The advantages of condo and strata living

Living in a condominium

Photo: Pixabay

In a province where real estate prices can be daunting, condos often represent a more affordable entry point into homeownership.

Especially in urban centres like Vancouver, Victoria, and Kelowna, condos are typically priced lower than detached homes, making them a viable option for young professionals, first-time buyers, and retirees.

One of the biggest draws of strata living is the reduced responsibility for exterior maintenance. Landscaping, roof repairs and other common area upkeep are typically handled by the strata corporation. That allows residents to enjoy a hassle-free lifestyle without the need to worry about hiring contractors or managing large-scale repairs.

Many strata developments offer amenities like swimming pools, gyms, party rooms and a real bonus for us living in BC, guest suites for those summertime visitors. Those shared facilities add significant value, providing conveniences that might otherwise be financially or logistically out of reach for individual homeowners.

Condos often feature added security measures, such as controlled entry, security cameras and on-site personnel. The close proximity to neighbours can also foster a sense of community, providing social opportunities and a built-in support network. Many have scheduled or drop-in coffee times, libraries, games rooms, and more.

Strata properties are frequently located in urban areas or close to transit hubs, shopping centres and entertainment options. That makes them ideal for those who want to reduce their commute or live in walkable neighbourhoods.

But it's not all sunshine and lollipops and it isn’t necessarily all upside.

While strata fees cover essential services and maintenance, they can be a significant ongoing expense. In some cases, fees may increase over time or include special levies to cover unexpected repairs, which can strain a household budget. Remember some of those amenities, they can increase the monthly fees so even though the pool is nice there is a cost albeit less than what you might pay for your own pool.

Living in a strata means adhering to rules and bylaws set by the strata council. These can include restrictions on pets, noise, renovations, or even the colour of your window coverings. For those accustomed to complete autonomy in their homes, these regulations can feel restrictive. However, the nice thing is that as a Strata owner you can vote and get involved maybe run for council and look toward making improvements.

Strata living comes with the risk of special assessments additional charges levied to cover major repairs or upgrades not covered by the strata’s reserve fund. These unexpected costs can be substantial and are shared among all unit owners.

While shared amenities are a perk, they can also be a source of frustration. Disputes over noise, parking, or misuse of common areas are not uncommon in strata living. A poorly managed strata council can exacerbate these issues. I have heard more than one story about parking, tight spaces, and not being considerate of others, this can have tempers flaring.

Condos often have less square footage than detached homes, which can feel limiting, especially for families. Storage space is also typically more constrained, requiring creative solutions or additional expenses like off-site storage. Fortunately, many buildings have extra storage, it is definitely something to investigate when looking at a place.

British Columbia’s strata properties are governed by the Strata Property Act, which outlines the rights and responsibilities of strata corporations and unit owners. This legal framework ensures transparency but also imposes obligations on owners to participate in the governance of their communities.

A well-managed strata corporation is key to a positive living experience. Before purchasing, potential buyers should review strata documents, including meeting minutes, financial statements, and bylaws, to assess the property’s financial health and any upcoming repairs or disputes.

Pay special attention to the depreciation study or report. This is where the property is reviewed and they show likely expenses on a timeline to gauge future costs for upkeep and repairs. Then review the contingency fund and make sure that the numbers work for expected expenses and money in the kitty. If the numbers are off you may be expected to come up with a large unplanned sum in the future. Be prepared.

Rising insurance costs: Strata insurance premiums have increased significantly in recent years, impacting both strata fees and owner responsibilities for deductibles.

Older buildings: Many strata properties in B.C. are aging, leading to higher maintenance costs or special assessments for repairs.

Condo and strata living appeals to a wide range of people, including:

• First-time buyers: Affordability and convenience make condos an accessible entry point into the housing market.

• Downsizers: Empty-nesters often appreciate the lower maintenance and smaller spaces.

• Urban dwellers: Those who prioritize location and amenities over square footage thrive in condo living.

However, it may not suit those who value complete independence or require more space for families and hobbies.

