Latest news with #strata
News.com.au
2 days ago
- Business
- News.com.au
$486 billion warning to NSW homeowners
There is a tranche of strata laws starting on July 1 in NSW, and then even more later in the year, which are aimed at improving the lives of residents. It comes at a time when data from UNSW Sydney and the Strata Community Association reveals their growing number to about 17 per cent of NSW residents. There were 91,346 strata plans across NSW as at 2024, up from 89,049 in 2022. The total number of individual lots grew to 1,077,277, up from 1,043,690 in 2022. The estimated total insured value of strata plans grew to $486bn, up from $456bn as the number of buildings and the construction cost to replace them increases. With 55 per cent of all strata plans built before 2000, it means no let up in the pressure on repairs and maintenance for those owners corporations, according to Hazel Easthope, from the City Futures Research Centre at UNSW Sydney. Prior research put the number of annual call-out jobs at 1.7m, costing $2.5bn. Unfortunately the strata management industry has some dreadful practices. It was highlighted when the ABC reported in May last year that Netstrata, one of the state's biggest, had been using its wholly owned insurance arm to charge apartment complexes excessively high insurance brokerage fees. NSW Fair Trading recently issued a 24-page report by McGrath Nicol Advisory into Netstrata that identified possible breaches of the Strata Schemes Management Act 2015, including instances of nondisclosure of commissions received; instances of failing to obtain at least two quotes for expenses exceeding $30,000; and nondisclosure of commissions received from a third-party service debt collection agency, Strategic Collection Services. The report advised there were other practices not in the best interests of the consumer, including charging a premium to strata plans who did not use Netstrata's wholly owned insurance broker, Strata Insurance Services (SIS) along with a remuneration structure which incentivised its strata managers to bill for add-on charges. It found a 'highly saturated use of related entity suppliers' with whom Netstrata had a commercial arrangement. 'Netstrata's own interests appear to have trumped the interests of the people it had a duty to act on behalf of,' the Fair Trading commission's Natasha Mann advised. Netstrata disputes this. Last month, Minister for Fair Trading Anoulack Chanthivong announced the appointment of Angus Abadee to oversee the strata industry as the NSW Strata and Property Services Commissioner. Abadee will lead 'initiatives to enhance industry integrity and lift consumer confidence' having held senior positions in the Building Commission NSW. The McGrathNicol review did not consider Netstrata's actions under the new laws. The July 1 changes are aimed in part 'to protect owners in strata from unfair contract terms and facilitate an uplift of strata management services to improve owners' confidence'. NSW Fair Trading advises a meeting needs to be held between the committee and strata manager to allocate and complete the new specific task.
Daily Telegraph
2 days ago
- Business
- Daily Telegraph
$486 billion warning to NSW homeowners
There is a tranche of strata laws starting on July 1 in NSW, and then even more later in the year, which are aimed at improving the lives of residents. It comes at a time when data from UNSW Sydney and the Strata Community Association reveals their growing number to about 17 per cent of NSW residents. There were 91,346 strata plans across NSW as at 2024, up from 89,049 in 2022. The total number of individual lots grew to 1,077,277, up from 1,043,690 in 2022. The estimated total insured value of strata plans grew to $486bn, up from $456bn as the number of buildings and the construction cost to replace them increases. With 55 per cent of all strata plans built before 2000, it means no let up in the pressure on repairs and maintenance for those owners corporations, according to Hazel Easthope, from the City Futures Research Centre at UNSW Sydney. MORE: Wild reason Aussie has 300 homes Prior research put the number of annual call-out jobs at 1.7m, costing $2.5bn. Unfortunately the strata management industry has some dreadful practices. It was highlighted when the ABC reported in May last year that Netstrata, one of the state's biggest, had been using its wholly owned insurance arm to charge apartment complexes excessively high insurance brokerage fees. NSW Fair Trading recently issued a 24-page report by McGrath Nicol Advisory into Netstrata that identified possible breaches of the Strata Schemes Management Act 2015, including instances of nondisclosure of commissions received; instances of failing to obtain at least two quotes for expenses exceeding $30,000; and nondisclosure of commissions received from a third-party service debt collection agency, Strategic Collection Services. The report advised there were other practices not in the best interests of the consumer, including charging a premium to strata plans who did not use Netstrata's wholly owned insurance broker, Strata Insurance Services (SIS) along with a remuneration structure which incentivised its strata managers to bill for add-on charges. It found a 'highly saturated use of related entity suppliers' with whom Netstrata had a commercial arrangement. 'Netstrata's own interests appear to have trumped the interests of the people it had a duty to act on behalf of,' the Fair Trading commission's Natasha Mann advised. Netstrata disputes this. MORE: Neighbours become $200m richer overnight Last month, Minister for Fair Trading Anoulack Chanthivong announced the appointment of Angus Abadee to oversee the strata industry as the NSW Strata and Property Services Commissioner. Abadee will lead 'initiatives to enhance industry integrity and lift consumer confidence' having held senior positions in the Building Commission NSW. The McGrathNicol review did not consider Netstrata's actions under the new laws. The July 1 changes are aimed in part 'to protect owners in strata from unfair contract terms and facilitate an uplift of strata management services to improve owners' confidence'. NSW Fair Trading advises a meeting needs to be held between the committee and strata manager to allocate and complete the new specific task. MORE: Kmart set to change everything in Temu war
