BUYING A STRATA PROPERTY

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A strata property is a home that shares ownership of common areas with other owners. This includes most:

• Condominiums
• Townhomes
• Apartment-style homes

As an owner, you'll own your individual unit while sharing responsibility for common property such as hallways, roofs, elevators, landscaping, amenities, and building maintenance.

Every strata owner pays monthly strata fees.

These fees help cover expenses such as:

• Building insurance
• Landscaping
• Exterior maintenance
• Snow removal
• Garbage collection
• Building amenities
• Reserve fund contributions
• Property management

A lower strata fee isn't always better. What's important is understanding what's included and whether the strata is financially healthy.

One of the most important parts of buying a strata property is reviewing the documents.

I'll help you understand:

• Meeting minutes
• Annual General Meeting (AGM) minutes
• Financial statements
• Depreciation reports
• Engineering reports
• Bylaws
• Rules and regulations
• Contingency Reserve Fund (CRF)

These documents often reveal upcoming projects, maintenance concerns, or special assessments before you buy.

Occasionally, a strata may require owners to contribute additional funds for major repairs that aren't fully covered by the reserve fund.

Examples include:

• Roof replacement
• Building envelope repairs
• Elevator modernization
• Parkade repairs

I'll help you identify any potential concerns before moving forward with your purchase.

When buying a strata property, it's important to know:

• Are rentals allowed?
• Are pets permitted?
• Are there age restrictions?
• Are short-term rentals allowed?
• Are there upcoming special assessments?
• Is the building professionally managed?
• How healthy is the contingency reserve fund?
• Have there been recent insurance claims?

These are questions I help every buyer answer before making a decision.

Buying a beautiful home is important—but buying into a well-managed strata is just as important.

A healthy strata can help protect your investment, reduce unexpected expenses, and provide peace of mind for years to come.

That's why I spend time reviewing documents with my clients so they understand the full picture before removing subjects.