser
Valley was hosted by the Township at the Langley Events Centre.
The event included a trade show spotlighting participating
communities and presentations by seven mayors who discussed
growth in recent years and opportunities around the Fraser
Valley. "The Urban Development Institute has been serving the
Pacific Region for 40 years," said Township of Langley Mayor
Jack Froese. "During that time, we have seen a lot of changes
and a lot of growth in this area – but it is nothing
compared to what we expect to see in the decades to come." Read
the full article
by Langley Advance.
Parent Opposes "Religious Marketing" in
Chilliwack Schools
The Chilliwack school board is getting ready to discuss a
regulation that one parent has said endorses "religious
marketing" in local schools. Richard Ajabu said his daughter,
who attends Sardis elementary, came home with a glossy colour
brochure from Gideons International, an evangelical Protestant
association that has handed out free bibles to Canadian Grade 5
public school students since 1946. The brochure, which doubles
as a parent consent form for kids to receive a free bible,
states "It is often in grade five that a child begins asking the
big questions of life: what is right and wrong, what is the
purpose of life, and what happens when we die" and includes a
picture of the Gideon testament, which features a red cover with
pictures of smiling children above the title "Answer Book." Read
more
in the Chilliwack Times.
Local Government Opposes Changes to Building
Regulatory System
At the 2012 UBCM Convention, the UBCM membership endorsed the
policy paper Modernizing
Building Code Safety Regulations, and in doing so
expressed their opposition to proposed provincial changes to the
building regulatory system. The proposed changes would grant the
provincial government sole authority to adopt building standards
across BC, divesting local government of any jurisdiction over
the building regulatory process. The Province suggests that
these changes will reduce the cost of building construction.
Local government recognizes the need to ensure that housing is
affordable; however, they place strong emphasis on the need for
flexibility in meeting this objective and suggest that a "one
size fits all" approach is not the best solution. As detailed in
the policy paper, local government supports an alternative
approach to the building regulatory process, founded upon the
development of an ongoing partnership between the development
industry, local government and the provincial government. View
the full article
published on the UBCM website.
|
Act
or
Regulation Affected |
Effective
Date |
Amendment
Information |
Coastal Ferry Act |
Oct. 1/12 |
by 2011 Bill 14, c. 10, s. 4 only, (in force by
Royal Assent) Coastal
Ferry Amendment Act, 2011 |
Electrical Safety Regulation (100/2004) |
Oct. 1/12 |
by Reg
202/2012 |
Eligible Entities Regulation (73/2004) |
Oct. 1/12 |
by Reg
162/2012 |
Hotel Room Tax Regulation for Tourism Golden
(184/2006) |
Oct. 1/12 |
by Reg
162/2012 |
Prescribed Classes of Property Regulation
(438/81) |
Oct. 25/12 |
by Reg
308/2012 |
Ski Hill Property Valuation Regulation
(291/2007) |
Oct. 25/12 |
by Reg
309/2012 |
Sled Dogs Standards of Care Regulation (21/2012) |
Oct. 1/12 |
by Reg
21/2012 |
MISCELLANEOUS
|
Miscellaneous News:
Provincial Government Plans Justice System
Overhaul:
New council to address backlogs and improve management of
cases,
of which more than 2,500 have been waiting at least 14 months
for trial
A new Justice and Public Safety Council will be created to
co-ordinate the transformation of BC's troubled legal system,
Minister of Justice and Attorney-General Shirley Bond announced
Monday.
In releasing the White
Paper on Justice Reform, Part One: A Modern, Transparent
Justice System, Bond said the council will hold
regular meetings with stakeholders and produce an annual plan as
part of a 10-step fix-it program.
She said the government and the Provincial Court also would work
together on developing a new trial-scheduling system to
eliminate backlogs that have drawn severe criticism.
Read the full
article at the Vancouver Sun.
BC Government to Amend Law to Allow Charities to Auction
Booze
BC will abolish an outdated liquor law that prevented
Victoria’s Belfry Theatre from auctioning donated bottles
of wine, says the minister responsible for alcohol. Rich Coleman
said Friday that it is regrettable the Belfry Theatre had to
cancel a fundraiser because the government’s liquor branch
would not issue a special-occasion licence.
“This was basically an inspector ... taking the law to the
purest form,” said Coleman, “It affected the Belfry,
which was unfortunate.” He said he altered
government policy immediately so groups can auction donated wine
or other alcohol as part of a gift basket. Auctioning donated
wine by itself is part of a law the government will need to
change when the legislature resumes sitting in February.
