Strata Documents: What You Need to Know

Strata documents can reveal financial problems, upcoming repairs, restrictive bylaws, and other concerns that may affect your decision to buy.

Purchasing a condo or townhome in British Columbia means buying into a shared community with collective financial and maintenance responsibilities. The condition of the individual home matters, but so does the health of the strata corporation responsible for the common property.

A careful review of the strata documents can help you understand how the property is managed, what expenses may be coming, and whether the bylaws work for your lifestyle.

Key Takeaways

Form B summarizes important information about the strata lot and corporation.
Financial records reveal how the strata collects and spends owners’ money.
Depreciation reports identify major repairs and long-term funding needs.
Bylaws may affect pets, parking, renovations, smoking, and property use.
Meeting minutes often provide the clearest picture of ongoing concerns.

Why Strata Documents Matter When Buying a Home

When you buy a strata property, you become responsible for more than the space inside your unit. You also acquire an ownership interest in the common property and shared assets of the strata corporation.

Depending on the development, this can include roofs, exterior walls, plumbing systems, elevators, roads, landscaping, recreation facilities, and other shared components. Owners contribute to these expenses through monthly strata fees, the Contingency Reserve Fund, and sometimes special levies.

The documents help you evaluate whether the strata is maintaining the property, planning for future expenses, enforcing its bylaws fairly, and addressing problems as they arise.

No single document tells the complete story. The useful information often appears across several records, which is why buyers should review the entire package before removing a subject condition for strata-document review.

Form B: Information Certificate

Form B provides a snapshot of important information about the strata corporation and the specific strata lot. It is one of the first documents I review because it can disclose financial obligations and legal issues that may affect a buyer.

A Form B may include:

Current monthly strata fees
Money the owner owes the strata corporation
Approved special levies that remain payable
The current balance of the Contingency Reserve Fund
Expected operating-budget deficits
Pending bylaw amendments or resolutions
Court, arbitration, or tribunal proceedings involving the strata
Outstanding notices or work orders
Parking and storage details
A summary of the strata corporation’s insurance coverage

The strata’s current budget, rules, and most recent depreciation report must also be attached when applicable. If the development has legally created sections, such as separate residential and commercial sections, a buyer may need a Form B for both the overall strata corporation and the applicable section.

Is a Form B Current for 30 Days?

There is no simple rule that makes a Form B current for 30 or 60 days.

Form B reflects the information available on the date it was prepared. An AGM, newly approved special levy, legal claim, bylaw amendment, or change to the budget could make some of its information outdated shortly afterward.

The date matters, but buyers should also determine whether anything changed after the form was issued. If a meeting occurred after the Form B was prepared, updated information or a new Form B may be needed.

Depreciation Report

A depreciation report is the strata corporation’s long-term plan for major repairs and replacements. It reviews shared components, estimates their remaining service life, projects future costs, and presents funding models for the strata to consider.

The report may cover:

Roofs and building-envelope components
Windows and exterior doors
Plumbing and electrical systems
Elevators and mechanical equipment
Roads, parkades, and drainage systems
Balconies and exterior structures
Amenities and other common assets

As of July 2026, strata corporations with five or more lots in Metro Vancouver are required to obtain depreciation reports on a five-year cycle. Stratas can no longer postpone the requirement through an annual three-quarter vote.

What to Look for in a Depreciation Report

Start by identifying the major projects expected during the next several years. Compare those anticipated costs with the amount currently held in the Contingency Reserve Fund and the funding plan adopted by the owners.

A large upcoming expense does not automatically make a strata a poor choice. Roofs, plumbing, and other building components eventually require replacement. The more important questions are whether the strata understands the work, has started planning for it, and has a reasonable way to pay for it.

Also compare the report with recent meeting minutes. If the depreciation report recommends work that has repeatedly been deferred, ask why. Cost estimates from an older report may also be lower than current construction prices, so the report’s date deserves attention.

Financial Statements, Budget and Strata Fees

The operating budget shows how the strata expects to collect and spend money during the current fiscal year. Financial statements show what actually happened during the previous reporting period.

Review the budget for major categories such as insurance, utilities, landscaping, management, repairs, professional services, and contributions to the Contingency Reserve Fund. Large year-over-year increases deserve an explanation, but they may reflect necessary changes such as higher insurance premiums or overdue maintenance.

