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Showing posts with the label Strata

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 Depreciation Report

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  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. It gives a strata corporation a tool to address the necessary costs to maintain common property and assets when they age. It forces the strata corporation to be proactive in repair and maintenance, as well as financial planning. Since the owners of strata units are partially responsible for the common property, it’s very important for the owners to know how much repair and replacement work is required, what the approximate costs are and when the costs will likely occur. For potential buyers, knowing what the state of the physical assets are of the property, understanding where the contingency reserve fund and special reserve fund is in terms of adequate preparation of short and long-tern maintenance would give them an idea of whether they wi
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Strata Documents

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  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
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Strata Properties

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  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 a
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