Read more
at the Vancouver Sun.
|
Act
or
Regulation Affected |
Effective
Date |
Amendment
Information |
Organic Agricultural Products Certification
Regulation (200/93) |
Oct. 25/12 |
by Reg
307/2012 |
Sled Dog Standards of Care Regulation (21/2012) |
Oct. 1/12 |
by Reg
21/2012 |
Supreme Court Act |
Oct. 26/12 |
by 2008 Bill 43, c. 42, s. 124 only (in force by
Reg
310/2012), Miscellaneous Statutes Amendment Act (No. 2), 2008 |
MOTOR
VEHICLE |
Motor
Vehicle and Traffic News:
Top Court gives Leeway on Breathalyzer
Drunk-Driving Defence
Justice Minister Rob Nicholson says his department is
reviewing a Supreme Court of Canada ruling that struck
down some changes to the Criminal Code dealing with
drinking and driving. Three years ago, the federal
government amended the law, making it more difficult to
fight charges of driving under the influence. "Our
government takes the issue of impaired driving very
seriously. That is why we took action to toughen our laws
and keep our communities safe," Nicholson said in a
statement Friday. Nicholson said those amendments were to
ensure "only scientifically valid defences" could be used
as evidence to refute a roadside breathalyzer test that
showed a motorist to be above the legal blood-alcohol
content limit of 0.08. Under those new rules, anyone
challenging a drunk-driving charge after testing over the
legal limit on a roadside breathalyzer had to prove the
machine malfunctioned or was misused, and that a high
reading was the result. View the CBC
article.
Amendment Declares Resource Roads are not
Workplaces
On October 15, 2012, Pat Bell, Minister Responsible for
Labour signed
Order in Council 692, approving changes to the
Occupational Health and Safety Regulation, B.C. Reg.
296/97. The amendment reads:
(2) Subject to subsection (3), in this
Regulation, “workplace” does not include a
resource road.
(3) A portion of a resource road is a workplace during
any period within which it is being built, maintained,
repaired, rehabilitated, stabilized, upgraded removed,
or deactivated.
(4) Although a resource road does not constitute a
workplace for the purposes of this Regulation, other
than in one of the limited circumstances referred to
in subsection (3), a reference to a workplace in this
Regulation continues to include a thing or place that
constitutes a workplace even though that thing, or an
activity or the result of an activity initiated or
carried out at that place, is in whole or in part on a
resource road.
The amendment also provided the following
definition:
"resource road" means a road or
portion of a road on Crown land, and includes a
bridge, culvert, ford or other structure or work
associated with the road, but does not include a
highway within the meaning of the Transportation
Act.
Read the full
article posted in Rumblings – Forestry
TruckSafe, BC Forest Safety Council.
Motorist With Right of Way Found 25% at
Fault for Speeding
and Failing to Keep a Proper Lookout
The following article was posted by Mark Magraken on his
BC
Injury Law Blog. As previously discussed, having
the right of way is not always enough to escape fault
(or partial fault) for a collision. If a dominant
motorist fails to react reasonably in the face of an
obvious hazard, liability can follow despite having the
right of way. This was demonstrated in reasons for
judgement released this week by the BC Supreme Court,
New Westminster Registry. In this week’s case (Currie
v. Taylor), the Defendant was travelling down
Highway 97 near Vernon, BC. The Plaintiff, approaching
from the Defendant’s right, left his stop sign
attempting a left hand turn. The Defendant had the right
of way and the Plaintiff’s actions were found to
be negligent. The Defendant, however, was also found at
fault for speeding and failing to react reasonably to
the obvious hazard that the Plaintiff created. To view
the reasons provided by Mr. Justice Armstrong in
assessing the Defendant 25% at fault, see the full
article.
|
Act
or
Regulation Affected |
Effective
Date |
Amendment
Information |
Violation Ticket Administration (89/97) |
Oct. 15/12 |
by Reg
286/2012 |
REAL
ESTATE & BUILDERS LIEN |
Real
Estate and Builders Lien
News:
Condo Life is Rife with Conflict – Strata
Property Act
With 10 percent of units in need of renewal, 14-year old Strata
Property Act
is due for an overhaul, sooner rather than later
The biggest flaw in the act that governs the lives of close to a
million British Columbians is that it assumes people will always
act in the best interest of the group. Little in human history
supports that notion. But that's the foundation upon which the
14-year-old Strata Property Act sets the rules for the
operation and management of the estimated 700,000 condominium
units in the province. Add money to the mix and toxic situations
can and do arise. It often starts when buildings are new. Even
though expenses are at their lowest, it's often difficult to get
the majority of owners to agree to the appropriate monthly fees
to cover ongoing maintenance, operation and replacement. It's
difficult because so many owners – especially in the Lower
Mainland – have spent all but their last dime buying the
place. View the Vancouver Sun
article.
Credit Unions Escape New Mortgage Rules
Tough new mortgage guidelines announced last month by the
federal banking regulator are aimed at letting some of the air
out of Canada’s over-inflated housing market. The trouble
is, some of the rules don’t affect credit unions, which
make up a significant chunk of the consumer loan market in
British Columbia, Quebec and other provinces. That’s
because credit unions, as provincially regulated institutions,
are not part of the jurisdiction of the Office of the
Superintendent of Financial Institutions. According to CanadianMortgageTrends.com,
which provides a detailed explanation CanadianMortgageTrends.com,
which provides a detailed explanation here,
that loophole may provide an important competitive advantage for
credit unions at a time when financial institutions are fighting
tooth and nail for lending marketshare, especially on the
consumer side. The idea behind the rules is simple: Restrict the
flow of credit and consumer spending has to come down. Read full
Financial Post article.
|
Act
or
Regulation Affected |
Effective
Date |
Amendment
Information |
There were no
amendments this month. |
The
content
of this document is intended
for client use only. Redistribution to anyone other than
Quickscribe
clients (without the prior written consent of Quickscribe) is
strictly
prohibited.
QUICKSCRIBE SERVICES LTD. |