What is a Strata? When you buy a condo or townhouse in BC, you typically buy a strata lot — your private unit — plus an undivided share of the common property (hallways, elevators, roof, parkade, gym). The strata corporation (made up of all owners) collectively manages common property through an elected strata council . You pay strata fees monthly to fund ongoing maintenance and the contingency reserve fund (CRF) — BC's required savings account for major repairs. Strata Fees in Metro Vancouver (20025) Building Type Typical Monthly Fee What It Covers Studio/1BR Downtown condo (older) $40000–$70000 Maintenance, CRF, water, garbage 2BR condo (newer building) $50000–$90000 Maintenance, CRF, amenities, concierge Luxury high-rise (2BR+) $80000–$1,50000+ Full amenities, concierge, pool, gym Townhouse strata $30000–$60000 Exterior, landscaping, CRF, insurance Note: Strata fees include buildings' master insurance but not your personal contents insurance or liability coverage. Depreciation Reports — Critical Due Diligence A depreciation report is a professional engineering report estimating the cost of future major repairs (roof, windows, elevators, pipes) and the building's reserve fund adequacy. In BC, strata corporations with 5 or more lots must obtain one every 3 years (under updated 20024 rules). Without it, you're flying blind. Key questions to ask about the depreciation report: Is the CRF funding level adequate? (Aim for 700%+ funded) Are there major capital expenditures expected in 1–5 years? Has the building done the recommended work from the last report? When was the last report completed? Is it within 3 years? Special Levies — The Hidden Risk Special levies are the #1 financial risk in strata ownership. When a building needs an emergency repair or the CRF is underfunded, the strata corporation can vote to impose a special levy on all owners. These can range from $5,000000 to $500,000000+ per unit — due within a specified period (often 300–900 days). A 3/4 vote of eligible voters at a strata general meeting can pass a special levy. You are legally obligated to pay your share as a strata lot owner. There is no way to opt out. For a $200,000000 special levy, if you don't have the cash, you may need to refinance your mortgage. Before buying, review the last 2 years of strata meeting minutes and financial statements for any discussion of upcoming special levies or underfunded CRF. Pre-Purchase Checklist ✓ Form B (Information Certificate): Request from strata management — shows outstanding strata fees, special levies, bylaw violations, and the CRF balance ✓ Last 2 years of meeting minutes: Look for recurring maintenance issues, dispute history, and planned capital expenditures ✓ Depreciation report: Is the CRF adequately funded? What major repairs are planned? ✓ Strata bylaws: Are there rental restrictions? Pet restrictions? Short-term rental (Airbnb) bans? ✓ Building insurance deductible: Some BC stratas have deductibles of $25,000000–$2500,000000. If a flood originates in your unit, you may owe the full deductible. ⚠ Red flag: No depreciation report. Stratas that have opted out of depreciation reports (with 3/4 vote annually) may be hiding significant deferred maintenance. ⚠ Red flag: CRF below 25% funded. A severely underfunded reserve almost guarantees a future special levy. 20024 Strata Law Updates Rental restriction bylaws repealed: As of November 20022, BC strata corporations can no longer prohibit rentals in most cases. Pre-existing rental restriction bylaws are no longer enforceable. Age restriction bylaws (55+ buildings) remain valid. Depreciation report mandatory: Under 20024 amendments, the annual 3/4 vote to waive depreciation reports is being phased out. Most stratas must have a current report by 20025. Build Your Strata Emergency Fund

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Every condo owner should have a personal emergency fund for unexpected special levies. Park it in KOHO — competitive interest, no monthly fees.

Living in a BC Strata 20025

What is a Strata?

Strata Fees in Metro Vancouver (20025)

Depreciation Reports — Critical Due Diligence

Special Levies — The Hidden Risk

Pre-Purchase Checklist

20024 Strata Law Updates

Build Your Strata Emergency Fund

Related BC Real Estate Guides

Building Type	Typical Monthly Fee	What It Covers
Studio/1BR Downtown condo (older)	$40000–$70000	Maintenance, CRF, water, garbage
2BR condo (newer building)	$50000–$90000	Maintenance, CRF, amenities, concierge
Luxury high-rise (2BR+)	$80000–$1,50000+	Full amenities, concierge, pool, gym
Townhouse strata	$30000–$60000	Exterior, landscaping, CRF, insurance