Look for recurring operating deficits, unpaid owner balances, unexpected legal expenses, and repair costs that repeatedly exceed the budget. Compare current strata fees with the services and amenities the property provides.

Very low strata fees are not always an advantage. They may indicate that owners are postponing maintenance or contributing too little toward future projects. High fees are not automatically a concern either, particularly when they support extensive amenities, utilities, or stronger long-term funding.

Understanding the Contingency Reserve Fund

The Contingency Reserve Fund, commonly called the CRF, is used for expenses that occur less frequently than once a year or were not usually included in the operating budget.

B.C. strata corporations and sections must budget an annual CRF contribution equal to at least 10% of the operating-fund contribution. That legal minimum does not tell you whether the fund is adequate for a particular property.

A $500,000 reserve could be healthy for one development and insufficient for another. The appropriate amount depends on the property’s size, age, condition, shared components, and anticipated projects. Review the CRF alongside the depreciation report rather than judging it by its balance alone.

Special Levies and Upcoming Repairs

A special levy is an additional amount collected from owners for a specific expense. Levies are commonly used for major repairs, insurance deductibles, legal expenses, or projects that cannot be fully covered by the operating fund or CRF.

Form B should disclose approved levies that remain payable. Meeting notices and minutes may also reveal levies that are being discussed but have not yet been approved.

Pay attention to:

Recently approved special levies
Proposed levies awaiting a vote
Projects with no confirmed funding plan
Repeated levies for similar problems
Repairs that have been delayed due to cost

A seller may be responsible for an approved levy under the Contract of Purchase and Sale, but the exact arrangement depends on the contract and payment schedule. Buyers should have their Realtor and legal professional confirm who will pay each amount.

Bylaws and Rules

Bylaws and rules govern how owners, tenants, and visitors use the property. They can have a direct impact on whether a home fits your lifestyle.

Review provisions involving:

Pets, including number, type, or size restrictions
Parking and vehicle restrictions
Smoking and vaping
Noise and nuisance
Renovation approval
Barbecues and balcony use
Age or occupancy requirements
Short-term accommodation
Electric-vehicle charging
Use of common and limited common property

Do not rely on the listing description or a verbal assurance that something is permitted. Read the registered bylaws, current rules, and any amendments disclosed on Form B.

Proposed amendments also matter. Meeting notices may show that owners are considering a bylaw change that could affect your plans after you move in.

Strata Council, AGM and SGM Minutes

Meeting minutes often provide the clearest view of what is happening inside a strata corporation. I generally review at least two years of strata council, annual general meeting, and special general meeting minutes when they are available.

Look for discussions about:

Water leaks or building-envelope concerns
Plumbing, roof, elevator, or drainage problems
Insurance claims
Legal disputes and tribunal proceedings
Owner complaints
Proposed repairs or special levies
Engineering reports
Bylaw changes
Projects that remain unresolved

Repeated discussion of the same issue can indicate that the strata has not found a permanent solution. Missing minutes or long gaps between meetings should also be questioned.

The tone of the minutes can provide useful context. Clear decisions, assigned responsibilities, and consistent follow-up suggest a more organized council. Vague discussions with little action may indicate that problems are not being addressed effectively.

Strata Insurance

The strata corporation is responsible for insuring common property, common assets, buildings shown on the strata plan, and certain fixtures as required by law. Form B includes an insurance summary, but buyers should also review the current insurance cover note or policy summary.

Check:

The policy expiry date
Replacement-value coverage
Water-damage and other deductibles
Any exclusions or coverage limitations
Recent claims discussed in the minutes

High deductibles can create significant exposure for owners. If damage originates from a strata lot, the owner may face responsibility for a deductible depending on the circumstances and bylaws.

Strata insurance does not replace the buyer’s personal condo or townhome policy. Before removing conditions, provide the strata insurance information to your insurance professional and confirm that appropriate personal coverage is available.

Strata Plan, Parking and Storage

The registered strata plan shows the boundaries of the strata lot and identifies common property and limited common property. This distinction affects how areas are used and who may be responsible for maintaining them.

Review the plan to confirm the location and legal designation of parking stalls, storage lockers, patios, balconies, yards, and other spaces represented as part of the property.

Parking and storage can be assigned in different ways. A stall may be part of the strata lot, designated as limited common property, leased, or allocated through another arrangement. Form B and the strata plan should be reviewed together to confirm what the buyer will actually receive.

