What is a strata property and how does it affect buying in Victoria?

A strata property in BC is a building where individual units are privately owned and common areas are shared and managed by a strata corporation. Condos, townhouses, and some duplexes in Victoria are typically stratas. When you buy a strata unit, you inherit a share of the building's common expenses, rules, and any outstanding issues with the structure. Before making an offer, your agent should help you review the strata documents and depreciation report. See what a buyer's agent does in Victoria to understand how they help with this review.

A poorly managed strata can come with unexpected special assessments for major repairs. The depreciation report shows the building's long-term maintenance plan and whether the contingency fund is adequate. This review is one of the most important steps in buying a strata property. Find a real estate agent in Victoria who knows how to evaluate strata documents.