Condos and townhouses
Know the building before you buy the unit.
When you buy a condo or townhouse in BC you buy into a strata corporation. Its documents tell you about fees, upcoming repairs, rules and disputes. Elena reviews them with you before your conditions come off.
What are strata documents?
Strata documents are the records of the strata corporation that owns the common parts of the building. Before you remove your conditions you should read at least two years of meeting minutes, the bylaws and rules, the financial statements and budget, the depreciation report, the Form B information certificate and the insurance summary.
What do I look for in the documents?
Minutes
Repeated complaints about leaks, noise, elevators or security; building projects being discussed; owners' concerns about management.
Depreciation report
Which big items (roof, plumbing, envelope, elevators) are due and when, and whether the strata is saving enough for them.
Financials and levies
The size of the contingency reserve fund, any special levies already approved or being discussed, and how the budget has changed.
Bylaws and rules
Pets, rentals, age limits, renovations, parking and storage. Make sure the way you plan to live there is allowed.
Form B
The unit's monthly fee, any amounts owing, parking and storage assignments, and whether the strata plans to issue a levy.
Insurance
The building's coverage and deductibles, which affect what you need in your own condo insurance.
What do strata fees cover?
Strata fees pay for shared costs such as building insurance, maintenance, utilities for common areas, management and contributions to the contingency reserve fund. They do not usually cover your own unit's insurance, contents or property tax. Fees vary with the building's age, amenities and how well it has been maintained.
New construction or presale?
A presale is a contract to buy a unit before the building is finished. Prices, deposits, completion timing and GST work differently from resale. Elena reviews the disclosure statement with you and explains the deposit schedule and what can change before completion.
Questions people ask
What is a special levy?
A one-time charge to each owner for a major cost the contingency fund cannot cover, such as a new roof or envelope repair. Levies are approved by owners at a general meeting, so recent minutes show whether one is coming.
Can a strata ban pets or rentals?
Bylaws can restrict pets. Since late 2022, BC strata corporations generally cannot restrict long-term rentals, though age-restricted (55+) buildings and short-term rental limits still exist. Elena checks the current bylaws for any building you are considering.
How long do I get to read strata documents?
It is set in your offer. A common condition gives you several business days after receiving the full package. Elena asks for the documents as early as possible so you have time.
Is a low strata fee a good sign?
Not necessarily. Very low fees can mean the building is not saving enough for future repairs, which leads to special levies later. The depreciation report and reserve fund tell the real story.
Looking at a condo right now?
Send the address. Elena will tell you what to ask for first.