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
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Depreciation Report: Check if one exists, when it was last updated, and whether recommendations have been followed.
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Financial Statements & Budget: Look for healthy contingency reserve funds and balanced budgets.
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Special Levies: Review past and upcoming levies—frequent or large ones may indicate poor planning or upcoming costly repairs.
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Insurance Certificate: Confirm adequate coverage, especially for water damage, earthquakes, and deductibles.
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Minutes of Meetings (AGMs & SGMs): Identify recurring complaints, unresolved issues, or discussions about major repairs.
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Bylaws & Rules: Watch for restrictions on pets, rentals, short-term rentals (Airbnb), smoking, or renovations that may affect your lifestyle.
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Engineering or Building Reports: Look for references to water ingress, envelope issues, plumbing, roof, elevator, or structural concerns.
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Litigation: Check if the strata is involved in lawsuits—this can lead to costly outcomes for owners.
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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
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