Strata guide · Fraser Valley

Buying a strata home in BC, without the surprises.

Almost every condo and most townhouses our buyers look at in the Fraser Valley are strata properties. The building matters as much as the unit: the fees, the reserve fund, the depreciation report, the bylaws, the insurance. These pages explain how each piece works under BC law and what we look for in a strata package before a buyer commits.

Written and reviewed by Michael Goering, BC-licensed REALTOR® · Last full review: August 8, 2026

Why this matters in 2026

July 1, 2026 was the depreciation report deadline for the Fraser Valley. Strata corporations here (and in Metro Vancouver and the Capital Regional District) with five or more lots were required to obtain a current depreciation report by that date, on a five-year cycle they can no longer vote to skip. That means the building you're considering should now have a recent, professional report on its future repair costs, and you should read it before you write an offer. How to read a depreciation report →

The rules every BC strata buyer runs into

Strata ownership is governed by BC's Strata Property Act, and a handful of its rules shape almost every purchase. These are the ones we find ourselves explaining most often, each links to the guide that covers it properly.

Documents
Form B in 7 days, $35 max
The strata must deliver an Information Certificate within 7 days, for at most $35 plus copying. What it discloses →
Money
10% minimum to the reserve
Since November 2023, stratas must move at least 10% of the operating budget into the contingency reserve fund every year. How the CRF works →
Reports
Depreciation report every 5 years
Mandatory for stratas with five or more lots, prepared by designated professionals, no more deferral votes. The 2026 deadline →
Rules
Rental bans are gone, 55+ stays
Since November 24, 2022, stratas can't restrict long-term rentals. Age restrictions survive only at 55+. What bylaws still can do →
Insurance
You can owe the strata's deductible without being negligent
If a loss originates in your unit, the strata can recover its deductible from you, and deductibles on strata policies can reach six figures. Your own condo policy is what stands between you and that bill. The deductible problem →
Free strata document review

Found a condo or townhouse you like?

Let the FRIVE team request and review the strata package for you. We'll go through the Form B, depreciation reports, and council minutes, and let you know if we spot any red flags, like upcoming special levies or restrictive rules. Completely free, no obligation, no pressure.

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The guides

Start here

The strata documents to read before you buy

Form B, two years of minutes, the bylaws, the financials. What each document is, what it costs, and the red flags we look for.

Money

Strata fees: what they pay for, how to judge them

Operating fund vs. contingency reserve, unit entitlement, and why a low fee can be the most expensive thing about a building.

Money

Depreciation reports and the 2026 deadline

The five-year cycle, the July 2026 Fraser Valley deadline, who can write them, and how to actually read one as a buyer.

Money

The CRF and special levies

How the reserve fund works, the 10% minimum contribution, and who pays a special levy when a home changes hands.

Rules

Bylaws: rentals, pets, age, short-term rentals

What changed in November 2022, what stratas can still restrict, and how to check the bylaws before you fall for a floor plan.

Insurance

Strata insurance and the deductible problem

What the strata's policy covers, what yours must cover, and why a water leak from your dishwasher can cost you the deductible.

The order we read a strata package in

A full strata package can run to hundreds of pages, and buyers usually get about a week to review it inside their subject period. Nobody reads it cover to cover in that time. This is the order that finds the expensive problems fastest.

  1. First
    The Form B and its attachments. Fees, amounts owing, the CRF balance, court actions, parking and storage, and the insurance summary, all in one certificate the strata is legally bound by. The document guide →
  2. Second
    The depreciation report's next ten years. Skip to the funding model and the projects due soon. A roof due in year three with a thin reserve fund is a special levy taking shape. How to read one →
  3. Third
    Two years of minutes. Leaks, engineering studies, deferred quotes, angry AGMs. The minutes tell you what the listing photos won't.
  4. Fourth
    Bylaws and rules. Pets, short-term rentals, age restrictions, renovation approvals. Five minutes here prevents the worst kind of surprise, the one you only discover after you move in. What bylaws can still restrict →
  5. Fifth
    The insurance summary and deductibles. Note the water damage deductible specifically, then make sure your own policy quote covers it. The insurance guide →

Buying your first home? The strata review sits inside a larger process, our first-time buyer guide covers the money side: down payments, the stress test, and the programs that stack.

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