CTV News
26-05-2025
- CTV News
B.C. condo owner off the hook for pricey plumbing repairs to remove flushed cat litter
A cat owner accused of flushing litter down the toilet in his condo shouldn't have been charged for the pricey plumbing work required to repair the clog, a B.C. tribunal has ruled. Yuangang Dai was charged over $5,000 for work done on his building's pipes in 2023, according to a decision posted online Monday. The strata council – which manages the common assets of the building – told the tribunal it applied the charge to Dai's account because he had caused the obstruction by flushing litter. Dai filed a claim with the tribunal disputing the charge and denying he was the culprit. 'He says he has been a cat owner for seven years. He says he knows better than to pour cat litter down the toilet,' tribunal member David Jiang wrote in the decision. 'He provided a video of someone, presumably himself, properly disposing of used cat litter in a trash can. He suggests that another person is secretly housing a cat in the strata, and they flushed the cat litter down their toilet.' The strata, the decision explained, does have a bylaw in place allowing it to charge an owner for damage to common property – if it can prove the owner was responsible. 'The bylaws do not require Mr. Dai to be negligent, though I find flushing cat litter down a toilet would be a negligent in any event, being in breach of the standard of reasonableness,' the decision said. In support of its claim that Dai was responsible, the strata submitted a plumber's invoice and work order showing 'wood chips and cat litter' were found and removed. 'Mr. Dai owns a cat, so I agree he is logically a candidate for the source of the cat litter,' Jiang wrote, also noting the documents 'do not comment on the cat litter's origin.' The strata told the tribunal the plumber verbally informed them that Dai was responsible, but Jiang dismissed that evidence as inadmissible hearsay that was 'not supported by the documentary evidence from the same source.' The tribunal was not provided with any additional evidence about the building's pipes or plumbing that showed it was more likely than not that the flushed litter could only have come from Dai's unit. Given that, the strata was ordered to reverse the $5,297.25 charge and to reimburse Dai $225 in tribunal fees.
Globe and Mail
06-05-2025
- Business
- Globe and Mail
FirstService Residential British Columbia Announces Promotions of Edward Lee and Nagry Ngauv
VANCOUVER, BC , May 6, 2025 /CNW/ - FirstService Residential, Metro Vancouver's leading property management company has promoted Edward Lee and Nagry Ngauv to Regional Director, Strata Operations. In their new roles, Lee and Ngauv will oversee the performance and development of strata managers, ensuring continued service excellence for our communities. As supervisors, they will also serve as a point of contact for strata councils, strengthening the connection between clients and FirstService Residential. Lee first joined FirstService Residential in 2016 as an Administrative Assistant and quickly advanced through positions as Strata Manager and Senior Strata Manager. Ngauv joined the organization as a Strata Manager in 2014 and then moved into Community Development in 2018 and was promoted to Senior Strata Manager in 2020. "At FirstService Residential we are dedicated to the professional growth and development of our associates," said Chris Churchill , President at FirstService Residential. "The promotions of Edward and Nagry to Regional Directors are such great examples of this. In all the positions they've held throughout their time with the organization they've exemplified our core values, and I look forward to watching them succeed in their new roles." About FirstService Residential FirstService Residential is simplifying property management. Its hospitality-minded teams serve residential communities across Canada and the United States . The organization partners with strata councils, owners, and developers to enhance the value of every property and the life of every resident. Leveraging unique expertise and scale, FirstService serves its clients with proven solutions and a service-first philosophy. Residents can count on 24/7 customer care and tailored lifestyle programming, amenity activation, and technology for their community's specific needs. Market-leading programs with FirstService Financial and FirstService Energy deliver additional levels of support. Strata councils and developers select FirstService Residential to realize their vision and drive positive change in the communities in their trusted care. FirstService Residential is a subsidiary of FirstService Corporation (NASDAQ and TSX: FSV), a North American leader in providing essential property services to a wide range of residential and commercial clients.