For those ready to embrace a community-oriented, low-maintenance lifestyle, condo living in British Columbia can be a fantastic choice. In the end, strata living is what you make of it, a chance to enjoy modern conveniences, connect with neighbours and build a home in one of Canada’s most beautiful provinces.

If you have suggestions for other real estate-related articles, please email me at [email protected].

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.

Navigating the sale or purchase of manufactured homes in B.C.

Manufactured home rules

Photo: Castanet file

The process of selling a manufactured home in B.C., particularly within the confines of a manufactured home park, means lots of regulations and requirements.

As the market for affordable housing options continues to grow, understanding these requirements is crucial for both sellers and prospective buyers.

Firstly, all manufactured homes in B.C. must comply with stringent safety standards. According to the regulations, specifically section 32 of the Manufactured Home Act, a manufactured home manufactured after May 15, 1992, cannot be sold unless it bears a valid certification label from the Canadian Standards Association (CSA) or a Silver Label issued by Technical Safety BC.

Those labels confirm the home meets electrical safety standards, which are non-negotiable in the sale process. If a home lacks those labels due to loss or removal, the seller must arrange for a licensed electrical contractor to inspect the home, followed by a certification check by Technical Safety BC to affix a new label. That ensures the home is safe for habitation, a critical step before listing it for sale.

Remember, it is not optional. So, for example, the CSA label was accidentally removed during a renovation. If it is not there, you must have the home re-certified. If there were changes made to the electrical without a proper permit—like adding a hot tub or air conditioner—the home must be re-certified.

I have encountered this. It is not necessarily a big deal, it just needs to be addressed right away. If electrical work was properly permitted and the permits were properly closed, new certification is not necessarily required. A call to BC Technical Safety can provide information about permits that have been pulled and then closed.

Ownership of manufactured homes in B.C. is registered with the Manufactured Home Registry, unlike traditional homes, which are registered with Land Title and Survey Authority. There will be a decal—often on or around the electrical panel–that has the registry number.

If that label cannot be located, you need to call Manufactured Homes Registry and request a new one . It takes about a month for it to arrive. Without that label, transferring ownership can be challenging.

When selling, updating this registry is mandatory. Sellers must ensure the transfer of ownership is officially recorded. That is typically done by a notary or a lawyer during conveyancing, who then registers the change.

Living in a manufactured home park means the home is often on leased land. Sellers must be aware of the park's rules regarding the sale, signage and consent for the sale from the park owner. Decisions about consent must align with the Manufactured Home Park Tenancy Act, ensuring they are not arbitrary or without just cause.

If the lease or pad rental agreement is to be assigned, it is important the new owner reviews the lease agreement to understand terms like “pad rental fees,” rules about pets, the maximum number of occupants, modifications to the home and possibly more.

The assignment of the lease to the new owner requires the park owner's consent and, if not provided within a specified timeframe, it is considered granted under current B.C. law.

Sellers and buyers alike are advised to seek legal advice and work with real estate professionals. Those experts can navigate the legalities, including ensuring all modifications or upgrades to the home comply with certification and safety standards. They can also assist with transferring ownership and dealing with the Manufactured Home Registry or addressing disputes over lease assignments.

Also, there is all the paperwork involved in both the listing/marketing of a home and dealing with offers, both on the selling and buying side. The purchase or sale of a manufactured home in a park can be complicated.

Understanding the current market trends for manufactured homes in B.C. can significantly impact the sale process. With the ongoing housing crisis, these homes are increasingly seen as viable, affordable living options. However, parks can also under scrutiny for potential redevelopment, so buyer beware.

For anyone contemplating the purchase of a manufactured home in a park, it is important to remember only 12 month’s notice is required that the park will be redeveloped and the home will need to be moved or that the owner will be compensated and they will need to find a new place to live.

In practice, the actual time from knowing a park may be developed and when people need to leave is usually longer, however the rules say 12 months. Also, the rules that protect manufactured homes in parks do not necessarily apply in parks that are located on Indigenous land. The rules in these parks can vary widely so always find out where you stand in that situation before purchasing.

Selling a manufactured home within a park involves more than just finding a buyer. It requires ensuring the home meets safety standards, navigating the legalities of ownership transfer, understanding and adhering to park-specific rules and being transparent about financial obligations.

