When you're buying a condo or townhouse in British Columbia, reviewing the strata documents can be just as important as inspecting the home itself.

A property may look great during a showing, but the strata documents can reveal important information about the building's finances, maintenance history, upcoming projects, insurance and rules that you won't necessarily see when walking through the unit.

There can be a lot of paperwork, so knowing what to look for — and how the documents fit together — can make the process much easier.

Here's where we typically focus our attention.

Strata Council Meeting Minutes

Meeting minutes are one of the first places we look.

They provide a window into what's been happening in the building and what council has been dealing with.

We look for recurring discussions involving things such as:

• Water leaks or plumbing problems

• Roof or exterior issues

• Elevator problems

• Parkade repairs

• Window or balcony concerns

• Insurance claims

• Owner complaints or disputes

• Engineering reports

• Proposed major projects

• Discussions about special levies

One mention of a problem doesn't necessarily indicate a serious issue. What can be more revealing is seeing the same concern appear repeatedly over several months of minutes.

That may tell us an issue hasn't yet been fully resolved.

Annual and Special General Meeting Minutes

Annual General Meeting (AGM) and Special General Meeting (SGM) minutes can be particularly important because this is where owners may vote on significant decisions.

These documents can show whether owners have approved major repairs, changes to the strata's budget, special levies, amendments to bylaws or other important matters.

We also look for projects that were proposed but didn't receive approval.

A major repair being voted down doesn't necessarily mean the underlying issue has disappeared. It may simply mean the owners haven't agreed on how or when to deal with it.

The Form B Information Certificate

The Form B is an important document when purchasing a strata property in BC.

It provides information about the particular strata lot and the strata corporation, including certain financial and administrative information.

Depending on the circumstances, it can contain details relating to strata fees, money owing to the strata corporation, approved special levies and other information relevant to the purchase.

The Form B should be reviewed carefully along with its required attachments and the other strata documentation.

Depreciation Report

The depreciation report provides a longer-term look at the building.

It assesses major common-property components and estimates when significant repairs or replacement may be required.

Depending on the property, this could include:

• Roof

• Plumbing

• Windows

• Building envelope

• Elevators

• Parkade

• Balconies

• Mechanical systems

• Other common property

The report can help buyers understand what major expenditures may be coming in the years ahead.

It's important to remember that the dates and costs in a depreciation report are estimates, not a guaranteed construction schedule.

The most useful information often comes from comparing the depreciation report with the strata's recent meeting minutes.

If the depreciation report identifies an aging building component and the minutes show council is now obtaining quotes for that same item, it's worth investigating.

Financial Statements and Budget

We also want to understand the strata's overall financial position.

Financial statements and budgets can provide information about the strata's income, expenses and financial resources.

We look at the operating budget as well as the Contingency Reserve Fund (CRF).

The CRF is intended to help pay for common expenses that occur less frequently than regular operating expenses, including certain major repairs and replacements.

A healthy reserve fund doesn't guarantee there won't be a future special levy, but it can provide useful context when evaluating how prepared the strata may be for upcoming expenses.

Special Levies

Buyers should determine whether there are any approved special levies associated with the property.

But we don't stop there.

Meeting minutes and other documents may indicate that council is considering a major project even though owners haven't yet voted on how to pay for it.

We therefore look for approved levies as well as discussions that could potentially lead to one in the future.

Strata Insurance

Insurance has become an important consideration when purchasing a strata property.

Buyers should review the strata corporation's insurance information and pay particular attention to the policy's deductibles.

Water-damage deductibles can be especially important.

You'll also want to speak with your own insurance provider about coverage for your individual unit and whether appropriate coverage is available for circumstances where an owner could become responsible for a strata corporation's deductible.

Bylaws and Rules

Not everything in the strata documents is about money.

The bylaws and rules can have a significant impact on how you use your home.

Depending on the strata, they may address matters such as:

• Pets

• Parking

• Storage

• Renovations

• Use of common property

• Barbecues

• Smoking

• Age restrictions where legally permitted

• Other day-to-day requirements

Never assume the rules at one condo building will be the same as another.

If something is particularly important to you, confirm the rules before purchasing.

Look for Patterns, Not Just Individual Problems

One of the most useful things you can do when reviewing strata documents is look for patterns.

A single plumbing leak may not be concerning.

Repeated leaks throughout the building over several years could tell a different story.

Similarly, an older roof isn't necessarily a problem if the strata has already budgeted for replacement and has the funds available.

