Buyer guide
Buying a strata home in Vernon
The unit is half the purchase. The strata's money, bylaws and upcoming repairs are the other half.
What you are buying
A strata lot is your unit plus a share of the common property: roofs, hallways, grounds, pools and elevators. The strata corporation, run by an elected council, maintains the common property and bills every owner through monthly strata fees. Some complexes are "bare land" stratas, where you own the house and lot but still share roads and amenities.
The documents to read
Form B: Information Certificate
The strata must provide it within 7 days of a request, and it can charge no more than $35 plus up to 25 cents a page for copies. It lists the unit's monthly fees, any money owing, approved special levies, the contingency reserve fund balance, bylaw changes, parking and storage, and a summary of the strata's insurance. The rules, the current budget and the most recent depreciation report are attached.
Depreciation report
A study of the building's major parts and when they will need repair or replacement. Since July 1, 2024, BC stratas with five or more lots must get one every five years, and owners can no longer vote to skip it. Stratas outside Metro Vancouver, the Fraser Valley and the Capital Region have until July 1, 2027 to get theirs. Compare the report with the reserve fund: a big gap means special levies are likely.
Minutes and financial statements
Read at least two years of council and general meeting minutes. They show leaks, insurance claims, disputes, planned projects and how the strata handles money before any of it reaches a Form B.
Insurance and deductibles
Check the building's insurance deductibles, especially water damage. Owners can be charged back for a deductible when damage starts in their unit, so make sure your own condo policy covers it.
Bylaws that affect how you live
- Rentals: since November 24, 2022, BC stratas can no longer ban or cap long-term rentals. They can still restrict short-term rentals such as Airbnb, and provincial short-term rental rules also apply.
- Age limits: only 55-and-over age restrictions are allowed. Older 19+ bylaws no longer apply.
- Pets: limits on number, size and type are common. Check before you fall in love with a unit.
- Renovations: most stratas need written approval for flooring, plumbing and structural changes.