Buying a Condo
Should I buy a condo?
Buying a strata-titled property (condo, townhouse)
Ready for an insider’s look at buying a strata property in Vancouver? It’s an exciting journey, but there’s more to it than meets the eye.
Did you know that snagging a condo can actually be trickier than buying a house? Yep, even if the house costs more! You’ll be diving into a sea of documents – we’re talking 200 to 500 pages of meeting notes, money matters, and building reports.
But don’t sweat it! We’re here to make your life easier. We’ll sift through all that paperwork and give you a simple, clear summary. This way, you’ll save time, avoid surprises, and have a smoother buying experience.
With our 30 years of Vancouver real estate know-how, we’ll guide you through every step. We’ll point out what’s important and help you understand your new home inside and out.
Don’t be deceived by a property owner’s disclosure' scrutinize archive of records maintained by the strata corporation
Buying a $600,000 condo can be more complex than buying a $6 million house
Know before you go
The paperwork
In this section, you’ll find a handy collection of the most common documents and forms you see when buying a strata-titled property (condo, townhouse or multifamily property). We’ve included simple descriptions for each, so you’ll know exactly what you’re looking at.
Buying a strata property is exciting, but it has unique twists. Don’t worry, though – we’ve got your back!
When you’re checking out a place, there are three key things to look at:
- The owner’s rundown (their disclosure)
- The Form B (it’s packed with important info)
- The strata’s records (like a history book for the building)
These docs might seem a bit boring, but trust us, they’re gold! They’ll give you the inside scoop on how the place is run, its financial health, and any potential hiccups.
Taking time to review these can save you from surprise costs or headaches later. It’s like getting a sneak peek into your future home life.
So, before you sign on the dotted line, make sure to get your hands on these docs.
Property Condition Disclosure Statement - Strata Properties
The Property Condition Disclosure Statement (PDS) is widely used in the real estate industry. Its purpose is to disclose the condition of their property to potential buyers when it’s listed for sale. This statement provides a transparent account of the property’s current state, including any known defects, repairs, or issues that could impact its value or safety. Its role is crucial in the property transaction process, as it ensures that potential buyers have all the necessary information about the property they are considering. The statement could be crossed out if the property is rented or the seller doesn’t live there.
Form B Information Certificate
When purchasing a strata property, real estate agents, potential buyers, and lawyers often require an Information Certificate, also known as Form B. However, authorized parties or owners can request this certificate at any time. Form B contains crucial information about the strata lot, such as the amount of strata fees, any outstanding balances, details about parking spots, lockers, and other relevant information. Along with Form B, the strata council or manager must provide a copy of the current budget, the latest depreciation report, and the rules.
Insurance Summary
The insurance summary is a document provided by the property management company that outlines the insurance coverage, deductibles, and insurance terms for the strata and building. Your condo insurance covers the buildings and structures shown on the condominium or strata plan and common property or elements, including hallways, stairs, roofs, pools, garages, driveways, etc. It also covers strata assets, including lobby furniture, building maintenance equipment, etc. Lastly, it covers the liability of the condominium or strata corporation for claims of property damage and bodily injury suffered by others.
Strata Council Minutes
Strata minutes are important records that provide transparency and accountability between owners and councils. They help interested parties understand the functioning of a strata corporation and identify any significant concerns or issues within the building. Strata minutes also help potential purchasers make informed decisions about investing in a specific strata corporation. They are crucial in a dispute as concrete evidence of discussions and decisions made during meetings, emphasizing their legal significance and the need for accurate and comprehensive documentation.
Strata Bylaws
In British Columbia, strata bylaws are a set of rules and regulations that manage and oversee the operation of a strata corporation. The strata council creates these bylaws to ensure that all residents in the complex follow the same rules. The bylaws cover various topics, such as the use of common areas, pet policies, noise restrictions, and parking regulations. They are legally binding and enforceable; violating them can result in penalties or fines.
Depreciation Report
The depreciation report is a document that informs strata lot owners about the necessary repair and replacement work, the estimated costs, and when the expenses will likely occur. It must comply with the legal requirements of the Strata Property Act and Regulation. In British Columbia, strata corporations with five or more strata lots are required to obtain depreciation reports.
Engineering Reports
Engineering reports give you a clear picture of a building’s current condition, pointing out any urgent issues or defects that need attention. Depreciation reports go even further, predicting how long key components will last and estimating the future costs for repairs or replacements. Together, these reports help you understand both the present and future state of the property, giving you the knowledge to make an informed decision.
Strata Plan
The Strata Plan is a legal document registered at the Land Title Office. It provides the accurate square footage of a condo used for property valuation.
Critical Questions and Red Flags
The really important stuff
We’ve created a series of blog posts to provide you with practical, firsthand knowledge to help you navigate the process confidently and help you learn how to spot the warning signs.
