Can a strata corporation charge interest on strata fees?

Yes. Section 107 of the Strata Property Act, SBC 1998, c.43 permits a strata corporation to charge interest on late payment of strata fees. In order to charge interest, the strata corporation must set out the rate of interest in the bylaws.

The rate of interest cannot exceed that permitted by the regulations, being 10% per annum, compounded annually. 1

 

 

 

Notes:

  1. Strata Property Regulation, B.C. Reg. 43/2000, s.6.8(1)