Considering A Condominium?

Strata-titles/Condominium 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.

Here 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.

WHAT 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.

WHAT 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.

WHAT 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 common areas.

WHAT 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 deletions.

ARE 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.

WHO 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 day-to-day management.

WHO 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:

  • Building and Liability Insurance
  • Exterior Building Maintenance
  • Common Area Lighting & Hydro
  • Municipal Water and Sewer Charges
  • Garbage Collection
  • Grounds Maintenance & Landscaping
  • Replacement Reserves

WHAT 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.

WHO 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.

Call The Stevenson Team at 1-800-836-3996


ocean pacific realty
282 Anderton Road, Comox, BC V9M 1Y2