Strata Tip of the Week - John Cooper

Real Estate Education:

Strata Tip of the Week - Are These Strata Fees High?

A common question we hear from buyers is: “Are these strata fees high?” At first glance, it might seem like a straightforward question, but the answer isn’t always simple. Whether strata fees are “high” depends on what they include and what you’re comparing them to. If you
Strata Tip of the Week - What is the Strata Corporation Required to Insure?

All strata corporations in BC, regardless of size, must obtain property and liability insurance, including bare land strata corporations and strata-titled duplexes. 1. Property Insurance A. The strata corporation’s property insurance must be for: Common property Comm
Strata Tip of the Week - Should I Buy This Condo?

One of the most common questions buyers ask us when getting a strata documents review is, "Should I buy this condo?", or some variation of it. It is a fair question, but the answer is not as straightforward as many hope. There is no such thing as a condo that is objectiv
Strata Tip of the Week - Strata Leaks: What Buyers Should Watch For

Purchasing a unit in a strata corporation with a history of leaks and water-related issues can carry cartain risks. However, leaks are among the most common problem in strata developments, so it’s important to evaluate not just the number of leaks reported, but also their
Strata Tip of the Week - The Risk of Liability When Relying on AI for Strata Document Reviews

In 2023, the BC Financial Services Authority (BCFSA) published an article titled “What You Should Know When Using Artificial Intelligence”, highlighting the growing role of AI in real estate and the risks professionals should be aware of. As AI technology becomes more integra
Strata Tip of the Week - The Importance of Obtaining and Reviewing Professional Reports

If you use our Strata Documents Checklist, you’ll know that we always recommend obtaining and reviewing copies of any professional or engineering reports the strata has on file. So, what are these reports, and why is it important to review them? 1. What Are Professional
Strata Tip of the Week - How Proactive Stratas Make the Most of their New Home Warranties

If you’ve read our previous blog titled New Home Warranties in Strata Corporations, you’ll know that in British Columbia, newly built homes (including strata-titled properties) or significantly reconstructed buildings must be covered by third-party new home warranty insu
Strata Tip of the Week - Not All Depreciation Reports Are Created Equal

When buying a strata-titled property, reviewing the depreciation report isn’t just a good idea, it’s essential. This document provides critical insights into the condition of the strata corporation's common property and assets, as well as projected maintenance, repair, and
Strata Tip of the Week - Reviewing Special Levies for Compliance

When purchasing a strata-titled property, ensuring that special levy resolutions meet legal requirements is critical to protecting buyers from unexpected financial risks. The Strata Property Act (SPA) outlines specific requirements for how strata corporations must: Notif
Strata Tip of the Week - Don’t Forget About Holiday Bylaws

While heavily disputed at the North Pole, yet fully endorsed by the Grinch, holiday bylaws exist in many strata corporations. All kidding aside, it’s worthwhile reminding folks that some strata corporations may have bylaws restricting what residents can or cannot do for th
Strata Tip of the Week - The Strata’s Insurance Policy is About to Expire

When evaluating a strata corporation, it's important to make sure the documents you receive are up to date. As always, you can refer to our Strata Documents Checklist for a comprehensive list of documents we recommend you obtain and review when purchasing a strata-titled p
Strata Tip of the Week - What to Look Out for When It Comes to Special Levies

When purchasing a strata-titled property, it’s essential to consider potential costs beyond the purchase price. These additional expenses can significantly impact the affordability of the property for buyers. One key consideration is special levies, which can sometimes ari
Strata Tip of the Week - Why It’s Important to Obtain a Current Version of the Form B: Information Certificate

1. Obtain a Current Version of the Form B As per the Strata Property Act, buyers are entitled to receive a current and complete Form B: Information Certificate. This document, issued by the strata corporation or the strata manager on behalf of the corporation, includes:
Strata Tip of the Week - What’s “A Lot” When it Comes to Future Special Levies?

