Condo Buyer Advice — Tri-Cities, BC
What to Look for in Strata Documents Before Buying a Tri-Cities Condo (And the Red Flags That Should Make You Walk Away)
Buying a condo in Coquitlam, Port Moody, or Port Coquitlam means buying into a strata corporation — and the health of that corporation can be just as important as the suite itself. Before you remove your subject conditions, BC law gives you access to a package of strata documents that tell the real story of how the building is managed, what it owes, and what surprises may be waiting. Knowing what to look for in strata documents is one of the most valuable skills a condo buyer can develop. This guide walks you through every document in the review package, explains what a special levy is, and flags the warning signs that should give you pause. For a full picture of what buying a condo actually costs beyond the purchase price, use the condo closing-cost calculator on my website. Browse current Tri-Cities listings →
The standard strata document package in BC includes the Form B Information Certificate, the depreciation report, at least two years of council meeting minutes, any engineering or building envelope reports, the insurance summary, the Contingency Reserve Fund (CRF) balance and contribution schedule, and the strata’s bylaws. Each document serves a distinct purpose, and skipping even one can leave you exposed to a costly surprise after closing.
The Form B is the starting point. Issued by the strata corporation, it confirms the monthly strata fees, any outstanding levies against the unit, current bylaw restrictions on rentals and pets, and the current CRF balance. Think of it as the snapshot — accurate as of the date it was issued. The depreciation report goes deeper: prepared by a qualified professional, it projects the expected lifespan and replacement cost of every major common-property component — roof, elevators, parkade membrane, plumbing, and more — and assesses whether the CRF is on track to cover those future costs. A well-funded CRF with a realistic 30-year plan is a sign of a responsibly managed strata. An underfunded one is a red flag, because the shortfall will eventually land on owners in the form of a special levy.
A special levy (sometimes called a special assessment) is a one-time charge the strata corporation votes to collect from owners when the CRF does not have enough money to cover a necessary repair or replacement. Levies can range from a few hundred dollars to tens of thousands per unit depending on the work required. They are legal, common, and not automatically a dealbreaker — but a pattern of repeated levies, or a large levy that has already been approved and not yet collected, is information you need before you sign. The two years of council minutes are where you find out whether a levy is coming that did not make it onto the Form B yet, whether there are ongoing disputes with contractors, or whether the same maintenance issue has been raised at meeting after meeting without resolution.
The bylaws tell you what you can and cannot do inside the strata. Rental restrictions, pet rules, age restrictions (some stratas in the Tri-Cities have 55+ or 19+ requirements), and rules about short-term rentals like Airbnb are all set out here. If you plan to rent the unit, keep a large dog, or eventually use the condo as an investment property, the bylaws must align with your plans — because a strata can and does enforce them. Review all of this carefully, and if you are new to the process, the home buyers guide on my website provides a broader overview of how the offer and subject-removal process works in BC.
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Key takeaways
Many buyers glance at the CRF balance and move on. The depreciation report tells you something far more important: whether that balance is actually sufficient for the repairs coming in the next 5, 10, and 30 years. A building with $500,000 in its CRF might sound healthy until you see that the report projects $1.2 million in roof and parkade work within the next seven years. Read the funding model, not just the current balance — and note when the report was last updated, because an outdated report (more than three years old) may not reflect current construction costs or building conditions.
Council meeting minutes are the closest thing to a building’s diary. Look for recurring themes: is the same water infiltration issue mentioned in meeting after meeting? Has the council been deferring a major repair because owners voted down a levy? Are there references to legal action against the strata, a developer, or a contractor? Litigation can freeze a strata’s finances and make it harder for buyers to obtain mortgage financing. Two years of minutes is the minimum required by the Strata Property Act disclosure — if you can access more, it is worth requesting them.
If a building envelope or structural engineering report exists, read it carefully. These reports are typically commissioned when a problem has already been identified — meaning the strata already knows there is an issue. Check whether the recommended repairs have been completed, partially completed, or deferred. The insurance summary is equally important: confirm the replacement cost coverage is current, check whether the strata has made multiple claims in recent years (which affects premiums and future insurability), and note the strata’s deductible — because in BC, bylaws often allow the strata to pass a large deductible back to the unit owner responsible for a claim.
Rental restriction bylaws are a well-known buyer concern, but their impact on mortgage financing is less understood. Some lenders apply stricter rules — or decline to lend entirely — on stratas where owner-occupancy rates are very low or rental caps are very tight. If you are purchasing as an investor, confirm both the bylaw and your lender’s requirements before going firm. Age restrictions (55+ buildings) also affect who you can eventually sell to, which is a long-term resale consideration worth factoring into your decision. A REALTOR® familiar with Tri-Cities strata inventory can quickly tell you which buildings in Coquitlam, Port Moody, and Port Coquitlam carry these restrictions.
Frequently asked questions
Common questions answered
What strata documents am I entitled to see before buying a condo in BC?
Under the BC Strata Property Act, you are entitled to receive a Form B Information Certificate, the current bylaws and rules, the most recent depreciation report, two years of council meeting minutes, the current budget, the CRF balance, and the insurance certificate. Your REALTOR® will request these from the listing agent as part of your subject conditions. Some sellers also voluntarily provide engineering reports or additional minutes, which you should always review if available.
What is a special levy in a BC strata, and should it worry me?
A special levy is a one-time charge approved by a strata corporation to fund a repair, replacement, or expense that the Contingency Reserve Fund cannot cover. It requires a three-quarter vote of owners to pass (though some levies for urgent safety issues can be approved by majority vote). A single past levy for a legitimate infrastructure repair is not necessarily a red flag. What should concern you is a pattern of repeated levies, a recently approved levy not yet shown on the Form B, or a building where the CRF remains chronically underfunded even after levies have been collected.
How do I know if a strata’s Contingency Reserve Fund is healthy?
There is no single dollar figure that makes a CRF healthy or unhealthy — it depends entirely on the size of the building, the age of its components, and the cost of upcoming repairs. The right way to assess the CRF is to compare the current balance against the depreciation report’s funding model. If the report shows the fund is on the recommended trajectory to cover projected expenses without special levies, that is a positive sign. If the fund is consistently below the model’s targets and the strata has not adopted a catch-up plan, that gap will eventually fall on owners.
What are the biggest red flags in strata documents?
The most serious red flags to watch for include: active or threatened litigation involving the strata (especially building envelope lawsuits); a depreciation report that identifies major deferred maintenance without a funded plan to address it; repeated mentions of the same unresolved problem in multiple years of minutes; a CRF that is significantly below the depreciation report’s recommended balance with no remediation plan; insurance claims history suggesting ongoing building issues; and a very outdated depreciation report that has not been renewed, which may be hiding unknown costs.
Can strata bylaws prevent me from renting out my condo in Port Moody or Coquitlam?
Yes. BC strata corporations can restrict or limit rentals, though they cannot impose a complete rental ban on units that were already rented before the restriction was adopted (those units have “grandfather” protection). If you plan to rent the unit now or in the future, verify the current rental bylaw on the Form B and in the bylaws themselves — they must agree. Also check for any short-term rental (Airbnb-style) prohibitions, which are common in Tri-Cities stratas. If the building has a rental cap, find out how many spots are currently available before assuming you can rent.
Sebastian Czarkowski
REALTOR® · Royal LePage Elite West · Coquitlam, BC
Questions about buying or selling in the Tri-Cities? Reach out directly.
For educational purposes only. Not intended as financial or legal advice.
Sebastian Czarkowski, REALTOR® | Royal LePage Elite West | sebastianrealestate.ca