The advantages of condo and strata living

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.