The goal isn't to find a building with absolutely no issues — that's probably unrealistic.

The goal is to understand what the issues are, how the strata has responded to them and what financial obligations may be ahead.

Buying a Condo or Townhouse in Burnaby?

Reviewing strata documents can involve hundreds of pages of information, and understanding how the different documents relate to one another can make a significant difference when evaluating a property.

When working with condo and townhouse buyers, Team Keenan Neilly helps review the available strata information and identify questions that may require further investigation.

If you're considering buying a condo or townhouse in Burnaby or elsewhere in the Lower Mainland, contact Kelly Huber for experienced, straightforward real estate advice.

Older condos can offer some real advantages for buyers.

They often have larger floor plans, more generous room sizes and established neighbourhoods, and in some cases they can offer considerably more space for the money than newer construction.

But buying an older condo also means taking a closer look at the building itself.

The age on the front of the building isn't necessarily what determines whether it's a good purchase. What's more important is how the property has been maintained, what major work has already been completed and what may need attention in the years ahead.

Here are some of the things we recommend buyers investigate when considering an older condo.

Start With the Building's Maintenance History

A 30- or 40-year-old building that has been proactively maintained can tell a very different story from a similar-aged building where major repairs have continually been postponed.

We want to understand what work has already been completed.

Depending on the building, that might include:

• Roof replacement

• Re-piping or plumbing upgrades

• Window replacement

• Building-envelope work

• Balcony repairs

• Elevator modernization

• Parkade repairs

• Boiler or mechanical upgrades

• Electrical improvements

Major work that's already been completed can potentially reduce some future uncertainty, although buyers should still investigate the condition of the building as a whole.

Review the Depreciation Report

The strata's depreciation report can be especially useful when evaluating an older building.

It provides a longer-term assessment of major common-property components and estimates when repairs or replacement may be required.

Don't assume that an item approaching the end of its estimated useful life means it must immediately be replaced.

A depreciation report is a planning tool, and actual timing will depend on the condition of the component, maintenance and decisions made by the strata corporation.

What we're particularly interested in is how the depreciation report compares with what's happening in the building today.

Read the Strata Minutes

Meeting minutes can help fill in the story.

We look for discussions about recurring maintenance issues, engineering reports, major projects, quotes, insurance claims and possible special levies.

Patterns can be particularly important.

One water leak doesn't necessarily indicate a building-wide problem. Repeated discussions about leaks in different areas of the building over an extended period may deserve a closer look.

The minutes can also tell you whether council appears to be addressing problems proactively or continually postponing them.

Pay Attention to the Plumbing

Plumbing is an important consideration in many older condo buildings.

Depending on the age and construction of the property, original piping may eventually require significant repair or replacement.

If plumbing work has already been completed, find out what was replaced and when.

Terms such as “re-piped” can sometimes sound more comprehensive than the work actually performed, so it's worth understanding the scope of the project rather than relying solely on a description.

Look at the Building Envelope and Windows

Exterior walls, balconies, windows and other building-envelope components can represent significant expenses in some strata properties.

We want to know whether major exterior work has previously been completed and whether there are any ongoing concerns.

Again, context matters.

The fact that an older building has undergone substantial exterior repairs isn't automatically negative. If the work was properly completed, it may mean a major building component has already been addressed.

Check the Roof

Roofs don't last forever, but an older roof doesn't necessarily mean an immediate expense is coming.

Find out when it was last replaced, what type of roofing system was installed and whether recent inspections or repairs have been discussed.

Then compare that information with the depreciation report and meeting minutes.

Elevators Can Be Expensive

In an older high-rise, elevators are another major component worth investigating.

Modernization or replacement can be a significant project.

Look for information about previous upgrades, ongoing maintenance issues and any planned modernization identified in the depreciation report or meeting minutes.

Look at the Contingency Reserve Fund

Maintenance history tells us what's been done.

The Contingency Reserve Fund (CRF) can help us understand how prepared the strata may be for what's coming next.

A large reserve fund doesn't automatically mean a building is financially healthy, just as a smaller reserve doesn't automatically make a building a bad purchase.

We need to compare the available funds with the building's anticipated expenses.

For example, $1 million in reserves might sound substantial until you discover the strata is considering several multimillion-dollar projects.

It's the bigger financial picture that matters.

Watch for Special Levies

Check whether any special levies have already been approved and whether there are discussions about projects that could potentially require one.

