Richmond Real Estate Market

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Richmond is an island city. It is made up of a number islands in the Fraser River delta. It is just one meter above sea level. It was prone to flooding, especially during high tide. Therefore, major islands are now surrounded by a system of dykes, which serve to protect the town. Also, since it occupies land in a river delta, the city has plenty of rich soil for agriculture. Richmond is a culturally unique community. As of 2021, the city has an estimated population of 209,937 people with 60 percent being immigrants, the highest proportion of immigrants in Canada. Majority of immigrants are Chinese. Richmond has been experiencing growth and change, transforming from a rural, local community to an international city with a balance of urban, suburban family and rural areas. The city is 20 minutes from downtown Vancouver and 25 minutes from US border. It’s the location of Vancouver’s international airport.  The SkyTrain, Canada Line, speeds up transit system and connects Richmond to other
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Strata Documents

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Strata

When potential buyers review strata documents, there are some key terms they should be aware of.

Strata Fee
Strata fees (or maintenance fees) are monthly contributions by the owners to cover the strata corporation’s operating expenses and any contribution to the contingency reserve fund.  

Common Property
Any part of the land and buildings shown on the strata plan that is not part of a strata lot is common property

Special Levy
An additional contribution applied against owners by the strata corporation, usually for unexpected expenses.

Contingency Reserve Fund
A fund maintained by a strata corporation for common expenses that usually occur less often than once a year.

Bylaw and Rule
Bylaws serve as the strata corporation’s constitution. The bylaws govern the owners’ obligations, including the use of their strata lots, the common property and common assets, and administration of the strata corporation. Rules are informal regulations made by strata councils to govern the use, safety, and condition of the common property and common assets.
Every strata corporation must have bylaws, and only the members can amend the bylaws. Rules are optional. Also, rules can’t regulate the use of strata lots.

Form B ( Information Certificate)
The Form B contains information about the strata lot including the monthly strata fees, whether the owner has entered into an agreement with the strata corporation regarding alterations, and what the owner owes to the strata corporation. The Form B also provides information about the strata corporation such as the amount in the contingency reserve fund, whether the strata corporation is involved in litigation or arbitration and information about the use of parking spaces and storage lockers.

Depreciation Report
A depreciation report is an estimate of the repair and replacement cost for major items owned by the strata corporation and the expected life of those items. It outlines the common property assets, their expected life and their replacement costs. 

If you would like to have more information about strata, please click here or contact me at awang@macrealty.com 

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