Buying & Selling Stratas/Condos

If you’re looking at buying or selling in a strata corporation (BC), there are details involved in the process that is different from a regular single-family home purchase or sale. I’ve worked as an active property manager for 16 years and a strata manager for 8 years. As part of this work, I have managed over 200 rentals and 22 strata corporations. It seems I have become a bit of an unofficial “local expert” in this field of real estate and am often asked for advice and guidance in these types of real estate sales or purchases!

What is a Strata?

Properties covered by the BC Strata Property Act include condos, duplexes, townhouses, and other types of residential and sometimes commercial developments. Living in a strata development means that while you purchase your property as an individual, all owners within the strata development own common property as a strata corporation. The strata corporation acts as a single unit to determine budgets, develop bylaws, conduct meetings and decision making in cooperation with all owners.

Condo Real Estate: Things to Consider

Because I have extensive knowledge of the concept of strata living, I can confidently guide clients through all critical and relevant strata documents that will need to be reviewed during a sale or purchase of condo real estate. I can speak easily about technical procedures and processes and will break down the details in easy-to-understand language.

Strata documents and information to be aware of include:

• strata rules
• how strata insurance works
• strata fees and what they cover
• budgets
• financial statements
• council minutes
• strata bylaws
• depreciation report
• Form K
• Form B

Real Estate Investing in Strata/Condos

I work with real estate investors seasoned in condo/strata rentals as well as homeowners looking to invest in a property that falls under the BC Strata Property Act. If you are looking to invest, let me know. I’ll help guide you through the process to build your investment portfolio.