To find out more about the Manufactured Home Park Tenancy Act, visit Manufactured Home Park Tenancy Regulation or do an Internet search.

If you have suggestions for other real estate-related articles, please email me at [email protected].

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.

B.C. Interior real-estate market now favours buyers

B.C. Interior real-estate

Photo: Contributed

The Canadian Press/ Jonathan Hayward

Back in the fall, I wrote about the real estate market and, of course, everyone is asking what is happening in the market now?

So, I thought it might be time to look again and see what has changed. Using the same data I took another snapshot of the numbers for one week and this is what I found. (Not including recreational properties).

The numbers aren’t perfect—one week is not a lot of data—but it definitely tells a story.

This analysis examines the dynamics between new listings, existing inventory and completed sales, highlighting the balance or imbalance between supply and demand in different segments of the market. From entry-level to luxury homes, the distribution of active listings compared to sold properties is definitely showing us a few things. (this is only MLS data private sales are not included)

The real estate market in the B.C. Interior remains active but is skewed towards buyers, with a total of 6,873 existing listings and 194 sales recorded over a one-week period.

New listings vs. sales ratio:

• Total new listings: 475

• Total sales: 194

• New listings-to-sales ratio: 2.45

For comparison, the ratio during the last week of October 2024 was 1.63. The lower the number the better it is for sellers. If I only take the ratio into account, things are a little tougher if you are trying to sell right now in comparison to a few months back. That suggests that for every home sold, approximately 2.45 new homes were listed, indicating supply is currently exceeding demand and growing over time, a key characteristic of a buyer’s market.

Current listings vs. sales ratio:

• Total existing listings: 6,873

• Total sales: 194

• Current listings-to-sales ratio: 35.43

In October 2024 it was 26.63, again showing things are better now for buyers.

With a ratio of 35.43, the inventory significantly outweighs sales, reinforcing the buyer-friendly conditions, where more homes are available than buyers.

Price range breakdown

New listings distribution

• Under $250,000: 574 listings (8.35%)

• $250,001 - $500,000: 1,486 listings (21.62%)

• $500,001 - $1 million: 2,887 listings (42.00%)

• $1,000,001 - $2 million: 1,451 listings (21.11%)

• Over $2 million: 475 listings (6.91%)

Sales distribution

• Under $250,000: 25 sales (12.89%)

• $250,001 - $500,000: 46 sales (23.71%)

• $500,001 - $1 million: 93 sales (47.94%)

• $1,000,001 - $2 million: 27 sales (13.92%)

• Over $2 million: 3 sales (1.55%)

Listings to sales ratios by brice range

• Under $250,000: 22.96 - in October 2024 it was 20.32

• $250,001 - $500,000: 32.30 - in October 2024 it was 20.99

• $500,001 - $1million: 31.04 - in October 2024 it was 23.82

• $1,000,001 - $2 million: 53.74 - in October 2024 it was 37.9

• Over $2 million: 158.33 - in October 2024 it was 199.33

Market insights

• Lower-priced properties (under $250,000 and $250,001 - $500,000): Higher listing counts but relatively lower sales activity, suggesting a slower market in the budget segment.

• Mid-range properties ($500,001 - $1 million): The most active segment, with the highest number of listings and sales, reflecting strong demand, however there is still lots of excess supply and it is growing.

• High-end properties ($1,000,001 and above): This segment is significantly slower, with only 30 combined sales compared to 1,926 listings, suggesting longer days on market for luxury homes.

The British Columbia Interior real estate market appears to be in a buyer’s market, with new listings outpacing sales at a rate of 2.45:1 and total listings significantly outweighing transactions (35.43:1).

I also see the numbers are showing the market velocity is lower than it was a few months back. That being said however, this is typically the slowest time of year and an anticipated seasonal change for the better is expected.

If you are looking to sell, let’s hope the spring thaw warms up the market as well and if you are in the market to buy, it looks like you have a definite advantage, at least for now.

If you have suggestions for other real estate-related articles, please email me at: [email protected]

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.

