Strata 101: What Condo Buyers Need to Know in BC

Buying a strata property (condo or townhouse) in BC comes with a layer of complexity that detached home buyers don't face. The strata corporation runs the building, collects monthly fees, and makes decisions affecting your property. Understanding how it works protects your investment.

The Form B Information Certificate is the most important document you'll request before removing subjects. It shows the current strata fees, any outstanding levies against the unit, the total contingency reserve fund (CRF) balance, and any active or pending lawsuits involving the strata. A thin CRF relative to the building's age is a red flag.

Strata minutes from the last 2 years reveal a lot: deferred maintenance, owner disputes, and discussions about upcoming capital expenditures. Look for mentions of the roof, envelope, elevators, and parkade — these are expensive items. If the minutes mention a depreciation report recommending $3M in work over 10 years and the CRF only has $400k, expect a special levy.

Special levies are one-time charges assessed against each unit to cover major expenses not covered by the CRF. They can range from a few hundred dollars (minor repairs) to tens of thousands (building envelope replacement). Always check if any levies are pending or contemplated.

Monthly strata fees vary widely — from $200/month for a small newer building to $1,000+/month for older high-rises with amenities (pool, gym, concierge). High fees aren't necessarily bad if the CRF is healthy and the building is well-maintained. Factor fees into your affordability calculation when comparing properties.