Sometimes the documents will clearly identify an upcoming levy.

Other times, the clues are less obvious — perhaps council has commissioned an engineering report, obtained quotes or begun discussing funding options.

That doesn't mean a levy will necessarily happen, but it's information a buyer should understand before purchasing.

Don't Forget the Individual Unit

The building is important, but you still need to evaluate the condo itself.

With an older unit, consider items such as:

• Electrical systems

• Plumbing fixtures

• Appliances

• Flooring

• Windows and doors

• Heating systems

• Signs of previous water damage

• Renovation history

If the unit has been renovated, it's also worth determining whether renovations requiring strata approval were properly authorized.

A professional home inspection may help identify issues within the unit that aren't apparent during a regular showing.

Understand the Bylaws

Older buildings can sometimes have bylaws that differ considerably from those in newer developments.

If pets, renovations, parking, storage or another particular issue is important to you, review the current bylaws rather than making assumptions.

You'll also want to confirm the parking stall and storage locker associated with the unit and understand whether they're part of the strata lot, limited common property or allocated in another way.

Older Doesn't Automatically Mean Riskier

This is probably the biggest takeaway.

Don't judge a condo solely by the year it was built.

An older building that has replaced its roof, upgraded its plumbing, maintained its exterior and properly planned for future expenses may be in a very different position from another building of exactly the same age.

Likewise, newer doesn't automatically mean problem-free.

The better question isn't simply:

“How old is the building?”

It's:

“What's been done, how has the building been maintained, and what's likely coming next?”

Buying an Older Condo in Burnaby?

Burnaby has many established condo communities where older buildings can offer larger homes, mature landscaping and convenient locations.

The key is understanding what you're buying beyond the individual unit.

When working with condo buyers, Team Keenan Neilly helps review the available strata documents, building history and financial information so our clients can identify potential concerns and make a more informed decision.

If you're considering an older condo in Burnaby or elsewhere in the Lower Mainland, contact Kelly Huber for experienced, straightforward real estate advice.

Buying a Condo in Burnaby? Look Beyond the Unit

Finding a condo you love is only part of the buying process. When purchasing a strata property in Burnaby, it’s just as important to understand the building, the strata corporation and its financial position as it is to evaluate the individual unit.

Before making an offer—or during the subject-removal period—there are several important areas we recommend buyers investigate.

Review the Strata Documents

Strata documents can provide valuable insight into how a building is being managed. These may include recent council meeting minutes, annual general meeting minutes, financial statements, bylaws, insurance information and Form B documentation.

Meeting minutes in particular can reveal issues that may not be obvious during a showing, including recurring leaks, building maintenance concerns, owner disputes or discussions about future repairs.

Understand the Depreciation Report

A depreciation report looks at the major components of a strata property and estimates when they may require repair or replacement.

Items can include the roof, elevators, plumbing, windows, exterior building envelope, parkade and other major systems.

A projected repair does not necessarily mean the work will happen at that exact time or cost. However, the report can help buyers understand what expenses may be coming and whether the strata's contingency reserve fund is adequately prepared for them.

Look for Special Levies and Major Projects

Major building projects can sometimes result in special levies charged to individual owners.

Before purchasing, we look for completed, approved and proposed projects as well as discussions that could eventually lead to significant expenditures.

Understanding these possibilities ahead of time can help you make a more informed decision and budget appropriately.

Review the Strata's Insurance

Strata insurance has become an increasingly important consideration for condo buyers.

We look at the building's insurance coverage and deductibles, particularly deductibles relating to water damage. Buyers should also speak with their own insurance provider to make sure appropriate personal coverage is available.

Consider the Building's History

Every strata has a story.

A well-maintained older building with a history of proactive repairs can sometimes be a better purchase than a newer building with unresolved problems.

That's why we don't simply look at the age of a building. We look at how it has been maintained, what work has already been completed and what may be coming next.

Local Knowledge Matters

Burnaby has an enormous variety of condo buildings, from established communities in areas such as Highgate and South Slope to newer towers around Brentwood and Metrotown.

Understanding the building and neighbourhood can be just as important as understanding the individual condo.

Thinking About Buying a Condo in Burnaby?

Team Keenan Neilly helps buyers evaluate not only the property they're considering, but also the strata information and building history that can affect their purchase.

If you're considering buying a condo in Burnaby, contact Kelly Huber for experienced, straightforward real estate advice.