When purchasing a strata property (condo or townhouse), there are a few important things to keep in mind. Unlike a detached home, a strata property comes with shared ownership and responsibilities, which means additional rules, fees, and financial considerations. Here’s what you need to know:
1. Strata Bylaws & Rules
Each strata has its own set of bylaws and rules that govern how the property is managed. These may include:
Pet Restrictions – Some stratas limit the number, size, or type of pets.
Rental Restrictions – While recent laws allow rentals, some buildings may have short-term rental (Airbnb) bans.
Age Restrictions – Some stratas are 55+ buildings and restrict younger residents.
Renovation Rules – You may need strata approval for changes like flooring (condos)
2. Strata Fees & Special Levies
Strata fees are paid monthly and cover building maintenance, insurance, and amenities (e.g., gym, pool, landscaping). Fees vary based on building size, amenities, and age.
Special levies (extra payments) may be charged if major repairs are needed and the contingency reserve fund (CRF) doesn’t cover the cost.
3. Financial Health of the Strata
Before buying, it's crucial to review the strata’s financial statements to ensure it’s well-managed. With any offer we get accepted, part of our due diligence will be reviewing the last 2 years of documents. Key documents include:
Depreciation Report – A long-term financial plan for major repairs (roof, plumbing, elevators). This is not always available, it's not mandated.
Contingency Reserve Fund (CRF) – A savings account for future repairs—low reserves could mean higher fees or special levies.
Strata Meeting Minutes (Last 2 Years) – Insights into building issues, upcoming projects, and disputes.
Form B Information Certificate – Summarizes fees, insurance, and any outstanding strata debts.
More info: Government of BC Strata Documents
4. Insurance Requirements
Strata buildings have master insurance policies, but you need unit insurance for personal belongings, liability, and any strata deductible shortfalls.
Some stratas have high insurance deductibles, meaning you could be responsible for damages to your unit or others.
5. Parking, Storage & Common Property
Parking & Storage – Check if your spot is assigned, owned, or limited common property (it makes a big difference in rights!).
Shared Amenities – Gyms, pools, lounges, and guest suites may be available but have usage rules and maintenance costs.
6. Upcoming Major Repairs
Before buying, check if the strata has planned major repairs or renovations—this could mean higher fees or special levies soon after you move in.
If you're thinking about buying a strata property, let's talk! We can customize a strategy session based on your Real Estate goals.
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