Buying a condo or townhouse in British Columbia means purchasing both a home and an interest in a strata corporation. The condition inside the unit matters, but so do the strata’s finances, insurance, bylaws, maintenance plans, legal issues, and history of major repairs.

A careful strata-document review can reveal risks that are not visible during a showing or standard home inspection. Buyers should receive and review the relevant documents before removing their strata-document condition.

Why Strata Documents Matter

Strata documents help a buyer understand how the property is operated and what ownership may cost beyond the mortgage. They may disclose:

• Upcoming repairs or special levies

• Past or active water leaks and building-envelope concerns

• Insurance deductibles and claims

• Low contingency-reserve funding

• Legal proceedings or disputes

• Pet, smoking, parking, renovation, age, and short-term accommodation rules

• Problems affecting the specific strata lot

No single document tells the entire story. Buyers need to consider the documents together and follow up when information is missing, inconsistent, or outdated.

1. Form B Information Certificate

The Form B is one of the most important documents in a BC strata purchase. It provides a snapshot of information about both the strata corporation and the specific strata lot.

Depending on the circumstances, it may include information such as:

• Monthly strata fees

• Amounts the current owner owes the strata

• Approved special levies and the strata lot’s share

• Parking stalls and storage lockers allocated to the unit

• Agreements affecting the strata lot

• Notices or work orders affecting the unit

• Whether the strata corporation is involved in court, arbitration, tribunal, or other proceedings

• The number of strata lots rented and other prescribed information

The strata corporation’s current budget, rules, and most recent depreciation report—if obtained—must be attached, along with other required attachments.

A Form B can become outdated when circumstances change. A form prepared before a recent annual general meeting, special levy, lawsuit, fee increase, or bylaw change may no longer provide a complete current picture even if it is only a few weeks old.

Learn about the Form B from the Province of BC

2. Strata Council, AGM, and SGM Minutes

Meeting minutes often provide the clearest account of ongoing issues. Buyers commonly review at least two years of available strata-council, annual-general-meeting, and special-general-meeting minutes, and sometimes a longer period when the building’s history warrants it.

Look for repeated discussion of:

• Roof, plumbing, drainage, elevator, parkade, balcony, window, or building-envelope repairs

• Water leaks, mould, pests, fires, or security incidents

• Insurance claims and rising deductibles

• Engineering reports and competing repair proposals

• Owners disputing responsibility for repairs

• Special levies, fee increases, or borrowing proposals

• Legal disputes or Civil Resolution Tribunal matters

• Bylaw changes and enforcement concerns

A problem mentioned once may be routine. The same issue appearing repeatedly without a clear resolution deserves closer investigation.

3. Current Budget and Financial Statements

The operating budget shows expected annual income and routine expenses. Compare the budget with recent financial statements to see whether actual spending is consistent with the plan.

Review:

• Current monthly strata fees

• Operating surpluses or deficits

• Contingency Reserve Fund balance

• Large receivables or unpaid strata fees

• Insurance, utilities, management, and repair costs

• Whether contributions appear reasonable for the property’s age and upcoming work

Low strata fees are not automatically a benefit. Fees that are too low may mean maintenance is being deferred or that future owners could face increases and special levies.

4. Depreciation Report

A depreciation report is a long-term planning tool. It identifies common-property components, estimates their remaining service lives and replacement costs, and presents funding models for future repair and renewal.

Buyers should review:

• The report’s date and professional author

• Major projects expected in the next five, 10, and 30 years

• Estimated costs and inflation assumptions

• Recommended Contingency Reserve Fund contributions

• Whether the strata is following the funding plan

• Projects completed or delayed since the report

A depreciation report is not a guarantee and does not replace an engineering investigation. If the report is old, missing, or inconsistent with meeting minutes, ask why and obtain professional advice.

Review BC depreciation-report requirements

5. Strata Bylaws and Rules

Bylaws and rules affect how owners and occupants can use the property. Read the complete current set rather than relying on listing remarks or verbal assurances.

Important topics include:

• Pet number, size, and breed restrictions

• Smoking and vaping

• Renovation approval and flooring requirements

• Move-in procedures and fees

• Parking, visitor parking, and electric-vehicle charging

• Storage and use of balconies or patios

• Noise and quiet hours

• 55-and-over age bylaws where applicable

• Short-term accommodation and occupancy restrictions

Confirm that your intended use is permitted before removing conditions. If you plan renovations, do not assume the strata will approve them simply because another unit completed similar work.

