Martello Property Services Inc. was founded in 1988. Martello has operated under the trade styles of CB Richard Ellis and JJ Barnicke Management. Martello specializes in property management in Vancouver and Alberta and has been operating under its original trade style since 2007.
Martello is a standalone fee management company that provides services to the retail, commercial, industrial, residential rental and strata management markets. We also provide an asset management service to oversee portfolios of properties for clients who wish to hand off the financial decision making to experienced professionals working for Martello.
Martello has offices located in Vancouver, Edmonton and Calgary. We manage more than 6 million square feet of a variety of properties throughout Western Canada. Our staff includes portfolio managers, strata managers, technical service advisors, operations managers, administrators and accountants.
Accounting is managed by a Chartered Accountant out of our Vancouver office. We operate on a relational database software known in the industry as MRI. This software allows us to prepare detailed management reports to meet the requirements of the owners.
Our portfolio includes all types of real estate from strip shopping centres to regional shopping centres, small office buildings and large downtown complexes, industrial portfolios, residential rental buildings and many strata residential buildings. We can also professionally manage commercial strata buildings.
Our clients include individual investors, syndicators, strata corporations and institutional owners. The Company is active in the Building Owners and Managers Association and is a member of CHOA, ICSC, NAIOP and the Real Estate Institute of British Columbia. All our managers are licensed under the Real Estate Act and maintain and update their licenses annually.
Effective July 2014, section 6.11 of the Strata Property Regulation is amended to allow strata corporations to invest in a range of high quality investments, such as certain bonds and fixed income exchange traded funds. The amendment also eliminates riskier investments (such as individual stocks, preferred shares, foreign bonds, mortgages and mortgage backed securities).
The changes, which are intended to simplify and modernize the provisions governing investments for money held in contingency reserve funds and collected on special levies, came in response to feedback from strata councils and investment experts. Strata councils will soon be managing over a billion dollars in contingency reserve funds. The amendments to the Regulation are a recognition of the importance of saving for future repairs through these funds and the desirability of maximizing the return on investment subject to appropriate constraints on risk and liquidity.
The majority of investments currently used by strata corporations will qualify under the new regulation, and any non-qualifying investments are grandfathered until they mature or are sold. Two existing sections of the Regulation (6.12 and 17.5) that grandfathered earlier investments (those predating the existing regulation) are now unnecessary and have been repealed.
Detailed information is available in the Order in Council, and an overview of the changes is available online at the Office of Housing and Construction Standards.