Residential
Buying a condo or townhouse
With a condo or townhouse you buy your home and a share in a building. The strata documents tell you how well that building is run and what it may cost you later. Ask for minutes, bylaws, the depreciation report and a Form B.
Residential real estate
What buying a condo or townhouse involves
A plain explainer if you’re new to this.
- What it is
Owning a unit in a strata
You own your unit and share ownership of common areas with the other owners.
- How strata works
Bylaws, fees and the council
The strata corporation sets bylaws on things like rentals and pets, and owners pay monthly fees. See BC strata rules.
- Costs
Fees, reserve fund and levies
Fees cover upkeep and the contingency reserve fund. Big repairs can lead to special levies.
- What I check
The strata documents
I read the minutes, the depreciation report, the financials and the bylaws, and get a Form B.
What to read before you remove subjects
- Form B (Information Certificate): fees, the contingency reserve fund, any special levies and legal matters.
- Strata minutes, usually two years: repairs, complaints, leaks, insurance and planned projects.
- Depreciation report: the building’s big components, their condition and when they’ll need replacing.
- Bylaws and rules: pets, short-term rentals, renovations and parking.
- Insurance: the building’s deductibles, which can be large.
- Financial statements and budget.
The strata documents checklist goes through each one.
Warning signs
A small contingency reserve compared with the work ahead, repeated leaks, large insurance deductibles, a special levy being discussed, or pet bylaws that don’t suit you.
Presales and new buildings
Buying from a developer comes with a disclosure statement and its own rules, including a rescission period set by BC law. Read the disclosure statement with your lawyer, and check how your deposit is protected.
How I help
I read the strata documents with you, point out what matters and what to ask, and help you set the price with that in mind.
Questions people ask
What is a depreciation report?
A report on the building’s major components, their expected life and the cost to repair or replace them. It shows what may be coming.
What is a special levy?
A one-time charge to owners for a cost the reserve fund doesn’t cover. Check the minutes for any being discussed.
Can I rent out my condo?
Since 2022, BC strata corporations generally can’t ban long-term rentals. Short-term rentals are a separate matter, set by bylaws and local rules. Check before you buy.
What should I gather, ask and watch for?
Documents to gather
- Strata documents: minutes, bylaws, depreciation report, Form B
- Down payment proof
- ID for the FINTRAC check
- A list of needs and nice-to-haves
Questions to ask
- What are the strata fees and the contingency reserve fund? (strata)
- Any special levies coming?
- What did similar homes sell for recently?
- What does the inspection say?
Common mistakes
- Removing subjects before reading the strata documents
- Forgetting PTT and closing costs
- Waiving the inspection to win
- Stretching the budget to the maximum approval
Typical timeline
- Weeks 1 to 2Pre-approval and budget
- SearchWeeks to months
- SubjectsOften about 5 to 10 days
- CompletionOften 30 to 60 days
Typical ranges. Your lease, lender and the City set the real dates.
Go deeper
If you’re looking for more details
Strata red flags
- A small contingency reserve next to big work in the depreciation report
- Repeated leaks or envelope issues in the minutes
- A high insurance deductible
- A special levy being discussed
- Lawsuits listed on Form B
- Rental or pet bylaws that don’t suit you
Search
Not quite your situation? Search
Next step
Looking at a condo or townhouse?
Send me the listing. I can help you work out what to check.