How to Read Strata Documents in BC: A Condo & Townhouse Buyer's Guide (2026)

More than half of the homes for sale in Metro Vancouver are stratas — condos and townhouses run by a group of owners together. When you buy one, you get a thick pile of strata documents to review, and most buyers have no idea what they are looking at. But these papers can reveal whether a building is well run and healthy, or heading for expensive trouble. Here is how to read them without a law degree.

What is a strata, in plain words?

A strata is a shared-ownership community. You own your unit, and together all owners share the building, roof, hallways, and grounds through the strata corporation. Everyone pays monthly strata fees to run it. The documents you receive tell you how well that shared system is working.

Form B — the financial snapshot

The Information Certificate (Form B) is the most important single document. It tells you:

• Your monthly strata fee for the unit.
• The contingency reserve fund (CRF) balance — the building's savings for big repairs.
• Any special levies owed (one-time charges for major work).
• Whether there are bylaw violations or money owed on the unit.
• Rules like rentals and pets.

A healthy Form B shows a reasonable reserve fund and no surprise levies.

The depreciation report — the crystal ball

A depreciation report predicts the building's big future expenses — roof, pipes, elevators — and when they will need replacing. It tells you whether large special levies are likely coming. A building with an up-to-date report and a well-funded reserve is far safer than one that has neither.

Meeting minutes — the gossip that matters

The strata council meeting minutes (usually the last two years) are where problems hide in plain sight: water leaks, disputes, planned repairs, and how the council handles money. Read them for repeated mentions of the same problem — that is a warning sign.

Red flags to watch for

• A low reserve fund with an aging building.
• Special levies recently charged or clearly coming.
• Repeated water or moisture issues in the minutes.
• Lawsuits or major disputes.
• No depreciation report, or a very outdated one.

You do not have to do this alone

This review usually happens during your subject period, when you can still walk away (see subject removal explained). A good realtor reads these documents with you and flags the risks. It is exactly where an experienced local agent earns their keep.

Frequently asked questions

What are the most important strata documents to review? The Form B (Information Certificate), the depreciation report, and the last two years of strata council meeting minutes. Together they show the building's finances, future repair costs, and any ongoing problems.

What is a special levy in a BC strata? A special levy is a one-time charge to all owners to pay for a major expense the reserve fund cannot cover, such as a new roof. Levies can be thousands of dollars, so check whether any are recent or expected.

What is a healthy contingency reserve fund? There is no single magic number, but a well-funded reserve relative to the building's age and size — paired with an up-to-date depreciation report — signals a well-run strata that is less likely to hit owners with surprise levies.

When do I review strata documents when buying? Usually during your subject-removal period, while your offer still has a condition allowing you to review documents and back out if something serious turns up. Phan can help you read them before you remove subjects.

Buying a condo or townhouse? Have Phan review the strata docs with you.

Strata documents are where the real risks hide, and they are easy to misread. Phan speaks Vietnamese and English and reviews these papers with newcomer buyers every week, flagging the warning signs before you commit. Call or message Phan.