“Buying a Condo” posts: These dive deep into the nitty-gritty of buying a condo or a townhouse. Learn from our experience to make informed decisions.
General buying tips: Because let’s face it, some advice is useful no matter what you’re buying!
10 Questions to Ask Before Buying a Condo
Buying a condo is an exciting milestone but has its share of potential risks and uncertainties. The complexity of the…
Buying a CondoRead More
Fill out our buyer intake form
The Vancouver real estate market can be fast and overwhelming. Buying a home is personal, and there’s no one-size-fits-all solution. You deserve the best help to reach your goals smoothly. Take control of your future today.
Get startedWe value your privacy. You'll only receive relevant information.
Gain Extra Protection
For your peace of mind, we provide complimentary title insurance to all homebuyers using our services. See FAQs below for more details.
Buy with Clarity
We extract critical due diligence information from hundreds of strata documents and provide you with an easy-to-read format.
Enjoy First-Class Service
We connect home buyers with top professionals for any need, from complex legal issues to fixing a leaky faucet. We're here to help.
Buying a condo with YVR Real Estate Group
Our Clients’ Stories
We use our market know-how and smart marketing to create personalized real estate experiences for clients in Metro Vancouver. Whether you’re buying, selling, or investing, we tailor our approach to fit your needs and goals, making sure you have a smooth and successful experience.
The experience was quite smooth and I got a great deal on my condo
As a first time home buyer I didn’t know what to expect when going through the purchasing process, but Darius was very good add explaining the details and steps to me. He understood my wants and needs in a condo, and filtered listings to show me places he thought I would like that were in my budget.
I. Gasior
I trust him to achieve the best deal possible...
Darius has engineered several condo sales and purchases for me. He will continue to get my business because I trust him to achieve the best deal possible. I would use the following terms to describe Darius in his capacity as a realtor: hardworking, reliable, trustworthy, progressive, smart. I would have no hesitation recommending the services of Darius to friend or family.
Stan L.
My personal experience reaffirms his status as an outstanding professional...
His proficiency in formulating optimal pricing strategies, rooted in thorough assessments of property value and current market dynamics, is truly remarkable. His ability to factor in location-specific supply and demand dynamics further underscores his expertise. His negotiation skills are equally impressive. He leverages his wealth of knowledge and intelligence, meticulously gathered through his extensive experience.
J. Nienartowicz
His extensive experience paves a smooth road...
I have worked with Darius for the last 15 years, both in my personal capacity (as Buyer and Seller) and in my professional capacity as a real estate lawyer. Darius is always responsive, professional and very knowledgeable about the real estate market. Darius is very friendly and approachable and his extensive experience paves a smooth road from the initial contract negotiations through to completion.
J. Wrzesniewski
Helped me buy & sell a number of homes, both condos & detached...
Helped me buy & sell a number of homes, both condos & detached in Coquitlam and Burnaby. The first one was close to 15 years ago and I felt the process went well. I bought 2 condos and sold 1 plus I sold a house all during COVID period.
W. Wilkinson
Buying a condo in Vancouver
If you can’t find the answer you need, don’t worry – contact us! We’re here and happy to help you out!
Ask us anythingDo Buyers pay realtor fees in BC?
In Canada, the property Seller typically pays the real estate commission, which is usually split between the seller’s and buyer’s agents.
What's the difference between a condo and an apartment?
Condo and apartment are oftentimes interchangeable terms. The only reference may be to condos being privately owned units and apartments typically being referred to as properties owned by management companies and rented out to tenants.
Who pays property transfer tax in BC, buyer or seller?
When buying a property in British Columbia, the buyer is required to pay Property Transfer Tax (PTT) on the transaction. The PTT is calculated as follows: 1% of the taxable transaction’s fair market value that does not exceed $200,000, and 2% of the fair market value that exceeds $200,000 but does not exceed $2,000,000.
How does a rescission period work?
The 3-day recission period allows buyers to rescind a contract to purchase residential real property up to 3 business days after an offer is accepted. The three-day period starts the first day after the accepted offer and does not include weekends or recognized holidays. It allows the buyer to walk from the deal for no reason within 3 business days. From day 4 onwards, the buyer can only walk from the deal if subjects are not removed. If rescinded, the buyer must pay the seller 0.25% of the accepted purchase price. The recission period can NOT be waived by the buyer or seller.
It is important to note that if the offer is conditional with subject clauses to the buyer’s benefit and the buyer does not remove them, the 0.25% fee to the seller DOES NOT APPLY.
What is a title insurance?
Title insurance protects you, the homeowner, from problems with owning your home. It covers losses from issues with the home’s title, even if the problems existed before you bought the house. A title defect is a problem with the title that stops you from having clear ownership.