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
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.
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.
The guides
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 warning signs we look for.
Strata fees: what they pay for, how to judge them
Operating fund vs. contingency reserve, unit entitlement, and why a low fee can lead to a large special levy later.
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.
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.
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 make an offer.
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.
- FirstThe 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 →
- SecondThe 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 often leads to a special levy. How to read one →
- ThirdTwo years of minutes. Leaks, engineering studies, deferred quotes, angry AGMs. The minutes tell you what the listing photos won't.
- FourthBylaws 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 →
- FifthThe 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.
BC strata questions buyers ask us
What is a strata in BC?
A strata is BC's form of shared property ownership. You own your individual strata lot (the condo or townhouse itself) and share ownership of common property such as the roof, hallways, elevators, and grounds with every other owner in the complex. The strata corporation, made up of all owners, maintains the shared parts, and every owner pays monthly strata fees to fund that work. Almost every condo and most townhouses in the Fraser Valley are strata properties.
Before buying a BC strata condo or townhouse, review at minimum the Form B Information Certificate (which must attach the rules, current budget, and the most recent depreciation report), two years of strata council and general meeting minutes, the bylaws, the depreciation report, the financial statements, and the insurance summary. The strata corporation must provide a Form B within 7 days of a request and can charge at most $35 plus 25 cents per page for copying.
Yes, for strata corporations with five or more lots. They must be obtained on a five-year cycle, and stratas can no longer vote to defer them. Stratas in Metro Vancouver, the Fraser Valley, and the Capital Regional District that did not have a current report were required to obtain one by July 1, 2026; the deadline for the rest of BC is July 1, 2027. Since July 1, 2025, only designated professionals such as engineers, architects, and certified reserve planners can prepare them.
Strata fees fund two accounts: the operating fund, which pays for recurring shared expenses like landscaping, utilities for common areas, maintenance, and the strata corporation's insurance, and the contingency reserve fund (CRF), which saves for large irregular costs like roof replacement. Since November 1, 2023, BC stratas must contribute at least 10% of the annual operating budget to the CRF each year. Fees are divided among owners by unit entitlement, which usually reflects the size of each strata lot.
No. Since November 24, 2022, residential rental-restriction bylaws are not allowed in BC stratas, and any existing ones are invalid. Two important exceptions remain: stratas can still restrict or ban short-term rentals like Airbnb (with fines of up to $1,000 a day), and age-restricted 55+ communities can still limit who lives in the building.
A special levy is a one-time charge to owners, on top of regular strata fees, to pay for a specific cost the contingency reserve fund cannot cover, such as a roof replacement or building envelope repair. Approving a levy normally requires a 3/4 vote of owners. When a strata lot sells, the seller owes the portion of an approved levy payable before the completion date and the buyer owes the portion payable after, which is why reading the minutes for upcoming projects matters so much.
Yes, you need your own insurance. The strata corporation's policy covers the building and common property. Your belongings, your upgrades, and your living costs if you are displaced need a personal condo policy, and can also cover the strata corporation's insurance deductible if a loss originates in your unit. In BC an owner can be held responsible for that deductible even without being negligent, and deductibles on strata policies can reach six figures, so in our view every strata owner needs this coverage.
Strata fees in the Fraser Valley depend on the building. Fees vary with the age of the building, the amenities (elevators, pools, and gyms cost money every month), the size of the complex, and how honestly past councils have funded the contingency reserve. A low fee can mean a young building with few amenities, or an underfunded strata heading toward a special levy. Judge the fee against the building's own depreciation report and CRF balance.
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