Property Disclosure Statement and Home Inspection

The Property Disclosure Statement, when provided, contains information the seller has disclosed about the property. It can be useful, but it should not replace an independent review of the strata documents or a professional home inspection.

The seller may not know about every issue affecting the building or strata corporation. Some information may only appear in meeting minutes, engineering reports, insurance records, or correspondence.

A home inspector can evaluate visible conditions inside the strata lot and accessible building components. The inspector cannot confirm the strata corporation’s financial health or predict every future repair. Document review and physical inspection serve different purposes, and both can be valuable.

Strata Document Red Flags

A red flag does not always mean a buyer should walk away. It means the issue needs further investigation before the buyer becomes committed to the purchase.

Common concerns include:

Missing or outdated documents
Repeated operating deficits
Significant repairs without a funding plan
Major work repeatedly postponed
Frequent insurance claims
Pending litigation or tribunal proceedings
Large deductibles that are difficult to insure
Parking or storage information that does not match the listing
Bylaws that conflict with the buyer’s intended use
Meeting minutes referring to reports that were not provided

The overall pattern matters. A well-run strata can still face an expensive repair. What matters is whether the owners understand the problem, obtain appropriate professional advice, and make realistic plans to address it.

Getting Help With a Strata Document Review

Strata packages can contain hundreds of pages, and important information is not always presented in one place. A proposed levy may appear in meeting minutes, while the associated engineering report is listed separately. A Form B may identify a legal proceeding without explaining the full background.

For my buyer clients, I review the strata documents and organize the findings into plain language. I look for financial concerns, upcoming repairs, insurance issues, bylaw restrictions, and inconsistencies that require follow-up.

Where an issue requires legal, engineering, insurance, accounting, or lending expertise, I help the buyer identify the right questions and connect with the appropriate professional.

If you are considering a condo or townhome in Pitt Meadows, Maple Ridge, the Tri-Cities, or elsewhere in Greater Vancouver, reach out anytime. I can help you understand what you are buying before you remove conditions.

Frequently Asked Questions

What strata documents should a buyer review in BC?

Buyers should generally review a current Form B and its attachments, financial statements, the current budget, bylaws, rules, depreciation report, insurance information, the registered strata plan, and recent council, AGM, and SGM minutes. Additional reports or legal documents may be required depending on the property.

How many years of strata minutes should a buyer read?

Reviewing at least two years of council, AGM, and SGM minutes is common because it helps identify recurring problems and upcoming projects. Older records may also be relevant if the documents refer to a longstanding repair, lawsuit, engineering investigation, or unresolved insurance claim.

How current should a Form B be?

A Form B should reflect the strata’s current information when the buyer relies on it. There is no automatic 30-day rule. A recent AGM, levy, lawsuit, work order, or bylaw amendment may make parts of a Form B outdated shortly after it was prepared.

Is a low Contingency Reserve Fund always a red flag?

Not necessarily. The adequacy of the CRF depends on the property’s condition and anticipated expenses. Review the balance alongside the depreciation report, recent projects, approved expenditures, and the strata’s future funding plan.

Does a depreciation report guarantee that repairs will be completed?

No. The report identifies shared components, estimates future repair or replacement costs, and provides funding models. The owners still decide how to budget for and complete the work. Meeting minutes and budgets help show whether the strata is following the report’s recommendations.

Who pays a special levy when a strata property is sold?

The Contract of Purchase and Sale should address responsibility for an approved special levy. The answer can depend on when the levy was approved, when payments are due, and the terms negotiated by the buyer and seller. The parties should obtain advice about the specific contract.

Can a strata restrict pets?

A strata can adopt bylaws that regulate or restrict pets, subject to applicable law. Restrictions may address the number, type, or size of pets allowed. Buyers should read the current bylaws and confirm that their pet complies before removing conditions.

Does strata insurance cover everything inside my unit?

No. The strata corporation’s insurance and an owner’s personal policy cover different risks. Buyers should provide the strata’s insurance summary and deductible information to an insurance professional to confirm the personal coverage they need.

Should I still get an inspection when buying a condo?

An inspection can identify visible concerns inside the unit and accessible components of the property. It does not replace a review of the strata corporation’s finances, minutes, engineering reports, bylaws, or insurance. Buyers often benefit from both forms of due diligence.