STRATA-TITLED OWNERSHIP AND CONDOMINIUM LIVING...
ownership is a lifestyle alternative which is becoming increasingly
popular and accepted throughout North America - especially
among mature adults who no longer wish to contend with the
added cost and inconvenience of maintaining a single-family
home. In many respects, this form of ownership offers the
best of two worlds - the financial security and investment
benefits of home ownership with the freedom from maintenance
responsibilities associated with renting. When you buy your
strata-title home, you receive outright ownership and legal
title. This part of your purchase is no different than if
you are buying any other home. You have most of the privileges
of individual home ownership and are free to sell or finance
your residence. In addition to owning your home, you also
share ownership in the common areas of your community through
your Strata Corporation.
are the answers to some of the most frequently asked questions
about condominium living and the Strata Corporation, as well
as an indication of the ownership rights and privileges that
go with your new home.
DO I OWN? You own your individual dwelling unit plus
a proportionate share of all common areas of the project.
Certain common areas (such as patios and parking spaces) are
owned and maintained by the Strata Corporation but are designated
for your exclusive use.
IS A STRATA CORPORATION? A Strata Corporation is
incorporated under the laws of the Province of British Columbia.
Each home owner in a Condominium community is a member of
the corporation and may vote on all issues.
IS THE STRATA COUNCIL? A Strata Council is elected
by the homeowners of the community to manage the Strata Corporation
and ensure the ongoing maintenance and preservation of the
ARE THE BY-LAWS? Every Strata Corporation must have
by-laws which are the constitution of the Corporation and
govern the responsibilities and actions of the Corporation.
Each owner receives a copy of the by-laws when he/she purchases
a home, and agrees to abide by them. Most by-laws consist
of Section 5 of the Condominium Act with a few additions or
THERE ANY RESTRICTIONS AND WHO ENFORCES THEM? These
are identified in the by-laws. Most are of a very general
and common sense nature. Restrictions on pets, renting or
age may be added by the developer and/or the Strata Council
which is so empowered under the Condominium Act.
PROVIDES ONGOING MANAGEMENT? This may be provided
by the Strata Corporation and the owners themselves. However,
experience has taught many Strata Corporations that it is
best to engage a property management firm for ongoing and
PAYS FOR THE SERVICES OF THE STRATA CORPORATION AND WHAT IS
INCLUDED? The homeowner does - each paying an assigned
and proportionate share. An operating budget is prepared annually
and each owner is then assessed for their share of costs in
the form of a monthly assessment fee. This fee usually covers:
and Liability Insurance
Area Lighting & Hydro
Water and Sewer Charges
Grounds Maintenance & Landscaping
INSURANCE COVERAGE IS PROVIDED? Fire, earthquake,
flood and all risk insurance is provided on all buildings
to replacement cost. Liability is provided to insure personal
possessions as well as liability coverage for your home.
IS RESPONSIBLE FOR MAINTENANCE? Common area maintenance
and replacement is the responsibility of the Strata Corporation
and/or the property management firm. You are responsible for
maintaining the interior of your units. You are also free
to decorate the interior of your home however you wish.