🏡 What Is a Strata? A Friendly Guide for Homebuyers in Kelowna & the Okanagan

Buying a home in BC? Then you’ve probably come across the term “strata.” Let’s break down what it really means—without the legal mumbo-jumbo.

🧱 So... What Is a Strata?

A strata is a unique style of homeownership where you own your individual unit (called a strata lot) while sharing ownership of common areas like:

• 🛗 Elevators
• 🚪 Hallways
• 🧱 Roofs
• 🅿️ Parking garages
• 🏊 Pools, gyms & lounges

Together, all owners form a strata corporation that maintains and governs these shared spaces.

🏘️ Types of Strata Properties

Stratas aren’t just high-rise condos. They also include:

• 🏡 Duplexes & Fourplexes
• 🏘️ Townhomes
• 🏙️ Apartment buildings
• 🌳 Bare Land Stratas (detached homes with shared infrastructure like roads or clubhouses)

If there's shared property, it’s a strata—and that means monthly strata fees.

🔀 Common Property vs. Limited Common Property

Let’s clear this up:

• Common Property = Everyone shares it (e.g., lobby, rooftop).
• Limited Common Property (LCP) = You have exclusive use, but it’s still legally shared (e.g., your balcony, your designated parking stall).

👷 Who maintains it? Often the strata—but sometimes you do. Always check the bylaws!

📑 Key Docs to Review Before You Buy

Before signing anything, your contract should give you time to review:

• 🧾 Bylaws & Rules – Look out for pet, age, rental, and reno restrictions
• 📅 Meeting Minutes – See how the strata handles issues and conflict
• 💰 Financials & Depreciation Reports – Understand the building’s financial health
• 📃 Form B – The official summary of fees, parking, insurance & more
• 🏠 New Home Warranty (if it’s a newer unit – 2-5-10 coverage)

💡Tip: Every 3 years, stratas must get a depreciation report to plan for future repairs. They also must contribute 10% of their operating budget annually to the contingency reserve fund (CRF).

📜 A Few Legal Nuggets from the Strata Property Act

BC’s Strata Property Act governs all this. A few key highlights:

• 🧱 Changing or altering common/limited property often needs council or owner approval
• 🧾 Bylaws need a ¾ vote to change; rules can be made by council but must be ratified
• 🔐 Recent updates now restrict some age/rental limitations to promote housing access
• 🗳️ Strata councils are elected and handle the day-to-day—some stratas are self-managed, others hire management companies (included in your fees)

Want to dig deeper into the Act? Here’s a great blog summary.

✅ Pros & Cons of Strata Living in the Okanagan

Pros
✔️ Shared maintenance responsibilities
🏋️ Access to amenities
🔐 Enhanced security
💸 Usually cheaper than detached homes
🤝 Community vibe

Cons
📈 Fees can increase
📜 Rules limit flexibility (pets, rentals, renos)
💰 Possible special levies
🤷 Less control than owning a detached house

🧭 Need Guidance? I’ve Got Your Back!

Buying a strata property is more than just picking a nice unit—it’s about understanding the whole community. I’ve helped many clients across Kelowna and the Okanagan navigate the ins and outs of strata ownership.

📲 Got questions about a specific property or strata docs? Let’s chat! I’ll guide you through every step. Fill out the form below. 👇

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