Strata Tip of the Week – New Home Warranties in Strata Corporations

Strata Tip of the Week – New Home Warranties in Strata Corporations

The BC Home Owner Protection Act requires that all newly built homes (including strata properties) or buildings that have been substantially reconstructed be covered by third-party new home warranty insurance. You may often hear this referred to as the “2-5-10 New...
Strata Tip of the Week – Review the Strata’s Insurance Policy

Strata Tip of the Week – Review the Strata’s Insurance Policy

The current strata insurance situation in BC has been difficult to say the least. Many strata corporations have seen premium increases from 20% to 50%, with some high value/high risk stratas seeing increases in the 200% to 400% range. While the narrative around this...
Strata Tip of the Week – Components Omitted from the Depreciation Report

Strata Tip of the Week – Components Omitted from the Depreciation Report

The Depreciation Report: A depreciation report provides important insights for buyers looking to buy into a strata corporation. It not only speaks about the current condition of the physical components (as long as the report is recent), but also the financial state of...
Strata Tip of the Week – Understand Parking and Storage Designations

Strata Tip of the Week – Understand Parking and Storage Designations

Most buildings that were built in the 90s or earlier came with more parking stalls and storage lockers than units. Today, we’re seeing many new strata developments that have less parking stalls and storage than units, which makes these components that much more...
Strata Tip of the Week – The Strata Financials

Strata Tip of the Week – The Strata Financials

Are you unsure of what strata financial documents you should be checking? It’s really not that hard. Here are some pointers.One of the documents that is provided together with the Form B is the current budget. In addition to this, it’s recommended that the following...