What is a strata?
- In strata housing (apartment-style condos are the most common), people own their individual living spaces and together own the common property as a strata corporation.
- As co-owners of the common property, strata owners also pay for shared expenses such as upkeep of a swimming pool, yard maintenance or snow removal.
- In a freehold development, people own their individual living spaces, or their strata lots.
- In a leasehold development, a landlord owns the strata lot and occupants act like long-term tenants. They’re registered on title, and are treated as owners under strata property law, which means they pay strata fees.
Know these things about stratas before you buy
- Request that the strata corporation provide an Information Certificate, called “Form B.” This must be provided to you within a week of the request.
- Form B must also have the following attachments:
- Strata rules
- Current budget
- Rental Disclosure Statement (if one was filed)
- most recent depreciation report
- Review the monthly strata fees and compare them to other developments. Watch for user fees such as parking or insurance deductibles.
- It’s always a good idea to review related documents with a legal professional, especially those for leasehold developments.
- Don’t forget about insurance! Even though the strata corporation will have coverage, it doesn’t extend to you or your personal effects.
Resources – Vancouver Island Strata Owners Association (visoa.bc.ca)