Moving into your first owned home

Home, sweet home

Photo: Pixabay

Moving into your first home is an exciting milestone.

More than just a change of address, it’s a new chapter, a fresh start and for many, the fulfillment of a long-awaited dream.

But, as you unpack those boxes and start arranging furniture, you’ll quickly realize that owning a home is quite different from renting. Here’s a guide to help you prepare, know what to expect and embrace the joys and responsibilities of homeownership.

Before you start packing, take the opportunity to declutter. Moving is the perfect time to part with items you no longer need. Donate, sell or recycle belongings that won’t serve a purpose in your new home.

While packing, prioritize essential items for your first few days, such as:

• Kitchen basics—plates, utensils, a coffee maker. bathroom necessities: towels, toiletries, toilet paper.

• Tools—a hammer, screwdriver and tape measure are must-haves.

• Cleaning supplies—A vacuum, mop and basic cleaners to freshen up your new spac. (Hopefully part of the deal was your house was professionally cleaned but even the pros can miss a spot or two.)

Before moving in, visit your new home to inspect it thoroughly. Check that utilities (electricity, gas, water, Internet) are working and address any maintenance needs, such as fixing leaks or changing or repinning locks for security.

Decide whether to hire professional movers or enlist friends and family. If you’re doing it yourself, rent a truck and ensure you have enough boxes, tape and packing materials. If you have friends and family over, try to save the wine and beer for an after-the-move-is-done celebration.

Unlike renting, where you’re often limited by rules, owning your home means you have the freedom to personalize it. Do you want to paint the walls bright yellow? Go for it. Always dreamed of building a backyard garden? The space is yours to transform.

When getting ready to do the transformation, remember to watch the budget. Speaking of budgets, while you no longer have a landlord, you also no longer have someone to call when something breaks. Homeownership comes with costs like maintenance, repairs and property taxes. It’s a good idea to budget for these expenses and start an emergency fund for surprises like a leaky roof or a broken appliance.

When you bought the house you probably had a house inspection. It may be time to take a look and see what big ticket items may need replacing—things like the air-conditioning, furnace, hot water heater, roof or fridge. Make sure you look at the next few years as an opportunity to budget for some of those things.

Homeownership often comes with a deeper connection to your neighbourhood. You’re no longer just passing through, you’re planting roots. Expect to meet neighbours, join community events and take pride in the area you now call home.

Homeownership means there’s always something to do. From mowing the lawn to fixing a squeaky door, the list of tasks can feel endless. But the upside? Every improvement you make adds to the value of your investment.

For those transitioning from a rental to their first owned home, the differences can be striking. As a renter your responsibilities are often limited to paying rent and keeping the space clean. As a homeowner, you’re responsible for everything from minor repairs to major renovations. It’s a big shift, but it also gives you control over your living environment.

Each mortgage payment you make increases your ownership stake in the property, building equity over time. Your payments contribute to an asset that could grow in value.

Homeownership offers stability that renting often can’t. There’s no landlord to increase the rent or decide to sell the property, meaning you can truly make your home your own for as long as you like.

There’s something uniquely rewarding about owning your own home. It’s not just a place to live it’s a place to build memories, create traditions and truly put down roots.

Start with essential areas like the kitchen, bathroom and bedroom. Don’t rush to unpack everything at once, take your time to organize.

Introduce yourself. A friendly neighbourhood can make your new home feel even more special.

Create a schedule for tasks like HVAC servicing, gutter cleaning and landscaping to keep your home in good condition.

Add personal touches like photos, artwork or a fresh coat of paint to make it yours.

Familiarize yourself with the location of important features like the main water shutoff valve, electrical panel, gas shutoff and thermostat.

Moving into your first home is a significant step that comes with challenges, but it’s also incredibly rewarding. As you settle in, enjoy the little things like arranging furniture just the way you like, hosting friends for the first time and watching your investment grow.

Homeownership is a lifestyle change. While it may feel overwhelming at times, remember that every homeowner started where you are now. With preparation, patience, and a little creativity, you’ll turn your first house into a true home. Welcome to this exciting new chapter.

If you have suggestions for other real estate-related articles, please email me at [email protected].

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.