Recent reporting on a major governance failure at a Coquitlam strata — including allegations of a “rigged election,” inappropriate reimbursements, chronically underfunded repairs, deficits, and drained accounts — highlights a very real risk that most strata corporations never confront, yet one that underlies the entire financial framework of British Columbia’s strata system. Those risks are not hypothetical; they are real, they are costly, and they are preventable.
In British Columbia, more than 26,000 strata corporations collectively hold billions of dollars in operating funds, contingency reserves, and special levies in trust accounts — assets entrusted to volunteer councils and licensed managers and representing one of the largest pools of privately governed funds in the province. These sums and numbers dwarf even the largest of municipalities, with their vast bureaucracies and career politician electees.
This vast pool of funds represents not owner discretion but owner trust — and when systems of oversight break down, the opportunity for financial loss grows in exactly the ways we are now seeing in the media.
