Buying a condo in BC, step by step

Work out what monthly total you are comfortable with, including the strata fee and property tax. Use the budget calculator, then speak to a mortgage broker or lender for a pre-approval so you know your ceiling. Remember that the fee reduces the mortgage you can carry.

Filter by city, bedrooms and price, then use the condo-specific filters: strata fee, fee per square foot, parking, pets, year built and building. Building pages show every active unit in one building with the fee range, so you can compare like with like.

Your offer normally carries conditions, called subjects. For a condo, common subjects are financing, a satisfactory review of the strata documents, and sometimes an inspection of the unit. Ask your agent for a realistic period to get the Form B (the strata has 7 days) and to read the package.

This is the step that separates a condo purchase from a house purchase. Read the Form B, bylaws, minutes, financial statements, depreciation report and insurance details. Our strata documents checklist explains what to look for. If something worries you, ask a lawyer before you remove the subject.

Once your subjects are removed the contract is firm. Your lawyer or notary handles the transfer, the adjustments for property tax and strata fees, and the funds. The buyer normally pays property transfer tax at registration unless an exemption applies.

Take out your own condo insurance before possession, attend the annual general meeting, and read the minutes as they come. Being an informed owner is the best protection against surprises in the building's finances.