Buying your first condo in Victoria can feel exciting and confusing at the same time. You might hear terms like Form B, depreciation report, or special levy and wonder what they mean for your budget. You are not alone. With the right checklist and local context, you can shop with confidence and avoid costly surprises.
This guide breaks down how strata ownership works in BC, which documents to review before you offer, what the numbers actually mean, and the Victoria-specific rules to know. You will also get a practical offer strategy you can use on your next tour. Let’s dive in.
What “strata” means in BC
In BC, a strata property includes individually owned units, called strata lots, plus shared areas known as common property. Owners are members of a strata corporation that manages the building and assets. Your share of costs and voting power often follows your unit entitlement, which is the proportion recorded on the strata plan.
The legal framework comes from the provincial Strata Property Act and related regulations. You can read the full legislation on the BC Laws page for the Strata Property Act. The Government of BC also publishes clear consumer guidance on strata housing to help buyers understand bylaws, budgets, and owner responsibilities.
Who does what in a strata
- Strata council: elected owners who handle day-to-day governance, maintenance decisions, and bylaw enforcement.
- Owners: pay monthly strata fees and any special levies approved by the owners.
- Property manager: a hired firm that administers finances, maintenance, and records. Management contracts and fees affect operating costs.
Bylaws require formal registration and cover ownership matters like pets, rentals, and renovations. Rules focus on day-to-day use of common property. Rules are generally easier to change than bylaws. CHOA, a respected non-profit, provides owner-friendly guidance on both topics through its resources for strata owners and buyers.
The documents you need before you offer
Ask for these records up front and make your offer conditional on satisfactory review.
- Form B (Information Certificate)
- Confirms current strata fees, declared or anticipated special levies, whether a depreciation report exists, insurance details, and any litigation.
- Bylaws and rules
- Check pet and rental policies, smoking and noise rules, renovations, and short-term rental restrictions.
- Minutes for 12–36 months
- Read AGM, SGM, and council minutes for pending projects, repair quotes, disputes, and levy history.
- Financial statements and current budget
- Look for operating surplus or deficit, contributions to the contingency reserve fund, and major cost drivers.
- Depreciation report (reserve fund study)
- Review the 30-year plan for big-ticket items like roof, envelope, piping, elevators, and HVAC. Note timelines and cost estimates.
- Insurance certificate/policy summary
- Understand the building’s coverage and deductibles. Review what owners are responsible for inside their unit.
- History of special levies and CRF balance
- Ask how often levies were used, why, and what the current CRF balance is.
- Parking and locker entitlements
- Confirm assigned or limited common property rights and any fees.
- Outstanding bylaw infractions or lawsuits
- Litigation can create unexpected costs and delays.
- New building warranty coverage
- For newer buildings, check the BC Housing New Home Registry to see what is covered and when it expires.
Key numbers to verify
- Monthly strata fee and what it includes, such as heat, hot water, water, gas, or parking.
- Unit entitlement to understand your share of common expenses.
- Contingency reserve fund balance compared to the depreciation report’s targets.
- Any special levies: amount, purpose, timing, and if the seller will pay before completion.
- Strata insurance deductible, because owners may be responsible for a deductible in certain claims. For a plain-language overview, see the province’s strata insurance guidance.
Red flags to watch
- No depreciation report for an older building, or a report showing large near-term costs with low reserves.
- Recent or frequent large special levies, especially for envelope, roof, re-piping, or elevator work.
- Ongoing litigation or many unresolved disputes.
- Budget deficits or very small reserves relative to projected needs.
- Very high insurance deductibles or exclusions that shift costs to owners.
- Frequent management changes or noted governance challenges in the minutes.
Depreciation reports, CRF, and special levies
A depreciation report gives a multi-decade view of expected repairs and replacements, their timing, and estimated costs. The strata uses this to plan annual contributions to the contingency reserve fund, which is the long-term savings account for capital repairs. The operating fund covers day-to-day expenses like utilities and routine maintenance.
When reserves are not enough, owners may approve a special levy. Levies are one-time charges for items like envelope remediation, roof or piping replacement, elevator modernization, seismic strengthening, or major HVAC replacements. In Victoria, older buildings or those with complex systems are more likely to need planned capital projects. Ask how often levies have been used and what is coming next.
How age and amenities affect fees
- Older mid-century buildings, common in downtown Victoria, may face envelope, plumbing, or mechanical upgrades.
- Newer buildings can still have higher maintenance costs if they include sophisticated mechanical systems. Warranty coverage may help in the early years, so confirm details in the New Home Registry.
- Buildings with more amenities, like pools, gyms, concierge, or landscaped grounds, often have higher monthly fees and future capital needs.
- Smaller buildings can have higher per-unit costs due to limited economies of scale.
Victoria-specific rules and trends
Short-term rentals in Victoria
Many stratas restrict or ban short-term rentals. If you plan to host, you must confirm both strata bylaws and municipal rules. The City of Victoria requires licensing and sets limits on where and how STRs can operate. Review current requirements on the City of Victoria website and confirm details before you purchase.
Building stock and the “leaky condo” legacy
Victoria includes strata conversions and purpose-built condos from the 1960s through the 1990s, plus many newer mid-rise and high-rise projects. Some older buildings have already completed major envelope repairs, while others may still face upgrades. Read depreciation reports closely, and look for completed remediation in past minutes.
Market context and assessments
To understand pricing trends and demand, review local condo statistics from the Victoria Real Estate Board. For property tax context, the BC Assessment site provides assessed values and property data that complement your market research.
A smart offer strategy
Use a conditional offer that protects you while you review records. A typical approach includes:
- Subjects for Form B, bylaws, rules, minutes, financials, depreciation report, and insurance certificate.
- An inspection condition and time for legal review of strata documents.
- A clause addressing special levies, such as requiring the seller to pay any levy declared before completion.
- A contingency for significant issues discovered during document review.
Protect yourself with expert review
Have a real estate lawyer or notary review the strata records and your contract before you remove subjects. If the depreciation report flags big items like envelope work or re-piping, consider a specialist opinion or additional inspection. Taking these steps can prevent unpleasant surprises after you move in.
Your next step
Strata buying in Victoria does not have to be stressful. With the right package of records, a careful read of the minutes and reports, and a clear offer plan, you can shop with confidence and enjoy your home from day one. If you want help tailoring this checklist to a specific building or neighborhood, reach out to Kash Burley for local, hands-on guidance.
FAQs
What is Form B in a BC strata purchase?
- Form B is the strata’s information certificate that confirms fees, insurance, levies, litigation, and whether a depreciation report exists, helping you assess risk before you offer.
How do special levies work in BC stratas?
- Owners vote to approve a one-time charge to fund costs not covered by reserves, such as big repairs, and payment can be immediate or in installments depending on the resolution.
What is a depreciation report and why does it matter?
- It is a multi-year plan for major building repairs with cost estimates and timelines that guide reserve contributions and help buyers anticipate future expenses.
Are short-term rentals allowed in Victoria condos?
- It depends on both the strata’s bylaws and the City of Victoria’s licensing rules, so verify strata records and check the city’s website before you rely on STR income.
What does strata insurance cover versus my own policy?
- The strata policy covers common property and the building, while owners typically insure contents, unit improvements, and deductibles; review the strata’s policy summary and provincial insurance guidance.
