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 Properties

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Condominiums
Condominiums

When people buy a condominium or townhouse, they don’t buy an individual lot only. They get a privately owned strata lot and common property. 

What is strata? The strata concept allows the subdivision of a building into separate parts for individual ownership, together with sharing ownership and use in the common property.  For condominiums, parking stalls and storage lockers may be part of individual strata lots or may be common property. It depends on strata plan’s arrangements. Therefore, buyers need to pay attention to them. Since strata lot’s owners share ownership in common property, we have to understand how strata corporation works.

A strata corporation is created by the developer. The owners of the strata lots are the members of the strata corporation. If someone sues and obtains a judgment against a strata corporation, it serves as a judgement against all owners. Each owner is liable to pay his or her share of the judgement. 

The strata corporation’s duties are to manage, repair, maintain and insure the common property, also enforce the bylaws & rules and keep records. In order to carry out all duties, strata lot owners elect council members.

Townhouse

      Obviously, a condominium owner has more responsibilities than a detached house owner. Therefore, when people decide to buy a condominium, they must not only look into a specific unit, but the whole building also. It’s important that buyers review strata documents which include: 

  • Form B, not older than 30 days
  • Current bylaw and rules
  • Budget and financial statements
  • Depreciation report
  • At least two years strata council minutes, annual general meetings, extraordinary meetings or special general meetings. 

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


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