Finances

December 19, 2023 Published by British Columbia Chapter - By Sean Ingraham

What to Budget in 2024: A Recap From Our Recent Budget Planning Webinar

From CCI BC Strata Connection Magazine, Volume 01, Fall 2023

It’s no surprise that inflation has had an impact on strata corporation’s costs. At CCI BC's recent Budget Planning Webinar, my co-speaker, Isadorah Goh, walked through best practices for Strata Council members in creating an annual proposed budget.

As part of the presentation, we also presented anticipated increases to cost from over 40 trusted trades and vendors, many CCI BC members, for the main expense line items of a typical Strata Corporation. To the right, we have summarized some of the main categories.

Here are some highlights:

Utilities will have a moderate increase, while labour-based services will see bigger increases. Insurance saw the biggest increase which was due to the cost of construction increasing significantly and insurers also increasing rates due to higher losses.

For the full video, and for more explanations on what the increases are attributed to, apply for CCI BC membership to gain access to our archive of webinar recordings. 

Sean Ingraham
Senior Vice President, Managing Broker, FirstService Residential

Sean has over a decade of experience in property management. He is a frequent public speaker on all things property management and is an advocate for advancing education on living in and operating multi-family properties.