What to Look for in Strata Documents

Reviewing strata documents carefully is one of the most important steps in securing your new home

Introduction

Buying a condo in Vancouver or anywhere in BC often means becoming part of a strata. While strata living comes with shared costs and community benefits, it also carries potential risks if the building isn’t well-managed. Reviewing strata documents carefully is one of the most important steps in your due diligence as a buyer. These documents reveal the financial health of the strata, upcoming expenses, and bylaws that may affect your lifestyle.

To help you make an informed decision, here’s a breakdown of what to look for in strata documents before you buy in Vancouver.

What to Pay Attention to in Strata Documents

• Depreciation Report: Check if one exists, when it was last updated, and whether recommendations have been followed.

• Financial Statements & Budget: Look for healthy contingency reserve funds and balanced budgets.

• Special Levies: Review past and upcoming levies—frequent or large ones may indicate poor planning or upcoming costly repairs.

• Insurance Certificate: Confirm adequate coverage, especially for water damage, earthquakes, and deductibles.

• Minutes of Meetings (AGMs & SGMs): Identify recurring complaints, unresolved issues, or discussions about major repairs.

• Bylaws & Rules: Watch for restrictions on pets, rentals, short-term rentals (Airbnb), smoking, or renovations that may affect your lifestyle.

• Engineering or Building Reports: Look for references to water ingress, envelope issues, plumbing, roof, elevator, or structural concerns.

• Litigation: Check if the strata is involved in lawsuits—this can lead to costly outcomes for owners.

• Owner Delinquencies: High arrears may signal poor financial health of the strata.

Final Thoughts

Reviewing strata documents may feel overwhelming, but this step is essential to avoid buying into a building with hidden issues. Always consult with your Realtor and, when needed, a strata document review professional to ensure you fully understand the risks. A bit of extra due diligence upfront ensures peace of mind and a smooth ownership experience.

Take the Next Step

Don’t wait until competition heats up. Call or text 778-877-8807 to start your home search today and make the most of the current market momentum.

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