The BC Condo Buyer’s Handbook

A start-to-keys roadmap for buying a condo in British Columbia — strata basics, what to read in the documents, true monthly costs, presales, due diligence, offers, and closing.

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Table of Contents

The BC Condo Lifestyle

Condominium (or "strata") living can be an appealing and often more affordable housing option, but it's a unique form of ownership that is very different from a traditional single-family home. When you buy a condo, you own your individual unit exclusively, and you also share ownership and responsibility for the common areas—like hallways, elevators, gyms, and gardens—with all the other owners in the building. Before you decide if this is the right path for you, it's important to weigh the advantages and responsibilities of the condo lifestyle.

The Pros and Cons of Condo Ownership

✅ Pros

  • Build Equity

    Your monthly mortgage payments build equity in a secure investment, which is a key financial advantage over renting.

  • Less Personal Maintenance

    The strata corporation handles major repairs and maintenance of common property like roofing and gardens, freeing you from many typical homeowner chores.

  • Access to Amenities

    Many buildings offer shared amenities like gyms, pools, or entertainment rooms that would be a significant private expense.

❌ Cons

  • Monthly Strata Fees

    You are responsible for monthly strata fees in addition to your mortgage and property taxes. These fees cover maintenance but can increase over time.

  • Living with Bylaws & Rules

    You must abide by the strata's bylaws, which can place restrictions on things like pets, rentals, or even the style of your window coverings.

  • Shared Financial Risk

    All owners share the cost of unexpected major repairs through "special levies," which can be large, one-time payments.

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First-Time Buyer Basics

  1. Get pre-approved: clarifies budget and strengthens offers; have income, down-payment source, debts and ID ready.
  2. Know affordability: understand housing-cost and total-debt ratios; use our Mortgage Calculator.
  3. Pick target areas: commute, schools, lifestyle — start with our Neighbourhood Guide.
  4. Set alerts: good condos move fast — create building & price-drop alerts.

Costs & Financing

Monthly & one-time costs

  • Strata fees: operating budget + CRF savings + amenities; varies by age/features.
  • Special levies: one-time owner contributions for major projects (roof, windows, parkade).
  • Insurance: strata building policy (common areas) + your condo policy (betterments, contents, liability, loss assessment).
  • Mortgage insurance: usually required if down payment < 20%.
  • Closing costs: legal/notary, title insurance, adjustments, Property Transfer Tax, move-in fees.

Finding the Right Condo

  • Hard filters: beds/baths, parking/locker, in-suite laundry, pets/rentals allowed, storage, exposure/noise.
  • Building checks: envelope/rain-screen, elevator count/age, roof/windows/boilers, short-term rental rules.
  • Neighbourhood fit: walk & transit, groceries/parks/schools. See the Neighbourhood Guide.

Due Diligence (What to Read)

When you like a unit, the documents tell the real story. We help you review:

  • ✅ Form B (Information Certificate)
  • ✅ Depreciation Report
  • ✅ AGM/SGM & Council Minutes (≈2 years)
  • ✅ Bylaws & Rules
  • ✅ Insurance Certificate
  • ✅ Financials (operating budget, CRF balance & trend, arrears, any strata loans)
  • ✅ PDS (Property Disclosure)
  • ✅ Title Search
  • ✅ Inspection

Presales (New Builds)

Presales include a 7-day rescission period after receiving the disclosure statement. Review developer track record, estimated fees, specs, and assignment policies.

Offers, Subjects, HBRP & Closing

  1. Offer strategy: pricing vs recent sales, days on market, competition. Decide deposit, dates, inclusions.
  2. Common subjects: financing; review of strata docs; inspection; insurance; lawyer/notary review.
  3. HBRP cooling-off (most resale homes): 3 business days to rescind after acceptance with a 0.25% fee to the seller. Not waivable.
  4. Representation: dual agency generally prohibited in BC; your options explained before we work together.
  5. After subject removal: pay deposit, finalize mortgage, arrange insurance, book elevator, utilities, walkthrough; complete and get keys on possession.

Popular Condo Markets

Vancouver Condos
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BC Condo Buyer FAQs

What is a depreciation report and why does it matter?

A 30-year plan for major components (roof, membranes, windows, elevators) with funding scenarios for the contingency reserve fund. It helps predict fee pressure and potential levies.

Are pets and rentals allowed?

Each strata sets bylaws and rules; confirm the current documents in the package and any recent changes in minutes.

How much are typical strata fees?

Fees vary by age, size and amenities; new buildings can rise after the first 1–3 years as true costs stabilize. Review budget and CRF trends in the Form B attachments.

What is the HBRP cooling-off?

For most resale transactions in BC, buyers can rescind within 3 business days after acceptance with a 0.25% fee to the seller.

Want a second set of eyes on a building?

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