Finding the right strata property for you
If you plan to buy a strata property, it’s important you work closely with a REALTOR®.
REALTORS® help clients thoroughly investigate a strata property before making a buying decision. REALTORS® have access to the resources and information strata property buyers need to assess potential problems in strata buildings.
Review strata council minutes
Obtain copies of strata council minutes for the past year or more, along with:
- financial statements
- annual general meeting or special meeting minutes
- depreciation report
- any engineering reports that may have been completed.
Look for past problems, previous repairs, special assessments, legal cases and upcoming expenditures.
Also look for bylaws including rental, pets, and smoking or any other significant restrictions or local rules.
Ensure a maintenance program is in place
Check contingency fund
Under the Strata Property Act and regulations, a portion of strata owners’ monthly maintenance fees must go into a contingency reserve fund to pay for extraordinary repairs, such as a new roof or repairs to leaks. Currently, the minimum is 25 per cent of the strata's operating fund.
It’s important to determine whether the building has a substantial contingency fund to cover any upcoming expenses.
Check deprecation report
BC's Strata Property Act requires that stratas with five or more strata lots (units) must have a depreciation report.
However, strata corporations may waive the legal requirement to have a depreciation report, or defer updating one, by passing an annual three-quarter vote.