What Every Strata Document Actually Means

What it is: A standardized disclosure document issued by the strata corporation under Section 59 of the BC Strata Property Act. It's specific to both the strata corporation and the individual unit being purchased.

What it tells you:

• Current monthly strata fees for this unit (operating + CRF contributions)
• Any approved special levies — amount, purpose, unpaid balance for this unit
• Bylaw violation notices outstanding against this unit
• Any strata liens registered against this unit
• Current CRF balance (as of issue date)
• Rental restriction status (what bylaws apply)

What it doesn't tell you: Pending levy discussions, building maintenance history, whether the CRF is adequate, active litigation (unless a lien has been filed), or insurance deductibles. The Form B is a current snapshot — not a history.

What it is: The recorded minutes of every strata council meeting and general meeting. This is where the real history of the building lives — and where most buyers fail to spend enough time.

What it tells you:

• Water damage and leak incidents — every instance recorded in council discussion
• Maintenance issues raised, deferred, or resolved
• Special levy discussions before they're formally voted on
• Engineering or inspection reports commissioned
• Neighbour disputes and bylaw enforcement actions
• Insurance claims and incidents
• Council decisions on capital projects
• Owner complaints and how they were handled

How many years to request: Minimum 2 years; ideally 3–5. The longer the window, the more clearly patterns emerge. A single leak is an incident. Three leaks in two years is a pattern.

What to watch for:

• Any mention of water, leak, moisture, mould, or flood
• Deferred maintenance discussions ("we'll address this next year")
• Engineering reports being commissioned — what were they for?
• Special levy discussions or SGMs being called
• Legal, lawyer, litigation, dispute — any legal proceedings
• Insurance claims filed
• Owner disquiet about fees, management, or maintenance

What it is: The strata's annual financial statements — typically prepared by a licensed accountant. Shows actual income and expenditure for the operating fund and CRF for the most recent fiscal year, compared to the approved budget.

What it tells you:

• Operating fund: actual vs. budgeted expenses for every line item
• CRF: current balance and year's contributions and withdrawals
• Whether the strata is spending within its budget or running deficits
• Insurance cost trends (a growing line item is a harbinger of fee increases)
• Management and maintenance costs
• Utility spending for common areas

What to watch for:

• Operating fund shortfalls — if expenses consistently exceed budget, fees will need to rise
• Insurance costs growing faster than overall budget
• Unusually high repair and maintenance expenses (sign of deferred issues becoming acute)
• CRF balance declining year over year despite contributions (means withdrawals are outpacing savings)
• Line items labelled "contingency" or "unplanned" that are large

What it is: A professional 25-year capital plan for the building. Required by BC law (SPA s. 94) for stratas with 5+ units, renewable every 5 years. Prepared by a qualified engineer, quantity surveyor, or registered depreciation report preparer.

What it tells you:

• Inventory of every major building component — roof, elevators, parkade, windows, mechanical, electrical, plumbing, common area finishes, landscaping
• Each component's estimated remaining useful life and projected replacement date
• Replacement cost projections (inflation-adjusted forward)
• Three reserve fund funding scenarios: fully funded, threshold funded, zero funded
• Recommended annual CRF contributions for each scenario

How to use it: Compare the current CRF balance (from the Form B or financial statements) against the "fully funded" scenario balance for the current year. Calculate the funding ratio. Then scan the component list for anything approaching end-of-life within 3–5 years.

Red flags:

• Report is more than 5 years old (out of compliance; costs will be understated)
• Strata has waived the requirement multiple consecutive years
• Report explicitly projects a special levy
• Funding ratio below 50% against the fully funded scenario
• Multiple major systems (roof, elevators, parkade) expiring in the same 3–5 year window
• Preparer notes deferred maintenance or urgent observations in narrative

Read the full guide: Understanding BC Strata Depreciation Reports →

What it is: The legally enforceable rules that govern owner and occupant behaviour in the strata. Standard bylaws are set out in the SPA, but stratas can amend them with a 3/4 vote. Rules (distinct from bylaws) govern day-to-day matters and require only a majority council resolution.

Critical things to check before buying:

• Pets: Permitted? Species, number, weight, and breed restrictions?
• Long-term rentals: Bill 44 eliminated most caps — but check for any pending legal challenges to the building's specific bylaw situation
• Short-term rentals (Airbnb): Most stratas restrict these. Are they prohibited entirely?
• Renovations: What requires council approval? What's the process? Are there noise restrictions on renovation hours?
• Age restrictions: Is this a 55+ strata? What are the occupancy rules?
• Move-in/move-out fees: Are there fees or elevator booking requirements? How much?
• Smoking: Prohibited in units? On balconies? Common areas?
• Parking: Can you have additional vehicles? EV charging in your stall — is it permitted?

What it is: The strata's master insurance policy certificate — showing coverage amounts, deductibles, insurer, and policy period. The strata is required to hold adequate property insurance on common property and buildings.

What to check:

• Earthquake deductible: Often the largest exposure for BC buyers. Can range from $10,000 to $250,000+ per unit. Your personal condo insurance must include deductible assessment coverage to match.
• Flood/water deductible: Per-occurrence deductible for water damage claims. If this is $25,000 and a leak in your unit causes $15,000 in damage, the strata's policy won't cover it — you (through your personal policy or out of pocket) will be responsible for the deductible.
• Insurer: Is the building insured by a reputable, financially stable insurer? Has the insurer changed recently? (Insurer changes can signal difficulty obtaining coverage, which indicates the building has claims or condition issues.)
• Premium trend: Compare this year's premium to last year's in the financial statements. Premium increases over 20% annually are significant and will drive strata fee increases.
• Coverage gaps: Does the policy cover the building as originally built? If you've renovated (or the previous owner renovated), your personal policy needs to cover the betterments.