Buying a Condo or Other Strata Housing

Here are 8 things to know before making an offer.

1. Strata refers to a way you can own property. So what is strata housing? A collection of privately owned units within a larger complex. Condos, townhouses and duplexes are often owned this way. A single unit or townhouse is one strata lot.

2. You own your individual strata lot. Typically, you own what’s between the walls of your private dwelling.

3. You also become a member of a strata corporation, with the other homeowners.

4. Together, you own the strata’s common property and pool your money for common expenses.

5. The strata corporation manages and maintains common property. This includes small tasks, like yard work … or large-scale projects like replacing the roof.

6. The strata corporation functions through a council, a group of people elected to keep the strata running, day-to-day.

7. You can vote to have a say in how the strata is run.

8) Before making an offer, read the strata documents … including the finances, meeting minutes, bylaws and rules. These can tell you about relationship  dynamics, the strata’s physical condition, and what it’s like to live there.

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Visit peopleslawschool.ca for more on buying into strata housing.