6. Strata Insurance

The strata corporation insures common property and certain original fixtures, but owners still need their own condominium or townhouse insurance.

Review the current insurance summary or cover note for:

• Policy limits and expiry date

• Water-damage, earthquake, sewer-backup, and other deductibles

• Coverage exclusions

• Recent claims mentioned in the minutes

• Whether the replacement-cost valuation appears current

An owner may be responsible for a strata insurance deductible in some circumstances. Buyers should provide the strata insurance documents and bylaws to their insurance professional before subject removal and obtain confirmation that suitable personal coverage is available.

7. Special Levies

A special levy is an amount approved by owners for a particular expense outside the ordinary operating budget. The resolution should state the purpose, total amount, each strata lot’s share, payment schedule, and use of any surplus.

Buyers should determine:

• Whether a levy has been approved

• Whether all instalments have been paid

• Who is responsible under the purchase contract for payments due before and after completion

• Whether minutes or reports suggest another levy may be proposed

The Form B may disclose approved levies, but proposed or developing expenses may appear only in minutes, reports, correspondence, or meeting notices.

8. Engineering and Building Reports

Review available engineering, building-envelope, roofing, plumbing, elevator, electrical, parkade, and environmental reports. These can be more detailed and more current than the depreciation report.

Pay attention to the scope of recommended work, urgency, cost estimates, warranties, tender results, and whether the strata adopted or deferred the recommendations. For significant concerns, buyers may need advice from an engineer, contractor, lawyer, or other qualified professional.

9. Strata Plan, Parking, and Storage

The registered strata plan shows strata-lot boundaries and designations of common property and limited common property. Parking and storage may be:

• Part of the strata lot

• Limited common property

• Common property assigned by a rule or resolution

• Used under a lease, licence, or other agreement

Confirm the stall and locker numbers, the legal basis for their use, and whether the information matches the Form B, strata plan, listing, and what you observed at the property. Do not rely only on a number painted on a parking stall.

10. Form F Certificate of Payment

The Form F confirms whether money is owing to the strata corporation that could prevent transfer of the strata lot. It is normally obtained for completion by the seller’s lawyer or notary. It does not replace the buyer’s earlier review of the Form B, financial information, levies, and other strata documents.

Red Flags That Deserve Further Investigation

• Missing or outdated financial and maintenance records

• Repeated leaks or unresolved building-envelope concerns

• Large upcoming projects with no clear funding plan

• Very low reserve funds for an aging complex

• Frequent insurance claims or unusually high deductibles

• Significant arrears, deficits, litigation, or owner conflict

• Major work repeatedly postponed

• Unclear parking, storage, alteration, or limited-common-property rights

• Minutes that refer to reports not included in the document package

A red flag does not always mean a buyer should walk away, but it may affect price, financing, insurance, timing, or the need for specialist and legal advice.

Strata-Document Review Checklist

• Obtain a current Form B with all attachments

• Review council, AGM, and SGM minutes

• Read the current budget and recent financial statements

• Review the depreciation report and engineering reports

• Check bylaws and rules against your intended use

• Review insurance coverage, deductibles, and claims

• Confirm approved and proposed special levies

• Verify parking and storage designations

• Ask for missing documents and explanations in writing

• Obtain legal, engineering, insurance, or accounting advice when needed

• Do not remove the strata-document condition until satisfied

Buying a Strata Home in South Surrey, White Rock, or Langley?

I help buyers organize and review strata-document packages, identify questions, compare complexes, and coordinate with legal, inspection, insurance, and mortgage professionals. If you are buying a condo or townhouse in South Surrey, White Rock, Langley, Cloverdale, Surrey, or elsewhere in the Lower Mainland, I would be happy to guide you through the process.

Ilona Crane, REALTOR®
Royal LePage Wolstencroft Realty
Cell: 604-377-9209
Email: soldbyilona@gmail.com
Website: soldbyilona.com

This article provides general information only and is not legal, engineering, insurance, accounting, or strata-management advice. Strata records and legal requirements change, and every property is different. Buyers should obtain advice from qualified professionals before making contractual decisions or removing conditions.