When buying any type of real estate, considering future costs beyond the purchase price is essential. For strata-titled properties, special levies can be one of the most significant additional expenses. But what is considered "a lot" when it comes to future special levie
Strata Tip of the Week - The Minimum Amount of Strata Council Meetings

1. Are strata corporations required to hold strata council meetings? In British Columbia, the Strata Property Act (SPA) does not explicitly state the amount of meetings that a strata council must hold. In other words, the SPA does not require strata corporations to hold a
Strata Tip of the Week - The Difference Between Regular and Bare Land Stratas

In British Columbia, land can be subdivided in various ways. When it comes to strata-titled properties, one of the primary distinctions lies between regular strata corporations and bare land strata corporations. Understanding the nuances between the two types of stratas is crucial when
Strata Tip of the Week - Maximum Strata Fee Increases

1. Is there a maximum by which strata fees can increase from year to year? In British Columbia, the maximum amount that strata fees can be increased is not explicitly regulated by the Strata Property Act (SPA). In other words, the SPA does not set a limit on the percentage or amount by which str
Strata Tip of the Week - Smoking Restrictions in Strata Corporations

Smoking restrictions have been implemented in many different areas of our society, and strata corporations are no exception. More and more stratas are adopting smoking restriction bylaws or rules, and here’s how they’re doing it. 1. Common Property - The most basic restriction is a ban
Strata Tip of the Week - Referring Clients to Third-Party Service Providers

In a recent article by the BC Real Estate Association, titled Due Diligence with Third-Party Referrals, lawyer Jude Chow highlights the importance of exercising caution when making third-party referrals. Here are some key takeaways from the article, along with our insights into how thes
Strata Tip of the Week - The Difference Between Deprecation Reports and Building Envelope Condition Assessment (BECA) Reports

While both Depreciation Reports (also known as Reserve Fund Studies) and Building Envelope Condition Assessment Reports (often abbreviated as “BECA”) can provide valuable information when evaluating a strata corporation, the primary differences between the two lie in their focus and sco
Strata Tip of the Week - The Importance of Ordering a Copy of the General Index

When purchasing a unit in a strata corporation, having access to all the strata documents is crucial. Missing or incomplete documents can lead to misunderstandings about the property or unexpected headaches down the road. The biggest issue we’ve encountered since starting Condo Clear
Strata Tip of the Week - The Difference Between Bylaws and Rules

If you’ve seen our Strata Documents Checklist — a list of essential documents we recommend you obtain and review when assisting consumers looking to purchase a strata-titled property — you’ll know that we always advise reviewing both the bylaws and the rules of the strata corporation.
Strata Tip of the Week - Alterations Made Within A Strata Lot

When assisting consumers purchasing a strata lot, it's crucial to review any alterations made to the unit. Ensuring that proper processes were followed and all necessary approvals were obtained can save buyers from future headaches. Here are a few key questions to ask regarding altera
Strata Tip of the Week - The Strata's Insurance Policy

The strata insurance market in BC has been difficult to say the least. Many strata corporations have seen premium increases from 20% to 50%, with some high value/high risk stratas seeing increases in the 200% to 400% range. While the narrative around this problem has focused predomina
Strata Tip of the Week - Components Omitted from the Depreciation Report

1. Understanding the Depreciation Report: A depreciation report provides important insights for buyers looking to purchase a unit in a strata corporation. It not only speaks about the current condition of physical components (as long as the report is recent), but also the financial st
Strata Tip of the Week - Double Check the Parking and Storage Information

Parking and storage are often important components of strata living. It’s therefore essential to have an accurate understanding of the rights associated with any parking and storage when assisting consumers purchasing strata-titled properties. If you’ve read our previous email titled
Strata Tip of the Week - New Home Warranties in Strata Corporations

In British Columbia, the Homeowner Protection Act mandates that all newly built homes, (including strata-titled properties) or significantly reconstructed buildings must be covered by third-party new home warranty insurance. This is commonly referred to as the “2-5-10 New Home Warranty”

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